Full text of Report of the Committee of Investigation Appointed at the Meeting of the Stockholders, Held January 4, 1841 : Made to an Adjourned Meeting, Held April 5, 1841 ; Also a Report of the Board of Directors

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REPORT
or

THE

COMMITTEE OF INVESTIGATION
A P P O I N T E D AT T H E

MEETING OF THE STOCKHOLDERS

OF T H E

BANK OF THE UNITED STATES.

Held January 4 , 1 8 4 1 .
MADE TO AN ADJOURNED MEETING, HELD APRIL 5, 1841: ALSO, A REPORT OF
THE BOARD OF DIRECTORS.




PHILADELPHIA:
IS1L




Bank

of the United
States,
Monday, January

4, 1841.

A t a stated meeting of the Stockholders of the Bank of the United States,
S a m u e l Breck was called to the Chair, and Joseph Gratz appointed Secretary .
T h e President of the Bank then submitted and read to the meeting the report of
t h e D i v i d e n d Committee, and also submitted a detailed statement of the affairs of
t h e B a n k in a printed form.
O n motion, Resolved, That the said report submitted by the President be accept­
e d . W h i c h was carried.
M r . L e n t z offered the following:
Resolved, That hereafter no allowance or presents shall be made by the Direc­
tors t o a n y officer, or other person employed by this Institution.
W h e n the following was offered by Mr. Kennedy as a substitute.
Resolved, That the present policy of the Directors of the Bank, in contracting its
b u s i n e s s and retrenching its expenses, meet3 the approbation of the Stockholders,
and i t s continuance is recommended. Which was unanimously carried.
T h e following was offered by Joshua Lippincott.
Resolved, That a committee of six be appointed to examine into the details of
the r e p o r t s submitted to the Stockholders this day.
Resolved, That the meeting appoint the committee. Whereupon the following
Stockholders were nominated and appointed.
J o s h u a Lippincott,
Chas. Mas»ey,
M o s e s Kempton,
Richard Willing,
T h o s . P . Cope,
David Kirkpatrick.
Resolved, That the committee be authorised to fill any vacancies, which may
occur therein.
Resolved, That the meeting now adjourn to meet at this place on the first Mon­
day in April, at 10 o'clock.
SAMUEL BRECK, Chairman.
J o s . GRATZ, Secretary.







A D J O U R N E D MEETING OF THE STOCKHOLDERS OF
THE BANK OF THE UNITED STATES.
A T a meeting of the stockholders of the Bank of the United States,
h e l d (by adjournment from the 4th of January, 1S41) in the banking
h o u s e , on Monday the 5th of April, 1841, at ten o'clock, A. M.,
S a m u e l Breck, Esq., chairman, called the meeting to order, and
Charles Gilpin and Joseph R. Chandler were appointed additional
secretaries.
Joseph Gratz, one of the secretaries, read the proceedings of the
4 t h of January, on which a Committee was appointed to whom the
reports of the directors and others were referred.
A letter from Thomas Dunlap, Esq., President of the Bank, was
read. It accompanied a report of the proceedings and state of the
B a n k subsequent to that made to the meeting on the 4th of January
last.
On motion of J. B. English, the reading of the report was post­
poned for the present.
Joshua Lippincott, Esq., then presented the report of the Commit­
tee appointed at the last meeting, which, with a part of the accom­
panying documents, was read.
Mr. Lippincott then offered the following resolution, which was
unanimously adopted:
Resolved, That the Board of Directors of the Bank of the United
States be requested to pay Geo. Sharswood, Esq., 500 dollars for
services performed as Secretary of the Committee of Investigation,
appointed at a meeting of stockholders on the 4th of January last.
Richard H. Bayard, Esq., of Delaware, offered the following reso­
lution, which was adopted:
Resolved, That two thousand copies of the report of the Commit­
tee of Investigation, this day submitted, be printed for the use of
the stockholders.
The same gentleman offered the following resolution, which was
adopted:
Resolved, That the Committee who made the report this day, with
four or six others to be named, be and they are hereby appointed a
1*




6
Committee to take into consideration the present condition of the
Bank, and report to the stockholders, at an adjourned meeting, the
proper measures to be adopted for the purpose of relieving the insti­
tution from its present embarrassments. The Committee shall h a v e
power to fill any vacancies in their own body.
The Committee consists of the Committee of Investigation, a n d
Messrs. Samuel Brcck, of Philadelphia. R. II. Bayard, of Delaware,
William Drayton of Philadelphia, John Spear Nicholas, of Baltimore,
and
Schwarer, of New York.
John M. Kennedy, Esq., offered the following preamble and reso­
lution, which were adopted:
Whereas, the reported sales of stock of the Bank of the United
States is believed, by many, to be much larger than is transferred on
the books of the institution; and if so, is calculated to mislead public
opinion, as to the degree of confidence reposed in the value of stock
of said institution, by the stockholders thereof—therefore, be it
Resolved, That the Cashier be directed to have prepared a state­
ment of the number of shares transferred on the books of the Bank,
between the first day of October last, and the first instant, and cause
the same to be published.
It was resolved that when this meeting adjourn, it shall adjourn to
meet in this place on Thursday next, at ten o'clock, A. M.
The report sent by the President of the Bank was then called up
and ordered to be road; whereupon it was
Resolved^ That this report, with its accompanying document, be
printed with that made by the Investigating Committee.
The following resolution was read and unanimously adopted:
Resolved, That the thanks of this meeting be, and they are hereby,
presented to the gentlemen composing the Investigating Committee,
for their laborious and faithful exertions, and their luminous and in­
teresting report.
The meeting adjourned at half past 12 P. M.
SAMUEL BRECK, Chairman.
JOSKPII GKATZ,
}
CHARLES GILPIX, (.
Jos. R. CHANDLER,)




Secretaries.

T h e Committee appointed at the meeting of the Stockholders of the
S a n k of the United States, held Jauuary 4,1841, to examine the
details of the statement, then submitted by the President, respect­
fully submit the following

REPORT.
T H E Committee originally appointed, consisted of Joshua Lippiucott, Moses Kempton, Charles Masscy, Thomas P. Cope, Richard
Willing? and David Kirkpatrick. The three last named gentle­
men, declined acting: and Edward Coles, James S. Ncwbold and
John Bacon having been selected to fill the vacancies, the Committee
were finally organised, by the election of Joshua Lippincott as Chair­
man, and George Sharswood as Secretary; and on the twenty-ninth
day of January, commenced the performance of the duties assigned
them.
The Committee were accommodated by the Board of Directors, with
an apartment in the Bank, and were from time to time, attended by
a Committee of that body, as well as by the Officers and Clerks of
the Bank. Every facility was afforded to them, in the prosecution
of their labors, as far as was practicable, by submitting to their ex­
amination, the Books of the Bank, and by giving such verbal expla­
nations, and furnishing such extracts and copies, as were requested.
At an early stage of their proceedings, they were officially notified
by the President, that a Resolution had been adopted by tho Board
of Directors," that the Committee of Stockholders be informed, that
the Board is ready to afford them every facility, in the prosecution of
any investigation, which the Committee may be willing to make, of
the affairs and transactions of this Bank, and the causes of its actual
situation, and that it is the wish of this Board, that the Committee
should make such investigation, in order that the results may be laid
before the meeting of the Stockholders in April next" Conceiving
it to be their duty, under the terms of their original appointment, as
yreW as under the invitation thus extended to them by the Board, the
Committee accordingly commenced an examination of "tho affairs




8
and transactions of the Bank," and " the causes of its actual situa­
tion."
The Committee proceeded in the first instance, to verify in detail,
the Statement of the-Assets and Liabilities of December 21,1840.
The securities and evidences in the possession of the Bank at
Philadelphia, were accordingly produced and on comparison there­
with, the same was found to be correct. The cash was counted, on
the second of March, and corresponded with the Leger Balance of
that day. The returns from the several offices and Agencies, were
read and found to agree with the printed Statement. The accounts
of the circulation and Issues, of the late and present Bank were also
examined.
The Committee have prepared and herewith submit a still more
detailed statement of the Assets and Liabilities of the Bank, on the
twenty-first day of December 1S40, than that heretofore presented:
exhibiting the particulars of each item of the original statement, in
the same order and arrangement, as is therein pursued: omitting how­
ever, the items " Bank United States Stock, Balance unsold," and
the amount credited as " Bonus for Charter."
The next object proposed was to make a valuation of the Assets.
With this view they proceeded to re-examine the items of Active
and Suspended Debt, Stocks, Real Estate, Bonds and Mortgages,
Foreign Bills of Exchange, and Amounts due by State Banks. The
President of the Bank was also requested to obtain an estimate of
the probable loss, on the Assets at the different Offices, and Agencies:
returns from all of which have accordingly been received. The
estimates thus made are presented in a column, added to the detailed
statement, now submitted and before referred to, (Appendix A.)
The attempt to make an estimate of Probable Losses, was found
to be attended with considerable difficulty and embarrassment. To
adopt the present depressed market value of the several stocks, and
loans held by the Bank, would not be a fair criterion of their actual
worth, which, rather than their present availability, was that at
which the Committee endeavored to arrive. Still they have been
necessarily guided, in a great measure by the Price Current of the
day. Of the Real Estate and Bonds and Mortgages, a very imper­
fect judgment could be formed, without inquiries as to title and
incumbrances, which the Committee had not time to make. Many
of the securities, are of a character to render it almost impracticable
to form even a reasonable conjecture of their value. While there­
fore the Committee bespeak for this portion of their labors that regard,




9
w h i c h is due to an honest effort, from the best means within their
r e a c h , to arrive at the truth, they must be permitted to qualify it
w i t h the remark, that it is necessarily only an approximation, in
w h i c h they cannot ask the Stockholders to place entire confidence.
T h e ability of the Institution to realise any thing like a fair equiva­
l e n t for its Assets, will depend much upon the course of policy it
m a y i n future pursue, and upon circumstances, which no one cau be
e x p e c t e d to foresee. The estimate is presented however with less
reluctance, as from the details now given, each stockholder will be
able to form a judgment for himself.
I t m a y be proper here to remark, that it has been thought best by
a majority of the Committee, not to submit the lists in detail of the
active and suspended debt. The injury which would result to the
credit of individuals by such an exposition, might ultimately be de­
trimental to the interests of the stockholders, while no benefit of
sufficient importance to counterbalance such a mischief, appeared to
present itself. In regard to these two lines, therefore, the Committee
will content themselves with remarking, that but a small proportion
consists of regular mercantile discounts. On the Active Debt, De­
c e m b e r 21, 1S-10, arc loans to seven incorporated or other Companies
of 1,311,193 dollars, 22 cents, including one of 502,222 dollars,
22 cents, to the Philadelphia, Wilmington and Baltimore Rail­
road Company. The sum of 7-10,056 dollars, 33 cents, is on obli­
gations, having on that day more than six months to run, and of this
sum 597,02S dollars, 5 cents, had more than twelve months to run.
The sum of 279,SSS dollars, 41 cents, a part of this Line entered as
"Bills Receivable," being nominally payable on demand, though
really composed of permanent accommodations, is not included in
either of these amounts. Nor is the sum of GG,S00 dollars, SG cents,
« Bills receivable for sale of Offices." A considerable part of it is
in large amounts, as will sufficiently appear from the fact, that fortyeight individuals, firms and companies, have discounts exceeding
20,000 dollars each, of whom twenty-seven have discounts exceed­
ing 50,000 dollars each, and nine exceeding 100,000 dollars each.
A similar examination of the suspended debt exhibits as the result
fifty-two individuals, firms and companies, standing charged on the
books of that department, with more than 20,000 dollars each,
twenty-nine with more than 50,000 dollars each, and eighteen with
more than 100,000 dollars each. There are six individuals and
firms whose debts amount to 2,311,000 dollars, two of which arc




10
over 650,000 dollars each, a large amount of which will be lost; a n d
four others, who have loans amounting to 569,000 dollars. E l e v e n
Joint Stock Companies are indebted on this List 807,581 d o l l a r s ,
23 cents, of which the Philadelphia and Germantown Railroad C o m ­
pany is 129,902 dollars, 76 cents.
The whole result of the valuation made by the Committee, m a y be
thus stated in short:—
The Assets of the Bank, amounting on the twenty-first d a y of
December, 1840, according to the statement of the Committee, to
69,531,742 dollars, 46 cents, have been estimated at §51,779,795 46
From which deduct liabilities
36,959,539 63
Leaves the sum of

{514,820,256 11

to represent the capital of
Less amount of Bank United States
stock on hand,

835,000,000 00
2,471,400 00
(332,528,600 00

To this may be added the sum of four or five hundred thousand
dollars, for that part of the circulation, amounting on the twenty first
of December, 1S40, to 9,336,000 dollars, 90 cents, which is probably
lost or destroyed.
The Committee submit also herewith, condensed General State­
ments of the condition of the Bank, on the first day of February,
1836, on the first day of April, 1S39, and on the first day of March,
1841; with a comparative Table of Assets and Liabilities, for these
three periods, and also a General Statement of April 1, 1841, (Ap­
pendix B. C. D. E. and F.)
The general statement of the condition of the bank February 1,
1836, is a copy of that submitted to the stockholders convened at the
Bank, upon the nineteenth day of that month, for the purpose of
considering the propriety of accepting the charter, then recently
granted by the Legislature of Pennsylvania. By that statement,
showing the condition of the Institution, after a period of active busi­
ness extending over twenty years, and including more than one pe­
riod of serious commercial difficulty, there appeared to the credit of
Discount, Exchange, and Interest,
# 423,875 15
Profit and Loss,
3,765,399 54




11
Contingent Fund, exceeding the Losses chargeable
thereto, by the sum of
F o r e i g n Exchange account,
F u n d for extinguishing cost of Banking Houses,
Contingent Interest,

1,436,561
S47,S71
1,104,223
440,854

65
03
09
14

$8,018,784 60
These sums after deducting the amount of deficiencies
a n d expenses,
217,194 22
formed the surplus funds of the Institution,
S7,80l,590 38
from which, it will be recollected, it was strongly urged upon the
stockholders, as the main argument in favor of accepting the charter
then offered, that, after making the most liberal allowance for pro­
bable losses on the suspended debt and real estate the entire Bonus
could be paid, without in the least degree impairing the capital.
T h e origin of the course of policy, which has conducted to the pre­
sent situation of the affairs of the Institution, dates however beyond
the period of the re-charter by the state. When it was perceived
that the charter of the late Bank of the United States would not be
renewed or extended by Congress, the President and Directors com­
menced winding up its concerns, and among the first measures taken
to that end, was to sell or dispose of, as far and as speedily as could
be effected, the assets of its several branches. This was generally
done to State Banks, who gave for them their obligations, payable
by instalments at distant periods. At the same time, the policy was
adopted of converting the active debt into loans upon the security
of stocks, by which permanent investments might be provided for
the capital of the Bank during the long period of its anticipated
liquidation. On the 6th of March, 1835, "the President submitted
to the Board, a general view of the situation of the Bank, its means
and liabilities, its circulation and deposits, and the probable future
demands upon it, showing its ample resources and power of expan­
sion: whereupon" the committee of Exchange, which was com­
posed of three Directors, appointed by the President, were autho­
rised by the Board " to make loans on the security of the stock of
this Bank, or other approved security, and if necessary, at a lower
rate than six, but not less than five per cent, per annum." This de­
legation of power to the Exchange committee, was never expressly
and formally renewed under the new charter, unless it be considered
as included, under a general resolution of the new Board adopting




12
" the Bye-Laws, Rules, and Regulations'' of the former Bank. By the
statement of the coudition of the Bank upon the 2d of March, 1835,
the whole amount of loans upon Bauk stock, and other than personal
security, was 4,797,93G dollars 25 cents, while by that of March 3
1S36, these loans had increased to the sum of 00,446,367 dollars SB
cents. Under such circumstances, the active means of the Bank
were comparatively small, to pay the immediate demand of the state
for the Bonus, to settle with the government of the United States for
its stock, and to meet its circulation of 20,114,227, dollars 56 cents,
which, contrary to the anticipation, expressed at the period of its recharter soon began to be rapidly presented for redemption. The
Bank was of necessity driven into the market as borrowers, and
very soon the first step was taken to obtain loans abroad, by sending
the Cashier to Europe for that purpose. Two loans were according­
ly negotiated by him; one in England, of £1,000,000 sterling;
and another in France, of 12,500.000 francs, on favorable terms.
In order to provide for the payment of these Loans, and to nego­
tiate others, and in general to superintend the interests of the Institu­
tion abroad, it was determined by the Board, to have a General Agent
residing in London, and on the twenty-second of September, Mr.
Samuel Jaudon, then Cashier, was elected to that post, and his agency
there commenced accordingly November 8,1S37.
At the same time, the Bank entered the Foreign and Domestic
Markets as borrowers, upon their Post Notes and Bonds payable in
Europe: the whole amount obtained in this way at different periods
wp to July IS'10, being more than twenty-three millions.
From these causes, as well as from the general derangement of
affairs, the suspension of specie payments, and the discredit conse­
quently thrown upon American securities, and more particularly
from the course of the Bank's dealing in Foreign Exchange, by draw­
ing Bills to a large amouut without having previously provided the
funds for their payment, and thus subjecting their agent in London,
to the necessity of obtaining money iu haste, in order to maintain the
credit of the Bank, it was no longer found possible to command funds
there upon the same favorable terms as before. And accordingly,
upon Mr. Jaudon's subsequent negotiations for Loans, to the amount
altogether of 12,212,097 dollars, 46 cents, there is chargeable to Losses
the sum of 1,140,907 dollars, 4 cents, being for Discouut, Commis­
sions to Foreign Bankers, and other charges; not including Mr. Jau­
don's own commissions, and the expenses of the Agency in London
amounting up to January 1,1S41, to the sum of 09,344 pounds 17




13
s h i l l i n g s 6 pence sterling, which at nine per cent exchange is equal
to 335,937 dollars, 39 cents.
I t m a y be proper to explain in passing, how this large sum for
e x p e n s e s of the Agency at London arises. When Mr. Jaudon was
elected to the place of foreign agent, he was the principal cashier, at
a s a l a r y of 7000 dollars per annum. The Bank paid the loss on the
sale o f his furniture, 5074 dollars, and the passage of himself and
family to London, a further sum of 1015 dollars. He was to devote
h i m s e l f exclusively to the business of the Bank, to negotiate an
uncovered credit in England, to provide for the then existing debt in
E u r o p e , to receive its funds, to pay its bills and dividends, to effect
sales o f stocks, and generally to protect the interests of the Bank and
" t h e country at large." For these services he was to receive the
commission theretofore charged and allowed to Baring, Brothers &
C o m p a n y , equal to about 28,000 dollars per annum. In addition to
w h i c h , the expenses of the agency were allowed him, including a
s a l a r y of 1000 pounds sterling to his brother, Mr. Charles B. Jaudon,
as his principal clerk. From the increase of money operations,
arising from facilities afforded by the agency, the amount upon which
commissions were charged was greatly augmented, so that the sums
paid h i m for his ordinary services up to January, 1S41, amounted at
nine per cent, exchange to 178,044 dollars, 47 cents, and the expenses
of the agency to 35,166 dollars, 99 cents. In addition to these sums,
he w a s allowed by the Exchange Committee, an extra commission
of one per cent, upon a loan effected in October, 1S39, of 800,000
p o u n d s , say 38,755 dollars, 56 cents, and upon his claim for a similar
commission upon subsequent loans in France and Holland, to the
a m o u n t of 8,337,141 dollars, 90 cents, the board of directors, under
the sanction of a legal opinion, from counsel of high standing, and
the views of the former President, by whom the agreement with Mr.
Jaudon was made, that the case of extraordinary loans was not an­
ticipated, nor meant to be included in the original arrangement,
allowed the further charge of S3,970 dollars, 37 cents. These seve­
ral sums amount to 335,937 dollars, 39 cents, as before stated.
Such were some of the results of the resolution of March, 1835,
though it cannot be questioned, that much may be fairly attributed
to the unhappy situation of the business and exchanges of the coun­
try, concurring with the unfortunate policy pursued by the adminis­
tration of the Bank. Thus the Institution has gone on, to increase
its indebtedness abroad, until it has now more money borrowed in
Europe, than it has on loan on its list of Active Debt in America.
2



14
To this has been superadded, extensive dealing in stocks, a n d a
continuation of the policy of loaning upon stock securities, t h o u g h
it was evidently proper upon the recharter, that such a policy should
be at once and entirely abandoned. Such indeed was its a v o w e d
purpose, yet one year afterwards, in March, 1837, its loans u p o n
stocks and other than personal security had increased 7,821,541 dollars,
while the Bills discounted on personal security, and Domestic E x ­
change, had suffered a diminution of 9,516,463 dollars, 78 cents. It
seems to have been sufficient, to obtain money on loan, to pledge the
stock of an " Incorporated Company/' however remote its operations
or uncertain its prospects. Many large loans, originally made on a
pledge of stocks, were paid for in the same kind of property, and
that too at par, when in many instances they had become depreciated
in value. It is very evident to the Committee, that several of the
officers of the Bank were themselves engaged in large operations in
stocks and speculations, of a similar character, with funds obtained
of the Bank, and at the same time Loans were made to the Com­
panies in which they were interested, and to others engaged in the
same kind of operations, in amounts greatly disproportionate to the
means of the parties, or to their proper and legitimate wants and
dealings. The effect of this system, was to monopolise the active
means of the Institution, and disable it from aiding and accommo­
dating men engaged in business really productive and useful to the
community: and as might have been anticipated, a large part of the
sums thus loaned were ultimately lost, or the Bank compelled on dis­
advantageous terms as to price, to take in payment Stocks, Back
Lands and other fragments of the estates of great speculators.
The loose and irregular manner, in which the business of loaning
money was conducted, tended greatly to produce this result, and
deserves particular notice and explanation. From March, 1835, the
period of the passage of the Resolution above referred to, the chief
control and management of the affairs of the Institution, appears to
have passed from the hands of the Directors. The mode in which
the Committee of Exchange transacted their business, shows that
there really existed no check whatever upon the officers, and that
the funds of the Bank were almost entirely at their disposition. That
Committee met daily, and were attended by the Cashier, and at times
by the President. They exercised the power of making loans and
settlements, to full as great an extent as the Board itself. They kept
no minutes of their proceedings—no book in which the loans made,
and business done were entered, but their decisions and directions,




15
were g i v e n verbally to the officers, to be by them carried into execu­
tion. T h e established course of business seems to have been, for the
First Teller to pay on presentation at the counter, all checks, notes,
or d u e bills having indorsed the order or the initials of one of the
cashiers, and to place these as vouchers in his drawer, for so much
cash, w h e r e they remained, until just before the regular periodical
counting of the cash, by the Standing Committee of the Board on the
state o f the Bank. These vouchers were then taken out, and entered
as " Bills Receivable," in a small Memorandum Book, under the
charge of one of the clerks. These Bills were not discounted, but
bore interest payable semi-annually, and were secured by a pledge
of stock, or some other kind of property. It is evidently impossible,
under such circumstances, to ascertain, or be assured, in regard to
any particular loan or settlement, that it was sanctioned by a majojority of the Exchange Committee. It can be said, however, with
entire certainty, that the very large business transacted in this way,
does not appear upon the face of the Discount Books, was never sub­
mitted to the examination of the members of the Board, at its regu­
lar meetings, nor is it any where entered on the minutes, as having
been reported to that body, for their information or approbation. As
illustrative of the extent of these transactions, it may be proper to
state, that the sum total of u Bills Receivable"
On the 4th of March, 1S36, was
456,221,660 S5
On the 4th of March, 1S37,
8,183,445 01
On the 4th of March, 183S,
7,229,503 25
On the 4th of March, 1839,
6,772,731 80
On the 4th of March, 1840,
4,041,705 94
The amount outstanding on the books of this Department, on the
4th of March, 1841, had become reduced to the sum of 176,954 dol­
lars, 12 cents. The accounts have been settled in various ways, or
transferred to other heads, the Directors having resolved to abolish
altogether a course of proceeding, so pregnant with mischief and loss,
and to prohibit entirely, all loans except by the Board itself.
There stands now upon the books of the Suspended Debt Depart­
ment, transferred thereto from "Bills Receivable," still unsettled
1,470,651 dollars, 77 cents. A portion is on the list of Active Debt,
having been changed into Bills Discounted, at deferred periods of
maturity.
These loans, were generally in large amounts. In the List of
Debtors on "Bills Receivable" of the first of January 1S37, twentyone individuals, firms and companies, stand charged, each with an




16
amount of one hundred thousand dollars and upwards. One firm of
this City received accommodations of this kind between August 1835
and November 1S37 to the extent of 4,213,S7S dollars, 30 cents,
more than half of which was obtained in 1S37. The officers of the
Bank themselves received in this way, loans to a large amount I n
March 1836 when the Bank went into operation, under its newcharter, Mr. Samuel Jaudon, then elected its Principal Cashier, was
indebted to it, 100,500 dollars. When he resigned the situation of
Cashier, and was appointed Foreign Agent, he was in debt 408,389
dollars, 25 cents, and on thefirstof March 1S41, he still stood charged
with an indebtedness of 117,500 dollars. Mr. John Andrews, First
Assistant Cashier, was indebted to the Bank in March 1836 104,000
dollars. By subsequent Loans and advances made during the next
three years, he received in all, the sum of 426,930 dollars 67 cents. Mr.
Joseph Cowperthwaite, then Second Assistant Cashier, was in debt
to the Bank in March 1S36,115,000 dollars; when he was appointed
Cashier in September 1S37, 326,382 dollars, 50 cents, when he re­
signed, and was elected a Director, by the Board, in June 1840,72,960
dollars, and he stands charged March 3, 1S41, on the Books with the
sum of 55,081 dollars, 95 cents. It appears on the Books of the
Bank, that these three gentlemen, were engaged in making invest­
ments on their joint account, in the Stock and Loan of the Camden
and Woodbury Rail Road Co., Philadelphia, Wilmington and Balti­
more Rail Road Co., Dauphin and Lycoming Coal Lands, and Grand
Gulf Rail Road and Banking Company.
The various settlements effected with the officers and other debtors
for these irregular loans, must not be suffered to pass without notice*
These settlements were without the knowledge or approbation of the
board, at least so far as appears from their minutes. The large loan
to a firm in this city, before adverted to, was settled by the receipt
in payment of various stocks and real estate, except 247,264 dollars,
50 cents, in cash. Another large amount of loans to a single indi­
vidual of 1,014,977 dollars, SO cents, was settled in like manner.
There was taken in settlement of debt from Messrs. Bevan &
Humphreys, (Mr. Joseph Cabot, one of that firm, being at the time a
director of the Bank) one thousand one hundred and fifty shares of
United States Bank Stock, in 1S3S, viz:—On the 2d of August, two
hundred and fifty shares, at 123 dollars, the Bank selling on the
same day at 120 dollars, less brokerage: on the 22d of August, five
hundred shares, and on the 23d of August, four hundred shares at
125 dollars, the market price, on those two days being 123 dollars,




17
25 c e n t s , the bank selling the day after at 123, less brokerage. Set­
t l e m e n t s of a similar character with debtors for smaller amounts,
-were o f frequent recurrence.
T h e first instance in which an officer paid his debt to the bank in
o t h e r than money, which the Committee can find, was in March,
1 8 3 8 , w h e n Mr. Samuel Jaudon (then in London as the agent of the
B a n k , ) Mr. Joseph Cowperthwaite, (then cashier,) and Mr. John
A n d r e w s , (then first assistant cashier,) paid a debt of 269,500 dollars,
w h i c h they owed the Bank on joint account, in Danville and Pottsville Railroad Company, five per cent, loan,
70,000
U n i o n Canal, 6 per cent. Loan,
10,000
Philadelphia and Reading R. R. Co., stock 3590 shares,
179,500
W e s t Feliciana R. R. Co., stock 100 shares,
10,000
0269,500
Of course, the Committee cannot say, that the Exchange Committee
did or did not authorise, or sanction this settlement. The paper
w h i c h constitutes the only evidence of it, and which the Committee
h a v e seen, exhibits no sign of such authority or approbation, other
than the initials of Mr. Andrews himself.
Of the residue of the large debt of Mr. Andrews of 463,104 dol­
lars, 88 cents, which includes his one third proportion of the fore­
going sum of 269,500 dollars, all except 32,311 dollars, 55 cents was
settled by the transfer of Stocks and Loans.
A n Account of the Settlements with Messrs. Jaudon, Cowper­
t h w a i t e and Andrews, accompanies a report made by the Exchange
Committee, to the Board on the 21st of August, 1840. Thai Com­
mittee remark in their Report, "Your Committee are unable to
say, if any authority was given by the Board under the Charter
from Congress, but are very certain that the Boards, under the pre­
sent Charter, have never sanctioned such loans or settlements, and
t h e y cannot too strongly condemn such acts. The power of making
loans and settlements must be reserved to the Board, while the
Officers must be content with being the executive of its decisions."
T h e accounts of these officers, arc herewith submitted together
with some others. (Appendix G.)
I n order to inform the Stockholders, not only of the character of
the Assets, but of the mode by which they came to the possession of
the Bank, there is attached to this Report, a statement showing the
2*



18
particulars of the Stocks on hand at the Bank, the amount taken in
settlement of debt, purchased or subscribed, and a list of the Stocks
in possession April 1, 1S39. (Appendix H. I.) Of the whole
amount of Stocks and Loans, which the Bank has received since its
recharter, including those since disposed of, it appears, that more
than thirty one millions of dollars have been taken in settlement of
debts and advances.
In the course of their investigation, the attention of the committee
has been directed to certain accounts, which appear on the books as
"Advances on Merchandise," but which were, in fact, payments for
Cotton, Tobacco, and other produce, purchased by the direction of
the then President, Mr. Nicholas Biddle, and shipped to Europe on
account of himself and others. These accounts were kept by a clerk
in the Foreign Exchange Department, this department being under
the charge of Mr. Cowperthwaite, until September 22,1837, when
he was elected Cashier, and of Air. Thomas Dunlap, until March,
20, 1839, when he was chosen President.
The original documents, necessary to enable the Committee to
arrive at all the facts in relation to these transactions, were not acces­
sible, having been retained, as was supposed, by the parties interested,
as private papers. A succinct view of the whole matter, sufficient to
convey to the stockholders a general idea of its character, may be
drawn from the Report of a Committee of the Board of Directors,
appointed on the 21st of July, lS40,for the purpose of adjusting nnd
settling these accounts, and who reported on the 21st of December,
1840, which report with the accompanying accounts, is spread at
large upon the minutes.
The first transactions were in July, 1S.37, and appear as advances
to A. G. Jaudon, to purchase cotton for shipment to Baring, Brothers
& Co., of Liverpool, the proceeds to be remitted to their house in
London, then acting as the agents of the Bank. The amount of
these shipments was 2,1S2,99S dollars 2S cents. The proceeds were
passed to the credit of the Bank, and the account appears to be ba­
lanced. The results, as to the Profit and Loss, do not appear, and the
committee had no means of ascertaining them, nor the names of the
parties interested.
In the autumn of 1S37, when the second of these transactions com­
menced, it will be recollected, that Mr. Samuel Jaudon had been
appointed the Agent of the Bank to reside in London. About the
same time, a copartnership was formed between Mr. May Hum­
phreys, then a Director of the Bank, and a son of Mr. Nicholas Bid


19
die, under the firm of Biddle & Humphreys. This house was
established at Liverpool, and thenceforward acted as agents for the
sale of the produce shipped to that place, which comprised a large
proportion of the whole amount.
In explanation of these proceedings, the Committee annex to their
Report a copy of a Letter dated Philadelphia, December 28,1S40, to
the President and Directors of the Bank, from Mr. Joseph Cabot, one
of the firm of Bevan & Humphreys, and who became a Director
at the election in January, 1838. This letter was read to the Board,
December 29,1840, but was not inserted on the minutes. (Appendix
K.)
This arrangement continued during the years 1837, 1838, and
1839, the transactions of which amounted to 8,969,450 dollars, 95
cents. The shipments were made principally to Biddle & Hum­
phreys, were paid for by drafts on Bevan & Humphreys—the
funds advanced by the Bank, and the proceeds remitted to Mr.
Samuel Jaudon, Agent of the Bank in London.
It appears that there was paid to Messrs, Bevan & Humphreys by
the Bank in Philadelphia during the months of March, April and
May, 1839, the sum of eight hundred thousand dollars and the ac­
count was thus balanced. The committee have reason to believe,
that this sum constituted a part or perhaps the whole of the profits
derived from the second series of shipments. How, and among
whom, it was distributed, they have not been informed, but from the
terms of thefinalsettlement to be adverted to presently, each one
will be at liberty to make his own inferences.
The third and last Account, amounting to 3,241,042 dollars 83 cents,
appears on the books, as " Bills on London, advances S. V. S. W."
These letters stand for the name of S. V. S. Wilder of New York.
Messrs. Humphreys & Biddle, to whom these consignments were
made, continued their accounts in the name of Bevan & Humphreys,
but without the knowledge of that firm, as appears by Mr. Cabot's
letter of December 2S, 1S40. The result of these last shipments,
was a loss of 962,524 dollars 13 cents. Of this amount the sum of
553,908 dollars 57 cents was for excess of payments by Messrs,
Humphreys & Biddle to the London Agency, beyond the proceeds
of sale, with interest thereon. The parties interested, claimed and
were allowed a deduction for loss on 526,000 dollars of Southern
Funds, used in the purchaso of cotton, when at a discount, the sum
of 310,071 dollars 30 cents, and also this sum being Bankers' Com­
mission to Messrs. Humphreys & Biddle on advances to Samuel



20
Jandon Agent 21,061 dollars, S6 cents, making 331,133 dollars 16
cents, and leaving to be settled by the parties the sum of 631,390
dollars, 97 cents.
Before proceeding to state the particulars of this settlement, it will
be proper to precede it by the remarks of the Committee of the Di­
rectors, by whom it was effected. They say: "A long and difficult
negotiation has resulted in the settlement of three-fourths of the
Balance, and an agreement for the settlement of the remaining fourth.
The payment of half the amount, and the agreement for one-fourth,
are neither of them such as the committee labored to obtain; yet
the terms are better than at one period of the negotiation they could
reasonably have expected, and although unsatisfactory in them­
selves, are acceptable under the peculiar circumstances of the case."
The settlement reported to the Board on the 21st of December,
1840, was as follows:—
With Mr. Nicholas Biddlc for one half amounting
with interest to
§321,220 1'3
For which there was received from him in payment,
Three Bonds of the Republic of Texas, for Five
thousand Dollars each, and an order on Gen.
James Hamilton, then in London, to deliver to
the Cashier, or his order, a Bond of the Republic
of Texas, payable in London, for 10,12(3/. \3s.4d.>
and also Ninety Bonds of the same, for Two hun­
dred and fifty pounds each: these with Interest
due and Exchange, according to a calculation
made by Mr. Samuel Jaudon, amount to
201,642 20
Leaving a balance of

gl 19,577 93
ii

r

For this Balance, Mr. Biddie agreed to deliver to the Bank within
one month, Texas Bonds, and on the delivery of the last mentioned
Bonds, the Bank agreed to give him a full discharge from its claim
upon him for his share of the Loss on these operations. This cootract has been performed. The Committee of the Board say, in refer­
ence to this settlement:—"Aware that the Texian securities were
much below par in the market, the Committee reluctantly agreed
to the settlement, under the belief that a better arrangement for the
Bank could not be (at least amicably) effected, and in the hope
founded on general information, that the Bonds might at a distant
day, be disposed of without serious Loss."



21
T h e Committee also settled, with Mr. Joseph Cowp e r t h w a i t e , for one-fourth of the Loss,
F o r w h i c h was received in payment, Mr. Cowperthw a i t e ' s share in certain Dauphin County Coal
L a n d , which cost Si20,000, less a mortgage
t h e r e o n of gl0,000
L a n d i n Cataraugus Co. N . York, which cost,
L a n d i n Lycoming County, Wisconsin and Michi­
gan,
B o s t o n and Illinois Land Co. Stock, 17 shares par,
Commercial and Rail Road Bank of Vicksburg, 350
s h a r e s par,
P l a n t e r s ' Bank of Mississippi, 59 shares par,
W e s t Feliciana Bank, 100 shares par,
G e r m a n t o w n and Norristown Rail Road Co. 500
s h a r e s par,
C a m d e n and Woodbury Rail Road Co. 100 shares
par,
L o a n of Camden and Woodbury Rail Road Co.,

Sl57,S47 74

$110,000
5,000
20,000
17,000
35,000
5,900
10,000
25,000
5,000
15,000

A n d a cash payment, the Committee say of " about" .

8247,900
16,000

M a k i n g altogether,

$263,900
sssssssssaai

T h e Committee state, in reference to their settlement with Mr.
Cowperthwaite, that it was made on the ground, that "with the ex­
ception of a few thousand dollars retained to pay other debts, the
agreement comprised all his remaining property."
T h e Committee also settled with Mr. S. V. S.
Wilder the remaining one-fourth, amounting with
interest to
gl61,793 33
F o r the purpose of enabling Mr. Wilder to settle
this amount in cash, the Bank of the United States
in N e w York, loaned to him the sum of Si 12,000
on the security of
1. Real estate at Green Hill, Philadel­
phia County,
$20,000
2. Five thousand five hundred acres of
" Iron land," and two furnaces in Colum­
bia County, Pennsylvania, in operation




22
and producing a Rent equal to 6 per cent.

on S200,ooo
3. On his claim upon William H. Ro­
bertson of Mobile
4. On his claim on Mr. Bigelow of New
York.

79,000
7,500
5,500

112,000 00

The balance was settled by receiving the whole
amouut from Mr. Wilder in cash.

49,793 33
S161/793 33

Mr. Thomas Dunlap of Philadelphia guarantees under date of
December 21, 1S40, the faithful and punctual payment of the
loans to Mr. Wilder. The Committee of the Board add "Under this
arrangement we apprehend no loss to the Bank."
Upon the presentation of the Report of the Committee on ad­
vances, to the Board on the 21 of December, 1S40, a motion was
made, to recommit the same for the purpose of having inserted
therein, the name of the party really interested in the one-fourth,
for which the settlement was made with Mr. S. V. S. Wilder.
This motion did not prevail, but the Report was accepted and the
Committee discharged.
After the Report had been read, the following Preamble and Reso­
lutions were submitted by Mr. James Martin, and unanimously
adopted by the Directors present, who were Messrs John R. Neff,
Joseph Cabot, Lewis Wain, John Connell, Manuel Eyre, Richard
Price, Lawrence Lewis, James Martin, George Handy and Robert
Taylor; Mr. Ncff acting by deputation as President pro. tern, in the
absence of Mr. Dunlap.
"As it appears by the Report of the Committee on Advances, that
large transactions have been going on for several years without the
sanction or knowledge of the Board of Directors, and as it further
appears, that these transactions were mostly if not wholly for the
account and to the Profit and Loss of the executive officers of this
Bank at those times, it is due from this Board, that their just con­
demnation of such things, should be fully expressed, and recorded: it
is therefore
"Resolved, That the business of loaning money exclusively and of
right belongs to the Board of Directors, and that all loans or discounts




23
m a d e b y a Committee of the Board, in concurrence with the officers,
s h o u l d be duly reported to a regular meeting of the Board."
"Resolved, That the loaning or discounting, on the deposite of col­
l a t e r a l security or promissory notes of the officers of the Bank is
unauthorised, and contrary to the proper administration of the affairs
o f t h e Bank."
" Resolved, That the large advances made by the Officers of the
B a n k , in the periods of 1S37-8, and 1838-9 being totally unautho­
rised, and unknown to the Board of Directors, merits and receives
our just censure and condemnation.'9
B y the Thirteenth Standing Rule of the Bank, it is provided that
the Committee on the state of the Bank, composed of five members,
and elected by Ballot every three months, should "at least once dur­
ing their time of service, examine and count the discounted notes,
and compare the amount thereof with the balance of the amount of
Bills Discounted in the General Leger: they shall also count the cash,
and the printed and the imprinted paper in the possession of the
Cashier—examine the evidences of the public debt and property of
the corporation, make an Inventory of the same, to be compared
with the books, in order to ascertain their agreement and report to
the Board." The custom appears to have been for this committee
to confine their examination exclusively to the cash, Bills discounted
on personal and other security, the Issues, and the Printed and Unprinted Bank paper on hand. The account, however, of the general
state of the Bank, submitted to the Directors at every stated meeting,
contained the Items of u Bills Receivable on Bank stock and other
security," which included as well the bills receivable for sale of
branches as the loans made in the manner heretofore adverted to, and
" Foreign Bills of Exchange" under which head, was contained the
advances on shipments of merchandise. Thus, on the 2Sth of June,
1838, on which day an examination was reported by the Committee
on the state of the Bank, there stood to the debit of « Bills Receiva­
ble," the sum of 13,106,074 dollars, 55 cents, aud of " Foreign Bills
of Exchange," the sum of 7,216,109 dollars, 34 cents. The Com­
mittee annex to this Report a List of the Directors and the several
Standing Committees of the Board since the rechartur. (Appendix
Not only in regard to Loans and settlements, but in relation to the
purchase and sale of stocks, the establishment of agencies, and other
important measures of general policy, the Board of Directors were
not regularly consulted. Of this the committee must be permitted to
present some instances as illustrative. In September, 1836, the Bank




24
purchased the " Merchants Bank of New Orleans" of the capital of
one million of dollars for an advance of 76,250 dollars and esta­
blished it, as the agent of this Bank at that place. On the eighth day
of November, 1836, in like manner a purchase was made for 3 8 4 , 0 0 0
dollars of " The Insurance Bank of Columbus, Georgia." I n A u ­
gust, 1S39, arrangements were made for the purchase of the charter
of " The Hamilton Bank," of Baltimore, and the purchase effected,
but as the Bank never went into operation the advance w a s but
small. There was taken from Mr. Joseph Cowperthwaite, on t h e 1st
of March, 1S3S, eighty-nine shares of Bank United States Stock at
120 dollars, the Bank selling the same day at US dollars, less bro­
kerage; and on the Sth of January, 1S40, there was received from
him as cash one hundred and thirty shares at 100 dollars, the market
price of that day being 85 dollars 75 cents. On the 4th of March,
1839, Messrs. Joseph Cowperthwaite, Thomas Dunlap and Joseph
Cabot, agreed to purchase of the Bank two thousand shares of Phila­
delphia and Reading Railroad Co.'s Stock, at forty-five dollars per
share, on a credit of two years, and on the application of these par­
ties on the 13th of February IS 10, the said contract was annulled
It is stated in a Report of the Exchange Committee of August 2S,
1840, and entered on the minutes of the Board, that the Philadelphia
and Reading Railroad Co., had made a contract with Mr. Joseph
Cowperthwaite for a loan of 500,000 dollars in his individual capa­
city, (although supposed by the company to have been on account of
the Bank,) to be converted into sterling Bonds at 4 dollars 80 cents
per pound sterling. At the period of that report, the sum of
326,000 dollars of this loan had been taken up, of which the Bank
was then the holders of 272,000 dollars and on that day, (with the
assent of the Board,) assumed the balance unpaid of the contract
Upon the eighteenth day of August, 1S3S, the Bank guaranteed a
contract made by Mr. Nicholas Biddle in his individual capacity, for
the purchase of two thousand five hundred Bonds of the State of
Mississippi, of two thousand dollars each, amounting in the whole to
5,000,000 dollars. The signature of Mr. Thomas Dunlap, then
second assistant Cashier, was affixed to the guarantee, on behalf of
the Bank upon the verbal authority of the President. Upon the
29th of January, 1S39, the Bank guaranteed to the state of Michi­
gan, the punctual fulfilment of the obligations of the Morris Canal
and Banking Company, for the purchase of Bonds of that state, to
the extent of 3,145,6S7 dollars 50 cents, for 2,700,000 taken at par,
and including interest on the instalments payable every three months




25
u p t o January, 1843. On the 29th of April, 1839, the Bank guaran­
t e e d a contract entered into by Mr. Thomas Dunlap in his individual
c a p a c i t y , for the purchase of one million of dollars of the " Illinois
a n d Michigan Canal Stock." In regard to these transactions, the
Committee can find no authority on the minutes of the Board, and
h a v e been referred to none, by the President upon whom they called
for information.
T h e Committee submit herewith (Appendix M.) a statement of
the Profit and Loss Account of the Contingent Fund, and an abstract
of the losses chargeable thereto. In this last account there is a charge
under date of June 30,1840, of 400,000 dollars to "Parent Bank
notes account," which has not been explained to the satisfaction of
the Committee. It must be also mentioned, that among the expendi­
tures of the Bank, there is entered, at various dates, commencing
M a y 59 1836, sums amounting in all to 618,640 dollars, 15 cents, as
paid on the "Receipts of Mr. N. Biddle," of "Mr. N. Biddle and J.
Cowperthwaite," and "Cashier's Vouchers." As the Committee
were unable to obtain satisfactory information upon the subject of
these expenses from the books or officers of the Bank, application
w a s made by letter to Mr. N. Biddle and Mr. J. Cowperthwaite,
from whom no reply has been received.
T h e Committee have now performed the task assigned them by
the stockholders. They have endeavored to select from the mass of
materials submitted to their examination, only such as seemed suffi­
cient to illustrate the general course of the administration of the
Bank. To have gone more into detail, would have required more
time than was allotted to the Committee, and to have accompanied
each particular with full explanations, would have extended their
report beyond all reasonable limits. They have given the simple
facts without comment; but enough has been presented, it is believed,
to enable each stockholder to form a judgment of the manner in
which the interests committed by him to his trustees and agents, the
directors and officers, have been managed. To satisfy mere idle
curiosity, the Committee had no inclination, and would have gladly
omitted many of the facts and explanations they have given, could
such a course have been reconciled to their sense of duty, to those
by whom they were appointed.
JOSHUA LIPPINCOTT,
EDWARD COLES,
MOSES KEMPTON,
JOHN BACON,
CHARLES MASSEY, JR,
JAMES S. NEWBOLD.
Bank of the United Stales, Philadelphia, Jipril 3,1841.
Attest, GEORGE SHARSWOOD, Secretary.
3



Agency Nashville,
"
St. Louie,

Probable Loss.
951,143 34
279,888 41
60,800 86

b|&~
^ X ©*
a fl> *—»

502,222 22

&

1,800,054 83

fie

12,208 70
132,806 05

*>*

1,866 66

25,721
2,219
22,433
54,444

24
31
35
45

3,143 98

576,590 51
32,140 11
7,000 00

Active Asset! at Agencies and Offices,
T o U \ Active JlMtet»,




21,778
923,110
39,757
138,938
4,007,651
411,722
76,995
830,426
379,152
315,016
934,581

02
40
07
56
05
61
87
24
82
19
21

£

JH.

ES

b
33
o2 fcO
3

110,030 50

3
3*
t=J
oo

«2

s

«N.

**• »—•
***»•

»-"
£«
00
980,605 76

Agency Boston,
New York,
Washington,
Georgia,
New Orleans,
Natchez,
Louisville,
Office Pittsburg,
Erie,
New Brighton,
Agency Cincinnati,

J^ O
' § H

1,327,320 47

P

3

r&

ST

are

ASSETS.—ACTIVE BANK UNITED STATES.
Bills discounted on Personal Security,
"
"
" other Security,
" receivable,
u
"
from sales of offices,
Bond Philada. Wilmington & Baltimore Rail Road
Company,
Domestic Bills of Exchange.
—
Boston,
New York,
Charleston,
Baltimore,
Richmond,
Washington,
New Orleans,
Reading,
Sundries,
Merchants' Bank, New Orleans,
Bills purchased on ac. this Bank,
15,614 81
Certificates of Deposit,
560,975 70

&

5ft*&
a* 8
B &>
P
>
T5

4,107,981 06

t5

■8
&
**
f*
&-

S3

5'
o*
rf»
rt

<§*
««*.
rt
8,079,130 04
12.1R7.111 10

1,306,929 39

1
0
"•)

0©

<-»»

3

rt

SUSPENDED BANK V. S.
Bills discounted on Personal Security,
Overdrafts,
Bills receivable for Post Notes,

4,864,811 72
65,750 47
168,248 09
5,098310 28

Bills discounted on other Security,
At Offices and Agencies transferred to this office,
Bank of Columbia,

619,484 89
238,972 97
858,457 86
993,627 64

Domestic Bills of Exchange.
Suspended Assets at Bank U. S
Agency Boston,
New York,
Washington,
Georgia,
Mobile, I
New Orleans,
Natchez,
Louisville,
Office New Brighton,
Agency, Cincinnati,

6,950,895 78
9,360 97
458,328 96
143,505 51
171,286 06
899,301 01
400,729 19
549,566 98
139,990 31
74,584 85
2,250 96

Suspended Assets at Agencies and Offices,
Total Suspended Assets,
STOCKS
On hand at Bank U. States, viz,
State Loans.
Illinois 6 per cent, bonds
Indiana 5 do
do
Mississippi
Michigan

<0

2,848,904 80
9,799,800 58

131,000 00
6,000 00
124,222 22
119,765 90
380,988 12

City Loans*
Pittsburg
Lancaster
Borough of Harrisburg
Mobile bonds



62,625
25,000
21,000
64,000

00
00
00
00
172,625 00

5,046,211 07

Bank Stocks.
Morris Canal and banking Co., 9613 4-5 shares,
Banks in Natchez, Miss.
Planters' bank, 178 ah,
17,800 00
Agricultural bank, 13 sh,
1,300 00
Commercial bank, 4586 sh,
446,600 00

961,380 00

465,700 00
Banks in Grand Gulf, Miss.
Grand Gulf bank, 2053 shares
Banks in Vicksburg, Miss.
Commercial and Railroad bank, 1378 5-9 share*
B a n k s in^other places, Miss.
Commercial bank, Manchester, 61 sh
6,100
do
do bond,
1,000
Commercial bank, Rodney, 174 sii
17,400
Bank of Port Gibson, 313 sh
21,300
do
bond
3,000

205,300 00
120,855 55
00
00
00
00
00
48,800 00

Bank* in Now Orleans.
N O Gaslight <fc banking Co., 620 sh.
N O Canal and bunking Co., 2058 sh
Exchange and bunking (Jo., 2188 sh

18,600 00
205,800 00
109,400 00
333,800 00

Banks in Louisiana.
Wc*t Feliciana Railroad and banking Co., 992 shares,
Banks in Tennessee.
Farmers & Mechanics bk, Memphis, 870 sh, 87,000 00
L'nion bank, 1411 sh.
141,100 00

99,200 00

228,100 00
Banks in other 8 tat OH.
Hamilton bk, Baltimore, 3000 sh
105,000
Miners' bank, PoUsville, 395 shares,
19,750
Bank of Darien, Georgia, 111 sh,
7,215
Planters and Merchants bank, Mobile, 330 sh 33,000
Commercial bank, Cincinnati, 49 sh
4,900

00
0()
00
00
00

169,865 00
2,633,000 55

Texaa Bonds and Treasury N o t e s .
Bond*
Treasury note«




17,437 50
119,577 93

137/)15 4 3

STOCKS.
Incorporated Companies for public and otfur
improvements, viz:
Located in Pennsylvania.
Cumberland Valley R. R. Loan,
240,000 00
«
«
4020 sh.
201,000 00
441,000 00
Danville and Pottsville R. R. Loan,
«
"
15 sh,

116,333 33
750 00
117,083 33

Sandy and Beaver Canal Loan,
537,011 17
"
"
1100 sh. 110,000 00
Plrilad. Wilmington & Baltimore R. R. Loan,
Williarosport & Elmira R. R. Loan,
150,000 00
rt
"
4000 sh. 200,000 00
L'nion Canal Loan,
«

220,500 91
134 sh. 26,800 00

Philadelphia and Reading R. Road 4176 sh.
Little Schuylkill Navigation, Rail Road and
Coal Co. 6893 sh.
410,302 80
Do. do. do. bonds,
539,000 00
Do. do. do. coupons,
11,490 00

647,011 17
152,500 00
350,000 00
24?,300 91
208,800 00

960,792 80
Other Companies.
Franklin R.R. 2020 sh.
101,000 00
Mount Carbon R. R. 30 sh.
1,500 00
Sunbury & Erie R,R. 5203 sh.
52,030 00
Marietta Bridge Co. 30 sh.
1,500 00
Williamsport Bridge Co. 300 sh.
15,000 00
Summit & Cumberland Turnpike, 400 sh. 10,000 00
Johnstown and Ligonier Turnpike, 200 sh. 10,000 00
Wrigbtsville, York and Gettysburg R, R.
2000 sh.
100,000 00
Warren and Ridgway Turnpike, 600 sh.
15,000 00
Little Schuyl. & Susq'na. R. R. 3846 sh.
192,300 00
Washington & Pittsburg Turnpike, 300 sh. 15,000 00
Monongahela Navigation Co. 1000 sh.
40,000 00
Snow Shoe & ParkersviUe Turnpike, 800 sh. 20,000 00



Roseberg and Mercer Turnpike, 200 sh.
Warren Bridge Co. 400 sh.
Warren and Franklin Turnpike, 300 sh.
Delaware Coal Co. bonds,
Summit Coat Co. do.
West Philadelphia R. R. 30 ah.
Bald Eagle & Spring Creek N. Co. 1058 sh.
Beaver Meadow and R. R. Co. Loan,
Erie Salt Co. 25 sh.
Pennsyivvnia and Ohio Canal, 640 sh.

5,000
10,000
15,000
61,000
33,000
1,500
54,400
51,316
2,500
64,000

00
00
00
00
00
00
00
74
00
00

Located in other States.
?Jew York, Boston A Providence R. R. Loan,
Delaware and Chesapeake Canal Co. Loan, 337,693 30
«
«
191 sh. 38,200 00
Other Companies.
BufYalo and Niagara Falls K. R. 150 sh.
Camden & Woodb'y tt. R. Loan, 17,000 00
100 sh. 5,000 00
Canton Co. 100 sh.
Richmond and Petersburg R. R. 200 sh.
Raleigh and Gaston R. R. bunds,
Brunswick Canal and R. R. 500 sh.
Brunswick Land Co.
N. Orleans and Nashville R. R. Bonds
Lexington and Ohio R, Road
do
Illinois Land Co. 560 sh.
Port Sheldon Land Co. 50 shares
New Castle Manufacturing Co. 300 shares
Farmers' Loan and Trust Co. 63 shares
American Life Ins. and Trust Co. 210 sh.
Bridgewater Copper Mining Co, 300 sh.
Petersburg R. R. 193 shares
Ellsworth Land and Lumber Co. 10 sh.




$71,046 74

3,995,534 9C

501,592 76
375,893 30

15,000 00
22,000 00
6,000 00
20,000 00
20,000 00
50,000 00
65,000 00
5,000 00
42,000 00
56,000 00
4,500 00
9,000 00
3,150 00
10,500 00
13,200 00
19,300 00
10,000 00

370,650

1,343,136 06

On hand at Agency, New Orleans
City Bank, New Orleans, 115 sV
Commercial Bank, N. Orleans, 140 sh.
Canal Bank, 247 sh.
Achafalaja, R. R. and Banking Co.
On hand at Agency in London, viz:
Indiana, 5 per cents.
Maryland, 5 do
Illinois,
6 do
Michigan, 6 do
Other State Stocks.
Pennsylvania, 5 per cents.
Mississippi, G do

9,600 00
10,944 00
22,230 00
14,000 00
56,774 00
162,000
179,000
33,000
272,000

00
00
00
00

4,000
1,000,000
234,000
627,555
411,111
184,204

00
00
00
56
11
70

2,000 00
2,000 00

Ohio Life and Trust Co's Bonds
Farmers' Loan and Trust Co. do
American Life and Trust Co. do
Reading R. R.
do
Texas Bonds
Deposited as Security for Loans in Europe, viz:
Pennsylvania 5 per cents.
Mississippi 5
do
Maryland
5
do
Indiana,
5
do
Michigan
6
do
Illinois
6
do
Farmers* Loan and Trust Bonds

3,106,871 37
5,117,906
3,086,000
400,000
596,000
3,583,000
1,368,000
300,000

16
00
00
00
00
00
00

On hand with R. Alsop and J. A. Brown, Special Agents.
Pennsylvania 5 per cents.
1,160,000 00
Camden and Amboy R. R. Bonds
522,222 22
Hazleton Coal Co.
231 481 4#
Philadelphia, Wilmington and Baltimore R. R, Bonds
811,111 11
Pennsylvania 5 per cents.
Special Loan to Commonwealth




14,450,906 16

2,724,814 81
16,487 21
271,000 00
29,194,153 66

7,069,409 66

Heal Estate and Banking Houses.
Bank United States
Agency, Boston
New York
Washington
Mobile
New Orleans
Louisville
Pittsburg
Erie
Cincinnati

1,328,339 74
1,275 00
245,802 59
6,559 98
1,258,967 99
19,334 84
14,875 53
16,034 03
13,000 00
145,071 03
3,048,900 73

Banking Houses,
Bank United States,
Agency, Washington,
Georgia,
New Orleans,
Pittsburg,
Eric,

333,015,14
21,847,06
20,000,00
132,719,37
27,369,72
78,701,51
613,712 HO
3,062,673 53

Bonds and Mortgage*,
Hank United States,
Aguncy, New York,
Mobile,

650,557 98
89,3*1 H 33
80,000 00
819,906 31

Balances with Agency, London; and Paris and Amsterdam
Bankers,
Foreign Bills of Exchange.
Bills on Texian Commissioners, London,
Other bills,




158,355 83

578,195 41
400,000 00
157,847 74
557,847 75

Due by State hanks, viz.
To bank United States,
N. American Trust and Banking Co.
Banks in Natchez, Miss.,
Agricultural bank,
Commeicial bank,
"
•*
Special account,

467,066 47

357,0C0 00
117,605 08
41,674 64

1,000,000 00

350,000 00

Planters' bank,
«
" Special account,
«
" Interest,
Banks in Vicksburg,
Commercial and R. R. bank,
u
" Special account,
rt
" for completion of R. R.

550300 10
950,000 00
24,202 50
2,683,982 32
79,166 74
1,100,000 00
250,000 00
1,429,166 74

K. Orleans Gas Light & Banking Co.
Banks in Florida.
Alabama, Florida and Georgia R. R. Co
Pensacola bank,
Union bank, special account,

2,151,799 44
90,149 31
110,469 25
235,680 30
436,298 86

Other banks.
Charleston bank,
Carlisle bank,
City bank of Portland,
Exchange bank, Norfolk,
"
" Petersburg,
"
" Richmond,
Easton bank,
Farmers' bank, Lancaster,
Franklin bank, Columbus, Ohio,
Harrisburg bank,
Insurance bank of Columbus, Savannah,
Lancaster bank, Ohio,
Mississippi Union bank, int. on state bonds,
Morris Canal and Banking Co.
"
" Special account,
Montgomery county bank,
Mississippi R. R. Co. special account,
Ohio Life Insurance and Trust Co. collec­
tion account,
Trenton Banking Company,
Union bank of Delaware,
York bank,
Schuylkill bank, Philadelphia,
Other banks of
"



1.461 46
22 85
20,768 43
3,910 86
872 29
4,605 44
86.3 26
1,148 92
590 67
2,253 58
44,004 73
933 43
123 76
6.462 19
16,249 58

03

8 35
21,077 65
629
676
5,131
461
54,850
208,317

90
58
65
61
74
96
395,425 89

Bonds of Planters bank
To Office* and Agencies.
Boston.
Sutfolk bank
^ e w York.
Bank of New York
Phoenix bank *
Union do
Bank of America
City bank
Natiooal bank
Lafayette bank
Bank of* State of New York
Merchants* bank
American Exchange bank
Other bks N Y city, in amts less than $5000
Merchants bank, Baltimore, special account
New York State bank, Albany
Charleston bank
Other banks, in amounts less than $1000

550,000 00
29,499 43
18,709 23
8,085 60
18,133 71
65,189 79
15,953 28
17,123 23
8,714 93
11,557 62
248,805 92
34,159 49
21,113 03
18,457 84
9,920 36
1,558 21
3,705 27

501,187 41
Washington.
District banks
Distant banks

314 79
1,696 65

2,011 44
Georgia.
Banks in Savannah
do Milledgeville
do Augusta
Other banks

7,253
15,583
6,541
826

14
40
86
50

30,204 90
Mobile.
Branch bank State of Alabama
New Orleans.
Union bank, Miss, for Miss, state warrants
Bank Tennessee, Trenton
Other banks, in amounts less than $1000

5,002 13
55,839 20
4,060 08
1,025 27

60,924 55
Pittsburg.
Exchange bank
Monongahela bank, Brownsville



26,977 03
3,461 06

CO

Farmers and Drovers bank, Waynewburg
Merchants bank, Baltimore
Lancaster (Ohio) bank
Commercial bank, Cincinnati
Northern bank of Kentucky, Louisville
Merchants bank, New Orleans
Other banks, amts less than $1000

1,287 61
8,402 89
13,000 00
4,426 60
1,139 31
2,184 53
2,770 90
63,649 93

N e w Brighton.
Commercial bank, Cincinnati
Other banks, amts less than $500

2,986 03
1,335 64
4,321 67

Brie.
Harrisburg bank
Lumbermens 7 bank
Commercial bank, Lake Erie

1,736 IG
12,512 42
7G 94
14,325 52
711,126 98
8,714,800 23

Notes of State Banks
on hand at Bank United 8tatea 3
Agency New York,
New Orleans,
Other Offices and Agencies,
Washington,
Georgia,
Louisville,
Natchez,
Pittsburg,
New Brighton,
Erie,
Cincinnati,

3,366,664 16

237,912 38
469,528 37
237,805 90
21,238
24,291
3,215
58,025
10,454
12,706
71,825
1,099

38
00
45
09
22
67
00
47

202,855 28
1,148,101 93
S P E C I E on hand at Bank
United States,
Agency, New York,
New Orleans,




1,394,373 61
330,713 46
335,145 87

87,310

U

Other Offices and Agencies.
Washington,
Georgia,
Pittsburg:,
Next Brighton,
Erie,

25,285 77
25,628 37
26,239 96
9,722 60
24,613 33
111,490 03
2,171,722 97

Resulting Balance, being items of
account outstanding between the
Hank, tho Oiliccs, & Agencies,

697,428 99
69,531,742 46
17,751,946 72

Liabilities of the Bank of the United States. Dec.2\,
Circulation.
J,ate Hank,
Present Wank,
Poet Notes,
Dividends Unclaimed,
Loans in Europe
Due in 1841,
"
" 1?J42,
« " 1845,
"
« 1847,

547,856 90
8,788,144 00
9,336,000 00
1,887,658 09
11,223,658 99
31,386 80
3,773,947 79
3,912,465 28
4,000,000 00
888,888 90
12,575,301 97

Bonds in Europe.
Due in 1842,
"
« 1843,
Bond to the United States,
Guarantee of Planters' Bank Bonds.
in 1841,
"
" 1842,



253,333 33
248,888 89

502,222 22
633,643 89

238,000 00
312,000 00
5 5 0 , 0 0 0 OO

1840.

Guarantee to Slate of Michigan.
Due in 1841,
-*' « 1842,
** " 1843,

856,875 00
901,875 00
186,000 00
1,944,750 00

Dae to State Banks.
To Cilv Banks,
To Distant Banks,

3,453,300 77
2,8b0,920 55
6,334,221 32

Due to Depositors,
At Bank United States,
" Agency New York,
« «
New Orleans,
" Other Offices and Agencies.
Boston,
Washington,
Georgia,
Mobile,
Natchez,
Louisville,
Pittsburg,
New Brighton,
Erie,
Cincinnati,

1,530,080 19
332,936 50
1,125,608 96
182
25,226
10,099
20,478
5,614
1,179
74,878
18,181
13,208
673

20
67
27
72
70
66
44
12
36
71

w

•*

175,722 85
3,164,354 50
36,959,539 63

Tbe Committee again repeat in reference to the estimated value of the Assets, that their character is such as to render it imprac­
ticable to make a satisfactory valuation. They have done the best they could with the only attainable information, but the re­
sult does not commend itself to their entire confidence. Very much will depend upon the fnture course of the Bank, and upon
contingencies which may greatly change the value of the Assets.




B. Recapitulation of General Statement of the Bank of the United States, February 1st, 1830.
Bills discounted on personal security,
Other Security,
Bank Stock,
Domestic Bills of Exchange,

21,518,874
15,038,136
3,783,708
19,850,759

Foreign Bills of Exchange,
Real Estate,
Due from Bank United States and Offices,
State Banks,
The United States,
Baring, Bro. & Co., Hope & Co., Hottinguer U Co.,
Deficiencies,
Banking Houses,
Expenses,
Notes of Bank United States and Offices,
State Banks,
Specie,
Mortgages,
Navy Agent, Norfolk,

02
35
35
97

60,191,478
202,647
1,486,158
28,940,199
4,611,04(7
5,267
343,652
123,104
967,404
94,089
12,882,254
2,319,871
7,650,589

(Capital Stock,
Issues of Bank Notes,
Discount, Exchange and Interest,
Dividends Unclaimed,
49|Profit and Loss,
95 Contingent Fund,
25|
Less Losses Chargeable,

35,000,000
37,246,920
423,875
533,345
3,765,399

00
16
15
93
54

1,436,561
31,562,814
Due to Bank United States & Offices,
State Banks
3,031,787
Foreign Exchange acct
847,871
Redemption Public Debt,
124,486
Fund for extinguishing cost of Banking Houses
1,104,253
DEPOSITS.
[On account Treasurer of the United States, 204,299 37
Less Special Deposits,
184,687 60

65
71
94
03
65
09

40,144
119,922,532 10)

Public Officers,
Individuals,

(Contii
itingent Interest,

5,943,308 02
4,506,746 37,

19,611 77
448,010 26
3,936,770 08

4,404,392 11
440354 14

Bank of the United States, February 1st, 1836.
119,922^32 10
The above account is a transcript from the General Statement of the Bank, furnished to the Committee by the Clerk, having
charge of that department.




09
OB

C. Recapitulation of General Statement of the Bank of the United States, April 1st, 1839.
Bills discounted on Personal Security,
Other Security,
Bank Stock,
Domestic Bills of Exchange,
Bills Receivable for Post Notes,

12,990,600
18,814,500
295,890
7,446,553
306,459

Loan to Commonwealth,
Stock Accounts,
Bonds and Mortgages,
Due by the United States,
Bank United States and Branches,
State Banks,
>'
State Bank Agencies,
Real Estate,
Banking Houses,
Deficiencies,
Expenses,
Miles King, late Navy Agent, Norfolk,
Notes of Bank United States and Branches,
State Banks,
Specie,

Capital Stock,
■
Issues of Bank United States and Branches,
Post Notes,
Late Bank United States and Branches,
Discount, Exchange and Interest,
Dividends unclaimed,
Profit and loss,
Foreign Exchange account,
,
Contingent Fund,
6,000,000
Less losses chargeable, 4,864.276 30

46
44
64
67

38,854,004
671,000
17,687,705
313,627
5,267
14,300,452
6662,426
6,875,196
982,046
422,761
83,188
110,429
40,144
3,437,652
2,085,657
3,069,580

35,000,000
11,264,009
6,060;879
3,;i83,416
404,400
83,860
2,944,707
896,823

62
83
54
55
99
92

1,135,723 70
[Contingent Interest,
57,739 99
1,986,589 04
Bond to the United States,
Agency, London, &c.
Agency, London, Hottinguer & Co., &c. 4,793,945 88
Loan in Europe,
1,800,083 34
Interest on Loan in Europe,
96,906 24
Bonds in Europe,
6,462,030 20
Less Foreign Bills of Exchange,

13,152,965 66
347,040 97

Doe to Bank of the United States and Agencies,
State Banks,
State Bank Agencies,
Depositors,
Treasurer of the United States,

12,805,924
12,298,335
3,674,693
130,448
4,225,221
248,374

69
43
19
76
38
50

$96,601,140 13

$96,601,140 13
Sank of the United States, April 1, 1839.

This account is a transcript from the General Statement of the Bank, furnished to the Committee by the Clerk having charge of that
department.



D

Recapitulation of General Statement of the Bank of the United States, March 1st, 1841.

14,404,940 02
3,071,140 52
2,638,758
. 20,114,839
10,608,005
Stock accounts,
3,106,871
Stocks on hand in London,
2,448,148
in hands of R. Alsop and J. A. Brown,
as security for Loans,
14,450,906
Due by State of Mississippi,
124,222
Interest on Michigan State Stock,
109,595
Real Estate,
3,302,110
Banking Houses,
613,751
Bonds and Mortgages,
695,957
517,845
Agency, London and Paris and Amsterdam Bankers,
Foreign Bills of Exchange,
400,000
Pennsylvania 6 per cents,
300,000
Loan to Commonwealth,
271,000
9
Planters Bank, Mississippi bonds,
312,000
Bonus,
2,500,000
8,729
Contingent Exchange,
Interest on post notes to city banks,
334,708
on loans in Europe,
100,312
Deficiencies,
22,003
Losses chargeable to contingent fund,
1,406,088
Expenses,
92,738
Due by State Banks,
7,912,230
11,851,942
Bank United States and branches,
Notes of State Banks,
972,909
8,063,605
Bank United States and branches,
862,095
Specie,
Bill discounted on personal security,
other security,
Domestic Bills of Exchange,

iCapital stock,
[Issues of bank and branches,
I
Post Notes,
!
40
Post Notes to city banks,
991Dividends unclaimed,
37[Discounts exchange and interest,
lojProiit and loss,
16,Contingent fund,
22JLoans in Europe,
90;Bonds in Europe,
67: Bond to the United States,
OSJMorrison & Sons, Brown, S. dc Co* Denison & Co.
971 Foreign exchange account,
12 [Interest on stocks in Europe,
00,Contingent interest,
00(Interest on stocks pledged for loans,
OOjGuarantee to State of Michigan,
00|
of Planters' Bank Bonds,
00 .Due to Bank United States and branches,
State Banks,
Depositors,

$91,502,620 19|

#35,000,000 00
11,933,112 90
963,600 02
5,151,668 35
30,972 80
144,089 38
2,076,269 76
838,507 69
12,615,779 19
602,222 22
104,317 79
3,768,109 32
223,226 30
62,287 32
357,880 52
159,360 00
1,734,750 00
312,000 00
11,556,002 73
1,868,084 69
2,210,379 61

$91,502,620 19

This account is a transcript from the General Statement of the Bank, furnished to the Committee by the Clerk in charge
of that department.
Bank of the United States, March 1st, 1841.



AMM^£S
^ ^

and

Liabilities

of The Bank of the United States, March 3 , 1836, April 1, 1839,
March 1, 1841.
March 3, 1S36| April 1, 183M.jMarch 1,1841

fcill« D i s c o u n t e d on Personal Security,
uis v "
( ) t h e r security,
Bank Stock,
r
'om«>Btic B i l l s of Exchange,
k i l E R e c e i v a b l e for Post Notes,

20,1 IS,033
17.385.705
3.060,659
17.750.706

1? 12.990,600 46 14,404,940 02
73 18,814,500 44 3,071,140 52
12
295.890
53 7,446,553 6*1 2,638,758 86
306,459 67

58,345,107 55 39,S54,004 21 20,114,839
^ o r c i ^ n B i l l s of Exchange,
400,000
17,687,705 42!10,841,824
^ tor k ' a c c o u n t s,
K
3,106,871
t o e k s o n h a n d at Agency in London,
i n h a n d s of 11. Alsop and John A. Brown,
2,448,148
S p e c i a l Agents,
14,450,906
a s S e c u r i t y for Loans,
300,000
W n n s v l v a n i a 6 per cents,
671,000
271,000
Special L o a n to Commonwealth,
1,452,492 S^i, 982,046
3,302,110
Heal . E s t a t e ,
SSI,594 69| 422.761
613,751
**anking H o u s e s ,
56,037 6
313,627
695,957
C d a a V i d Mortgages
517,845
*j, l a n c e s w i t h Foreign Bankers,
5,267
32|
5,267
hue b v t h e United States,
40,144 17
40,144
M i l e s King, late Navy Agent, Norfolk,
4,376,267 38 6,662,426
7,912,230
S t a t e Banks,
2,350,591 6r)\ 2,085,657
972,909
Notes o f S t a t e Banks,
6,224,197 91 3,069,580
862,095
i n t e r s ' B a n k Bonds,
312,000
2,500,000
Resulting Balance, being items in ace. outstanding
3,047,345 19
295,940

40
11
37
15
16
67
03
97
12
74
50
37
10

'3,847,200 59 74,841,566 41 69,918,429 69
liabilities.
Circulation,
p o s t Notes,
Post Notes to City Banks,

20,114,227 o6\ 6,680,144 83 3,869,507 90
4,S90,979 62 953,600 02
5,151,668 35

20,114,227 56 11,571,124 45j 9,974,776
250,453 93
S3,860 55
d i v i d e n d s Unclaimed,
30,972
371,777 40
harintc B r o ' s St Co., Hope & Co., Hottinguer & Co.
balance F o r e i g n ace's, Agency London, & c ,
12,S05,924 69|
•r M o r r i s o n ' s & Son's account,
3,768,109
foreign E x c h a n g e account,
S96,823 92] 223,226
12,515,779
Loans i n Kurope,
502,222
h*n<l» i n Kurope,
1,986,589 04
104,317
W i d to t h e United States,
1,734,750
'guarantee
to
State
ot
Michigan.
Uara
312,000
o f Planters' Bank Bonds,
3,412,417 21 3,674,993 19 1,868,084
r>ue to S t a t e Banks,
120,312 62|
J ' H c a i p t i o n Public Debt,
3,710,6S4 69 4,473,595 88 2,210,379
W to Depositors,
Resulting Balance, being items in ace. outstanding 2,652,9S6 93

27
80
32
30
19
22
79
69
61

30,632,860 34|35,492,611 72|33,244,618 19
*n estimating

the actual condition oj'the Bank on April 1, 1839, the following
and Liabilities should be taken.
Assets.

p e r Btatem°nt as above,
^ho I t e m of Agency, London, & c , as above,
*» r o m o o s e d of the following Liabilities:
*
Agency, London, Cr. 6,964,495 76
^ Loans in Europe,
1,986,989 58
Bonds in Europe,
6,462,030 20
Making an Increased Liability,
balanced by the following Assets:
Stock Ucmittaao.es,
Foreign Bills of Exchange,

12,805,924 69

items of Assets
Liabilities.

74,S41,566 41 35,492,611 72

15,323,515 54
2,517,590 85
2,517,590 85

2,170,549 88
347,040 97
2,517,590 86

of the Bank, but the advances not all made.
Assets. Bonds of Planters' Bank,
Mississippi 5 per cents,
Michigan 6 per cents and Interest,
Illinois 6 per cents,

656,000
2,000,000
3,145,687 50
500,000

Liabilities. Guarantee of Bonds of Planters* Bank,
656,000
Guarantee to State of Michigan,
3,145,687 50
Obligation to State of Mississippi,
2,000,000
Do,
"
Illinois,
500,000




Total April 1, 1839,

6,301,687 50

6,301,687 50
183,660,844 80| 44,311,890 17

F. Recapitulation of General Statement of the Bank of the United Slates, its Offices and Jlgencies>
Jipril 1st, 1841.
Bills discounted on personal security,
Other security,
Domestic Bills of Exchange,
Stock accounts,
Stocks in hands of R. Alsop and J. A. Brown, So. Agts.
44
on hand at Agency in London,
*
44
deposited as security for Loans,
Territory of Florida,
Due by State of Mississippi,
Interest on Michigan State Stocks,
Pennsylvania 6 per cents.
Special Loan to Commonwealth,
Agency, London, and Paris, and Amsterdam Bankers,
Foreign Bills of Exchange,
Contingent Exchange,
Contingent Interest,
Interest on Post Notes to City Banks,
Interest on Loans in Europe,
Planters' Bank Bonds,
Bonng,
Deficiencies,
Losses chargeable to Contingent Fund,
Expenses,
Due by Bank United States and Branches,
State Banks,
Notes of Bank United States and Branches,
State Banks,
Specie,
Real Estate,
Banking Houses,
Bonds and Mortgages,

14,313,391
2,585 875
2,449,812
10,606,852
2,401,481
3,106,871
14,450,906
30,000
166,792
109,595
300,000
271,000
293,199
400,t 00
18,151
55,964
332 069
97,^56
312,000
2,500,000
22,444
1,420,998
119,840
11,680/294
7,827,720
4,129,780
683,487
756,454
3,273,222
613,553
613,958

Capital Stock,
Issues of Bank United States and Brandies,
13|
Post Notes,
08 Dividends unclaimed,
48 Discounts, Exchange and Interest,
37 Profit and Loss,
16|Contingent Fund,
Contingent Interest,
22| Bonds in Europe,
90| Loans in Europe.
Bonds to the United
?r.;*o,i States,
«>of*«
Morrison & Sons, Brown, Shipley & Co., and Denison
82|
& Co.
.Foreign Exchange,
49 Interest on Stocks, security for Loans,
83 Guarantee of Planters' Bank Bonds,
94
to State of Michigan,
16| Interest on Stocks in Europe.
Due to State Banks,
Bank United States and Branches,
69j
Depositors,
16|
34
271
63

35,000,000
7,402,256
5,858,613
30,216
215.160
2,077,128
838,507
420,961
502,222
12,504,069
86,404
3,767,878
45 952
182,858
312,000
1,734,750
61,187
1,849,846
11,591,321
1,462,239

90
28
80
87
10
69
58
22
47
79
21
74
81
22
70
19
53

48
76
63
24
601

85,943,576 10|
&5,943,576 10
This account is a transcript from the General Statement of the Bank, furnished to the Committee by the Clerk having charge of that
department.



t9

G. Morris Canal and Banking Company, Special Account.
1838, July 11. By bills on France fcs. 250,000,
1838, July 11. For 2500 shares Bank United
States stock sold 28th April, 1838, a ®125 per
a 5,17*
48,309
share, at 4, 5, and 6 mos. credit, and privi­
21. «
"
do.
48,309
lege of returning same amount of shares at
28. "
«
do.
48,309
Si20 per share, within the 6 mos.
312,500
30. " post notes, viz.
July 28, 81 ds.
58,038 15
1838, July 30. For balance of interest account, 8,254 06
" 131 «
5S95S6 98
1839, Sept. 28. " post notes issued to Mor. C.
« 190 «
59,201 39
and B. Co. viz. Aug. 2, a 6 mos. 2884 a 2918, 175,000
« 30, «
4447 a 4468, 110,000
175,826
Security to be arranged in N.
1839, Oct. 19. By post notes returned—part of
®100,000,
90,000
York in N. Amer. Trust &
1839, Oct. 19. By nett proceeds of $ 10,000 post
B. Co. certificates.
notes; their account,
8,500
1839, Oct. 8. For post notes, Sept. 28, 1839,
1840, Jan. 7. By certificate deposit N. Amer.
Nos. 5411 a 5430, at 8,10, and 12 mos.
100,000
Trust and B. Co., paid 1st inst. in New York;
1839, Oct. 9. For advanced by Bank U. S. in
part of §363,000 received from E. R. Biddle,
N. York to Morris Canal and Banking Co. on
President,
100,000
their notes payable.on demand with int. viz.
1840, April 9. By obligations of the N. Amer.
S75,000 dated 1st July, secured by £225,000
Trust and B. Co., received from Morris Ca­
Indiana.
nal and B. Co.
5510,000 dated 25th July, secured by 815,000
1st April, 1840,
100,000
Indiana 5 per cents.
1st July,
«
100,000
The sterling bonds sent to London—the $ in N.
1st Oct.,
«
63,000
York,
85,000
263,000
1839, Oct. 19. For balance of account to Dr. of
1840, July 17. By par value of £13,950 stg.
Morris Canal and Banking Co. at Bank U. S.
m New York, transferred to this bank,
89,027 31 bonds of Indiana, sent to London, viz., 62
bonds of £225, or 81000 each, taken in set­
1840, July 17. For coupons of interest on In­
diana, 5s S. ft. No. 4,
28,000 00 tlement from Morris Canal and B. Co., as ar­



IS
18
18

52

ea

Morris Canal and Banking Company, Special Account*
1840, July 17. For coupons ofinterest 5 p.c.Inranged on E. R. Biddle's proposition, submit­
diana, Wabash, atid Erie, No. 5,
29,325
ted to Exchange Committee, 24th Dec. last,
1840, July 30. For short delivery on contract
1840, July 17. By par value of £ 10,800 stg.
of 83,000,000, to bear interest from July
bonds of Indiana, 48 bonds of £225, or $1000
1st, 1839,
185 27| each, redeemable in 1859, (sent to London,)
taken in settlement from Morris Canal and B.
1840, July 30. For premium on $ 185,27 at 5
percent.
9 26 Co./as arranged on E. R. Biddle's proposisition before Ex. Committee, 24th Dec,
1840, Nov. 11. For inteiest on $152,185,29 Mi­
chigan stock, from Jan. 1st 1839, to July 1st,
1840 July 17. By certificate of N. Amer.
1839; part of $3,000,000 not delivered in time, 4,565 56 Trust and B co., received from E. R. Biddle
in arrangement December 24th last, as per
1840, Nov. 11. Interest on $1,040,185,29 Mi­
statement before Exchange Committee that
chigan stock from July 1st 1838, to Jan. 1st,
day,
1839, received without the January Cou­
pons,
31,205 56
1840, July 30. By Value on 1st July 1839 of
Less received interests on $64,000 1,920
29,285 56 the difference of $24,747,21,
1840, Nov. 11. For 278 Coupons irregular In­
1840, Nov. 11. By coupons of Little Schuylkill
diana bonds, received in letter, S. Jaudon,
coal and Nav. co., bonds taken from said
30th June, 1840,
$25 each,
6,950
company,
1840, Nov. 11. For interest on account with
Due 1 Feb., 1840, 3,000
Morris Canal and B. Co., special account to
" 1 Aug.
" 3,000
2nd inst. as per copy in accountant general's
To be passed by agreement to this acc't to meet
account book,
16,853 86 interest due by Morris canal and Banking
Co., Special acc't.
Balance,
994,955 88




Balance,

62,000

48,000

4t

60,00V
20,452 24

6,000

16,249 5S
944,955 88

hn Andrews.
Loans in Bills Receivable.
1835, itfay 20, T o loan of this date,
104,000
1831 July SiWJi^y cash for 300 shs. B.lj.S. stock, 834,500
1S37, July 1, " additional loans to this date on
Aug. 5,
cash
1,875
his own acc't and his propor­
1838. March 19,
1*3
of
Danville
and
tion of loans to S. Jaudon, J.
P . 5's,
70,000
Cowperthwait 4* J. .Andrews, 261,469 71
" Un. Can. loan, 10,000
O c t 31, " Cash,
1,875
" 3,590 shs. Phil. &
Dec. 2 1 , » do.
4,000
R. R. Road $50, 179,500
,?
22,
do. for instalments paid on va­
80,500
rious stocks from July 1, 1837, 11,401 25
20, " " 100 shs. West Feliciana
1838, Jan. 2, " do. instalments of 50 shares
R. Road & Banking Co.
Ex. Bank Pittsburg,
500
#10,000,
3,333 33
" do. for cert, loan Camden and
"
20, " " 200 shs. N. Orleans Gas,
Woodbury R. lload,
2,000
a -830,
0,000
13, " do. instalment on 100 shares
July 1, " " 3 shs. Phil, and Trent.,
Phil. Wilm. £ Bait. R. R.
2,000
Camden and Ainb., and
21, n do. instalment on Dauphin and
Phil. Wil. and B. R. R.,
100 07
Susq. Coal Co.
933 33
Sept. 4, " 300shs. B.U.S. stock taken
Feb, 9, " do. 100 shares Grand Gulf
by the Bank at §125 p .
R. R. and B. Co.
1,510
share, as of Aug. 22 la^t, 37,500 00
3/arch 2, » Cash,
1,060
Oct. 4, 13, " Proceeds sales of 100 shares
do. for instalment Dauphin
Lehigh Coal and Naw Co.
9,230 85
and Susq. Coal Co.
1,5H 87
Nov. 7, " C. Macalester's note,
6,500
0. " do. instalment in 100 shares
do.
do.
0,500
Phil. Wil. * Bait. R. Road,
2,000
1839. Feb. 28,
" Proceeds of sales of 147 shs.
14, " do. instalment Dauphin and
^Phil. Wil. and Bait. II. Road, 8,199 70
Susq. Coal Co.
230
March 20,
" Various stocks,—
30, » do. 2-9ths of $9,384 67,
2,085
N. O. C a n a l * Bank.Co. 400 100 40,000
" Cash,
5,540
. Do.
do.
2-9,
350 100 7,777 78
Exch. Z?ank Pittsburg,
50 50 2,500



Or

June 11,

99
n

July 19,

"

-Aug. 27,
Oct. 16,

99

"

Dec. 5, 13, 27, "
1839. Afar. 26, 99
»

do.for300 shares B.U.S. stock
Grand Gu!f R. Road and
at SI 15,
34,500
banking Co.
200 100 20,000
Cash,
12,700
W. Feliciana R. Road and
do. Camden and W. Loan,
banking Co.
100 100 10,000
81100 at 80,
880
Plant. j?ank Mississippi, 99 100 9,900
do.
do.
1000 80
800
Phil. Wil. <S- Bait R. R. 388 55 21,340
do. Camden and W. Loan,
[Camden and .Amboy,
127 126 16,002
3,920
$4,900 a 80,
Phil. 4* Trenton R. Road, 21 116 2,436
do. Dauphin fy Sq. Coal Co. 1,450 02j[Com. and R. Road 2?ank,
do. various items ia the
150 100 15,000
Vicksburg,
6,373 63
"Cash,"
Do.
do.
2-9
52 100 1,155 55
299 21 [Schuylkill Nav. Co.
Cash,
200 135 27,000
Lehigh Coal $ Nav. Co. 200 90 18,000
|N. York, Boston and I1L
3 1000 3,000
Land Co.
Bridgewater Copper Mi­
300 43 12,900
ning Company,
B. Eagle fr Spring Creek
Nav. Company,
100 50 5,000
N. Castle Man. Co.
100 30 3,000
[Camden and W. R. Road
17,000
Loan,
Do.
Shares, 100 50 5,0oo
Norwich and Wor. R. R. 125 50 6,250
Dauphin # Susquehanna
14,592
Coal Co. Intst.
[Ellsworth Land 4* Lum­
ber Company,
10 500 5,000




8463,104 88J

0i

262,853 33

463,104 88

1835, Sept. 21,

Joseph Cowperthwait. Loans in Bills Receivable and Post Notes.
By cash,
1838, Feb. 21,

To
" loan,

Nov. 3,
}*

24,

1S37, Sept,
1S3S, Jan. 2,
13,
24,
Feb. 9,

March, G,
June 25,
1859, Nov. 27,



»>

84,500
10,000
5,000
12,500

00
00|
00
00|

March 1,

3,000 oo;

14,
17,
19,

Paid on account of J. Cow­
perthwait various instal­
ments on stocks in his col­
laterals to January 1,1838, 11,401 25
" note ante-dated Sept. 21,
1835,
210,382 50|
" Camden and Woodbury
loan,
2,000 00|
Paid instalments on Philadel
phia, Wilmington and Bal­
timore Rail Road,
2,000 OOj
" instalments on Dauphin
and Susquehanna Coal Co.
933 33
" instalment and interest
on 100 shares of Grand
Gulf Rail Road and Bank
Company,
1,510 00
r
instalment on Philadel­
1839,
phia, Wilmington and Bal­
timore Rail Road,
2,000 00(
To this amount of post notes 239,000 OOj
26,354 83

33,287 08
10,680 00
22,4G4
16,85G
2,000
55,000
25.000
0,000

o

c,

00
00
00
00
00
00

By one-third of the following
stocks:
Danville and Pottsville 5?s,
70,000
Union Canal loan,
10,000
3590 shares Philada.
and R. Rail Road, 179,500

*4

80,500 00

24,
2(5,
27,

Oct. 1,
Nov. 8,
Dec. 14,
March 11,

52,500 00
By ca*h,
" 33 1-3 shares West Feli­
ciana Rail Road and Bank­
3.333 34
ing Company,
31,GOO GO
" cash,
3?

(as of 13th inst.)

14,000
10.000
20,000
12,000

00
00
00
00

By Planters' Bank, Mississippi
25,000 00
Bonds,
345 13
By cash,

1840, March 30,

16,
25,
April 17,
1840 , March 30,
April 16,
715,641 91
Aug. 5,

" note dated Nov. 27, 1839,
at 4 months,
30,000 00|
» Note payable on demand, 75,000 00

1841, Feb. 1,

T o balance,
Securities.
Heaver Meadow loan,
Morlgsige in A in boy, New Jersey,
(■round rents,
Mortgage,




99

" Walker's note,
° cash,
99

654
154,000
3,000
56,534
2,040

87
00
00
83
00

" interest on Beaver Mea­
dow loan,
£30 00
55,081 05
" interest on Camden and
Sept. 4,
Amboy bonds,
539 37
1810 Sept. 24, 2 , " sales of #17,1)70 Camden
and Amboy bonds,
10,(578 68
11,000 OOl 1811 Feb. i
" interest on Beaver Mea­
15,000 0(i|
dow loan,
330 00
23,41 (» r>7
Balance,
55,081 05
3,000 00|
715,011 91

4^
00

Sonnte/ Javdov.

Loms in BUh Receivable.

4,000
lSo7,Oct 7. X5J Ulbh,
July i, 1837. For note payable on demand,
"
19.
do
5,000
previous loans of 1835 and 6, included,
408,389 26|
20,000
July 37 to Jan. 38. For instalments on various
Dec 22. do
5,000
stocks,
6,580
1838, Jan 30. do
4,500
Jan, 3* to July 38.
do.
do.
do.
12,274 26i
Feb 17 do
16,000
1838, Jan. 1. For cash paid one half of Jaudon
March 6 do
& Humphrey's joint loan,
17,600
March 19 one third of the following stocks,
Oct. 29. For Cash,
3,900
Danville and Pottsville 5s,
70,000
u
For H. S. Jau don's note (due April
Union Canal Loan,
10,000
30,1838,)
3,500
Philadelphia and Reading rail
Dec. 13. For Cash for Beaver Meadow loan,
8,500
road, 3590 shares at gf>0, 179,500—86,500
"
For Cash on account Dauphin and
March 26. By one third of 100 shares
West Feliciana rail road and banking
Sua'q,
2,690 92|
Companv,
*1839,Jan.l. For Loan,
18/7S3 72
3,333 33
July 1, iyCash,
J une, 3. For Cash,
16,000
106 66
do
♦< 29.
do
6,170 04
24,000
13.
do
Aug. 23. do
1,000
24,333 33
Nov 19.
do
Nov. 18. For interest on S. It. Marshall's Loan, 1,680 46
8,000
Dec 14.
1839, Feb 2.
do
Jan 20. For Cash,
3,000
2,000
do
2,000
23.
510,068 66
4,000
March 15. do
do
22,000
May 1.
do
8,000
1840, Dec 12. To balance,
117,500
July 1
SECURITIES.
July 6 a 27. By proceeds sales Schuyl­
64 shares Philadelphia and Trenton rail road
27,680 64
kill Navigation Company,
6,400
a $100,
Aug 27. By proceeds sales Camden and
5,000
50 shares Pcnn'a and Ohio Canal Company,
Amboy,
6,447 84
32,800
328 shares N. O. Canal and Banking Company,
Aug 6. ~£y Cash for Camden and Amboy, 4,000



Samuel Jaudon. I A
50 d<>
do
do
do
5,000
2011 shares Grand Gulf rail road Banking Co.
20,000
100 shares Com'l Bank New Orleans,
10,000
100 shares Feliciana rail road,
10,000
420 shares Phil'a Wilmington and Baltimore
railroad,
21,000
Beaver Meadow rail road loan,
11,000
125 shares do
do
stock,
6,250
2] shares Camden and Amboy rail road,
4,100
40 shares Cumberland Valley rail road,
2,000
40()ComH hank Cincinnati,
90,000




in Bills Receivable*
15
16
28
29

E
do

do
do
do
Octal
do
Nov 4
27
do
Jan 20. By Cash,
27
do
Feb 7
do
Oct 28
do
28
do
Nov 4
do
0
do
20
do
30
do
Dec 12
do
Jh dance,

do
do
do

do

1,539
1,975
438
436
13,333
43,022
13,333
3,000
2,500
4,000
5,400
17,587
600
400
1,500
5,100
1,500
1 1 7,500

14
05
90
90
33
22
33

99

510,068 6(5

5i
Nicliolas Biddle.
January 30, 1S40. His note due February 2,
1842, with interest, being for 700 shares of
Reading Rail Road Stock, purchased of the
Bank by his Agent, January 3, 1839,
831,500 00
Jan. 3, 1841. Hfs note due Jan. 6, 1842,with
interest—originally a debt to the Bank, guar­
anteed by Mr. N. Biddle, and now assumed
by him,
100,000 00
Balance of loans from "Bills Receivable," 29,500 00
Securities.

8161,000 00

700 Shares Philadelphia and Reading Rail Road Co.
4000 Shares New Castle and Frenchtown Transporta­
tion and Reading Rail Road Co.
Deed to Mr. N. Biddle for Lands in Dauphin county, but
not conveyed to the Bank—consideration,
830,000 00




(Suspended Debt.)
(April 3,1839. By payment on acct. $32,000 Note 4,200 00
January 1,1836. For Note of Joseph Cowperth13,390 68
do
do
May 21
wait and othors, in favor of Bank U. States,
223 63
do
do
fJuno 20
dated, Philad. June 1, 1830, payable on de­
775 00
do
do
Doc. 23
mand, with interest,
832,000 0d
98,993 94
Balance,
Oct. 20, 1837, Note signed by F. li. Penle, Socretary, P. T., with the Seal of the Co. dat­
17,583 25
ed Oct. 20, 1837, for #100,000, payable on
demand, on which the Hank advancod in
Cash, Oct. 20, 18.37,
30,000 ON
Dec. 20,1839. Sundry Loans heretofore stand­
ing as overdrafts paid by J. Cowpertfiwait,
while Treasurer of Company.
35,583 25
Philadelphia

Musewn,

Jan. 1, 18-10. To Balance (Int'Ht paid to date,)
Security,
1000 Shares Company's Stock.
for the balance of the #33,000.




117,583 25|
98,993 94

Good personal security]

2£

53
Little Schuylkill and Susquehanna Rail Road Co.
Sundry Loans amounting to
§348,460 00
The Bank also holds of the stock of this Com­
pany 3S46 shares a 050
192,300 00
540,760 00
Port Sheldon Land

Company.

Sundry Loans to this Company, among whom
are John Andrews and Joseph Cowperthwait, amounting to
101,541 57
Security.
800 shares of the Co's stock and mortgage of the Co's
property, at Port Sheldon, Michigan.
Cheyney Hickman, a Director of the Bank, re­
ceived at various times, loans, amounting to 166,442 36
And overdrafts
25,800 66
192,243 02
Collateral

Security.

Deed to P. D. & Co. Bank U. States for store
in Front street
Goods held by J. Cabot, Jan. 8, 1841
35 shares Washington Ins. Co. purchased
Sundry Notes




8,005 20
525 00
8,176 38
(816,706 5S

54
&. Detailed Account of Stock.
Of the Stocks and Loans on hand on the 21st day of D e c e m b e r ,
1840, amounting to gll.03S.700 11 cents at their par value, a s per
report submitted to the Stockholders at their meeting held o n the
fourth day of January 1S41;
The following descriptions were received from individuals i n set­
tlement of debts due by them to the Bank in a large majority o f in­
stances at their par value: viz.
30 Shares of West Philadelphia
Rail-road Stock.
134 Shares of Union Canal Company
do
■6503 Shares of Little Sch. Nav. Rail-road and Coal Co.
do
12983 Shares of Morris Canal and Banking Co.
do
95 Shares of Miners Bank at Pottsville
do
1142 Shares of Commercial Bank at Natchez
do
492 Shares of West Feliciana Rail Road
do
3368 Shares of Com. and Rail Road Bank, at Vicksburg
do
1453 Shares of Grand Gulf Rail Road and Banking Co.
do
1008 Shares of New Orleans Canal and Banking Co.
do
2188 Shares of Exchange and Banking Co. New Orleans
do
870 Shares of Farmers' and Merchants Bank, at Memphis
do
787 Shares of Union Bank of Tennessee
do
191 Shares of Chesapeake and Delaware Canal Stock
do
100 Shares of Canton Company
do
193 Shares of Petersburg Rail Road Co.
do
2000 Shares of Brunswick Land Company
do
560 Shares of Illinois Land Company
do
400 Shares of Bald Eagle and Spring Creek Canal Co.
do
20 Shares of Cumberland Valley Rail Road Co.
do
300 Shares of New Castle Manufacturing Company
do
20 Shares of Franklin Rail Road Company
do
30 Shares of Mount Carbon Rail Road Company
do
9961 Shares of Philadelphia and Reading Rail Road Co.
do
540 Shares of Pennsylvania and Ohio Canal Co.
do
i 100 Shares of Sandy and Beaver Canal Co.
do
200 Shares of Richmond and Petersburg Rail Road Co.
do
500 Shares of Brunswick Canal and Rail Road company
do
620 Shares of New Orleans Gas and Banking company
do
178 Shares of Planters Bank of Mississippi
do
10 Shares of Ellsworth Land and Lumber company
do
100 Shares of Camden and Woodbury Rail Road company
do
300 Shares of Bridgewater copper mining company
do
50 Shares of Port Sheldon Land company
do
330 Shares of Planters and Merchants Bank, at Mobile
do
213 Shares of Bank of Port Gibson
do
61 Shares of Commercial Bank, Manchester
do
25 Shares of Erie Salt company
do
40 Shares of Commercial Bank, Rodney
do




55
111
3lO
S3
150
go
15

Shares of Bank of Darien
Shares of American Life and Trust company
Shares of Farmers Loan and Trust company
Shares of Buffalo and Niagara Rail Road company
Shares of Commercial Bank of Cincinnati
Shares of Danville and Pottsville Rail Road company

da
do
do
do
do
do

5 0 2 3 4 Shares, Stocks as above at par value
3,920,677 06
D a n v i l l e and Potts. Rail Road Co. five per cent Loan
116,333 33
S a n d y and Beaver Canal company's Loan
213,065
Little Schuylkill Navigation Rail Road and Coal Co.
442,090
T e x a s Treasury Notes
119,577 93
T e x a s Loan
17,437 50
U n i o n Canal company Loan
96,073
Chesapeake and Delaware Canal company's Loan
61,773 30
C a m d e n and Woodbury Rail Road company's Loan
17,000
City o f Mobile Bonds
64,000
R a l e i g h and Gaston Rail Road Bond
20,000
D e l a w a r e Coal company Bond
61,000
N e w Orleans and Nashville Rail Road company Bond
5,000
Total amount recived in payment of debts from in­
dividuals

85,154,027 12

Bank Subscriptions to Loans and Stocks, including those em­
braced in the Charter.
3 8 4 6 Shares Little Schuylkill and Susqnehannah Rail Road Stock.
2 0 0 0 Shares Cumberland Valley Rail Road company
do
2 0 0 0 Shares Franklin Rail Road company
do
5 2 0 3 Shares Sunbury and Erie Railroad company
do
2 0 0 0 Shares Wrightsville, York and Gettys'g turnpike road Co. do
3 0 0 Shares Marietta Bridge company
do
4 0 0 Shares Somerset and Cumberland turnpike road co.
do
4 0 0 Shares Warren Bridge company
do
300 Shares Williamsport Bridge company
do
300 Shares Washington and Pittsburg turnpike road co.
do
Charter Subscriptions*
2000
4000
1000
800
600
200
200
600

Shares Cumberland Valley Rail Road company
Shares Williamsport and Elmira Rail Road co.
Shares Monongahela Navigation company
Shares Snow Shoe and Packerville turnpike road co.
Shares Warren and Franklin turnpike road company
Shares Roseberg and Mercer
do
Shares Johnstown and Ligonier
do
Shares Warren and Ridgway
do

26140 Shares.
Par value
Cumberland Valley, Rail Road company Loan




Stock.
do
do
do
do
do
do
do
1,000,830
240,000

56
City of Pittsburg
City of Lancaster
Borough of Harrisburg
Lexington and Ohio Rail Road

do
do
do
Bonds

62,625
25,000
21,000
42,000

Total Bank Subscriptions

1,391,455

There tvas also received in settlement of debt due by
companies,
3444
300
134
13

Shares
Shares
Shares
Shares

Incorporated

Commercial Bank, Natchez
Miners Bank at Pottsville
Commercial Bank at Rodney
Agricultural Bank at Natchez

Stock.
do
do
do

3891 Shares. Stocks at par value
New York, Boston and Providence rail road Loan
Chesapeake and Delaware canal company
do
I Inion canal company
do
Little Schuy'l Navigation and rail road co.
do
Sandy and Beaver canal company
do
Beaver Meadow rail road and coal company do
Total received in payment of debts due from corpo­
rations

372,SOO
501,592
275,920
124,427
109,000
23,946
51,316

76
91
17
74

£1,459,003 58

Stocks and Loans purchased by the Bank.
3525 Shares Morris canal and Banking company
Stock
500 Shares West Feliciana rail road company
do
3«95 Shares Commer'l and rail road Bank, Vicksburg
do
600 Shares Grand Gulf rail road and Banking company
do
1050 Shares New Orleans canal and Banking company
do
1200 Shares Union Bank Tennessee
do
688 Shares Bald Eagle and Spring creek canal company
do
100 Shares PennsyPa and Ohio canal company
do
3000 Shares Hamilton Bank at Baltimore
do
3.()0 Shares Little Schuy'l rail road co. with interest in Lands do
14748 Shares.
Par value.
Sandy and Beaver canal company
Loan
Philadel'a, Wilming'n and Balti'e rail road co. do
Williamsport and Elmira rail road company
Bank of Port Gibson
Bond
Commercial Bank of Manchester
do
Summit Coal company
do
Total amount of Bank purchases




1,271,796 29
300,000
152,500
150,000
3,000
1,000
33,000
gi,91 i32i)6 2(J

57
State Loans.
B o n d s of the State of Illinois, 6 per cent.
D o - of the State of Indiana, 5 per cent,
Coupon's interest on Mississippi State Bonds,
Interest on Michigan State Bonds, to go in part payment of guarantee
t o State of Michigan,

131,000
6,000
124,222 22
119,765 90
380,988 12

Stock of the Bank of the United States.
Purchases made previous to June 13,1837,
3,189 Shares"
of the United States Government,
68,752 *•
Taken from sundry persons in settlement of their debts, 11,014 "
Purchased to Sept. 1,1840,
8,782 «
91,737 "
Deduct, sold at various periods,
67,023 "
Leaving on hand, December 25th, 1840,
24,714 Shares,
Valued in account submitted to the Stockholders,
$2,471,400

RECAPITULATION.
*

Received
on account of Individuals,
u
from Incorporated Companies,
"
Purchases by the Bank,
"
Bank Subscriptions,
"
State Loans,
"
United States Bank Stock,

5,154,027 2
1,459,003 58
1,911,296 29
1,391,455
380,988 12
2,471,400

12,768,170 11
Deduct Stocks and Loan received in payment of debts, and sold
previous to Dec. 21,1840,




1,729,470
11,038,700 11

7

58
I. Statement of Stock Accounts, April 1S39.
Shares.
Amount,
Atlantic Insurance Co.
33
:£60
1*980
Bald Eagle and Spring Creek Nav. Co.
800
3S,829 W
43
Bridge Water Copper Mining Co.
300
12,900
Brunswick Canal and Rail Road Co.
50O
5 0 , 2 2 9 47
500
Brunswick Land Co,
50,000
60
Canton Co.
100
6,000
Camden and Woodbury R. R. Loan,
17,000
50
100
"
"
"
Shares,
5,0Oo
Commercial and R. R. Bank, Vicksburg,
563 5-S)
117,136
balance of 6748 Shares.
100
76,000
760
Bank of Natchez,
Camden and Amboy R. R. balance of 127
102
1 2 , 8 7 8 82
Shares
200
38,200
191
Chesapeake and Delaware Canal,
11
6 1 , 7 7 3 30
*
*l
Loan,
54,000
Cumberland Valley R. R. Loan,
$60,000
1,633 30
County Fiie Insurance Co. balance of 59 Shares5
1 1 0 , 6 6 6 67
Danville and Pottsville 5 p. c. Loan,
14,592
Dauphin and {Susquehanna Coal Co.
100
11 , 5 0 0
115
Delaware and Hudson Canal,
7 , 2 8 7 15
Bank of Darien, Geo.
48
1000
48,000
Exchan|e and Banking Co. New Orleans,
tC
41
IS
10
11*880
1188
500
100
5
*•
Bank of Va.
50
50
2,500
"
♦• of Pittsburgh,
500
10
5,000
Ellsworth Land and Lumber Co.
883
78,400
Feliciana R. R. and Banking Co.
600
60*765
Farmer's and Merchant's Bank, Memphis*
83,395 S*
S26
Grand Gulf R. R. and Banking Co.
4,120
Hamilton Bank
71U00
Hazleton Coal Co.
79,000
18,000
90
200
Lehigh Coal and Navigation Co.
50
4,750
95
Miners Bank of Pottsville
41,760
60
696
Mechanics Bank
1,060,989
Michigan 6 p. c. Loans,
872,475 ***
Morris Canal and Banking Co.
8425 1 -5
w
58.863 4*
Mobile Bonds,
64,000
30,959 7^
1100
N. Orleans Gas Light and Banking Co.
New York, Providence and Boston R. R.
466,107 65
Bonds
1000
54,000
54
New York, Boston and Illinois Land Co..
50
17,600
332
Norwich and Worcester H. R,
191,889 **
1058
New Orleans Canal and Banking Co.
92,387 SO
New Orleans 2nd Municipality Bonds,
5,000
New Orleans and Nashville R* K. Bonds
3,000
NewCastle Manufacturing Co.
Philada. Wilmington and Baltimore R. R.
1,294,000
Bonds
31.545 57
598
2,436
21
" and Trenton R. R.
\ 2,000
*4
Germantown and Xorristown Loan,




59
P h i l a d a and Reading R. R.
Petersburg Rail Road
P l a n t e r s Bank Miasi.
<' Bonds
Pennsylvania and Ohio Canal Co.
Richmond and Petersburg R. R.
Schuylkill Nav. Co.
Sandv and Beaver Canal Loan
Stock
Little Schuylkill Nav. R. R. and Coal Co.
"
Bonds
S u m m i t Coal Co. Bonds
Union Canal Loan
"
Shares
Union Bank of Tennessee
Union Bank of Florida Bonds
Deduct the balance, being profit on sales
o f Stock, to April 1, 1839,

9871

103
99

100
100

100
200
490

100

6723

134
1512

20

493,550
10,300
9,900
105,360
10,000
20,000
74,834 13
181,000
110,000
379,638 74
187,000
29,700
68,500
26,800
134,300
62,020

i17,210,833 12
15,613 54

#7,195,219 5$
E x c e s s of Stocks absorbed by credits on
account of other indebtedness after this
date Si34,785 14; viz:
Stocks received from one lirrn at par
$2,479 399 97
Charges against same viz:
Notes §22-091 40
Interest, 43,359 34
dfts.
32,340 49
Short delivery of 475 Union
BankofTenn.
38,000
335 North. Bank Kentucky
21,775 2,344,614 83
134,785 14
General Leger Balance
*7 Q60 433 44
Bonds Lexington and Ohio R. R. Co. (se' J°
cured by State of Kv.)
4« 6 8 Q
Loan to the City of Pittsburgh
so'ooo
•*
'*
" Lancaster
50*000
Sunbury and Erie R. R. Co. Stock
<9*0*0
Marietta R. R. Co, Stock
,
^
Williamsport Bridge Stock
ls'oOO
Franklin Bank Stock
100 000
Somerset and Cumberland Turnpike Road Stock
lo'oOO
Johnstown & Ligonier
10,000
Cumberland Valley R. R. Stock
200.000
Wrightsville, York and Gettysburg R. R. Stock
100 000
Williamsport and Elmira R. R. Stock
200.000
Warren and Ridgway Turnpike Co. Stock
15 QUO
Warren and Franklin Turnpike Co. Stock
151000
Little Schuylkill and Susquehanna R. R. Co. Stock
102^300
Washington and Pittsburgh Turnpike Co. Stock
15000
Monongahela Nav. Co. Stock
5'000




60
Snow Shoe and Packerville Turnpike Co.u Stock
Roseburg and Mercer
■•
Warren Bridge Co.
•■
Merchants Bank New Orleans
«
Insurance Bank of Columbus,
''
Hamilton Bank
««
Bonds Ohio Life Insurance and Trust Co.
N. Biddle No. 1 81950 Illinois
"
«« 2 smill.MissL
**
« 3 Michigans
(pt of Morris Canal)
Bank United States account




20,000
5,000
4O0
1,076,££ O
685,400
105,000
1,000,000
897,187 47
1,725,138 43
350,000
3,708,385 08
817,687,70s 43

61
K. LETTER OF JOSEPH
CABOT.
T o the President and Directors of the Bank of the United States.
Philad. Dec. 28, 1840.
Gentlemen,
In consequence of what occurred at the last
m e e t i n g of the Board, I have felt myself called upon to submit the fol­
l o w i n g brief statement and explanation of the Agency of my House in
certain Cotton operations which took place in the years 1837, '38 & '39.
I n the month of October, 1S37, before I became, and without the
slightest expectation that I ever should become a Director of this Bank,
an app1i c a t l o n w a s made to Bevan & Humphreys to ascertain whether
t h e y would undertake to accept certain bills to be drawn on the South,
under the guarantee of the Bank to provide the needful funds to meet
the same, as they became due. A few days subsequently they received
a letter from Mr. N. Biddle, of which the following is a copy:
Philad., Oct. 19, 1837.
]Vlessrs. Bevan & Humphreys,
Gentlemen,
" I may probably have occasion during the
" coming winter to direct some shipments of Cotton and other produce
«* to the charge of our friends, Messrs. Humphreys & Biddle of Liver«< pool. For greater convenience I propose to have the purchases made
" in the Southern States, by drafts which may be drawn upon you in
" consequence of credits opened for your house, to have the bills of la*< ding forwarded to you to be transmitted to Messrs. H. & B. by you,
<< that you should correspond with them in regard to the sales, and make
" such disposition of the proceeds as I may direct. Will you have the
« goodness to say whether you will undertake this business, and whether
" the compensation of a commission of one eighth of one per cent, on
" the amount of the purchases will be satisfactory to you?
Very respectfully, &c,
Signed,
N. BIDDLE."
Tne reply to this letter is as follows:
N. Biddle, Esq ,
Oct. 20, 1837.
Dear Sir,
" We have received your note of yesterday's
''date, stating that you may direct some Cotton and other produce from
'«the South the coming winter to the address of Messrs. Humphreys &
*< Biddle of Liverpool, the same to be purchased by drafts on us under
'« credits opened in our favor foi that purpose—the bills lading of which
*< to be forwarded to us for transmission to those gentlemen, and that
4
' y o u will require us to correspond with them in regard to sales and
" disposal of the proceeds in the manner you may direct. In reply we
" beg to say that we are willing to undertake this business, and that
" the compensation proposed of an eighth of one per cent, on the amount
«« of purchases will be satisfactory. "
We are very respectfully, &c.
Signed,
B. <fe H.




62
Previously to the dales of these letters, agents had been appointed at
the different Southern points, without the knowledge or counsel o f m y
house, letters of credit and general instructions were prepared for t h e m
at the Bank, and sent to 13. & H. to sign.
In pursuance of these arrangements purchases of Cotton were m a d e
to a large amount, and the same shipped to Liverpool, France, and
Holland, the net proceeds of sales being ordered to be placed w i t h M r .
Jaudon, of London, and Messrs. Hottinguer <$• Co., of Paris, t o t h e
credit of the United States Bank. The result of this year's operations
proved profitable and the cost on this side was fully reimbursed i n E u ­
rope. At the time application was made to B. & H. to undertake this
business, and many months afterwards it was firmly believed by m e and
them, that it was for account and risk of the bank, for the purpose of
placing funds in Europe to provide for the large amount of Bonds w h i c h
it was known became payable in London in the Spring of 1838. I did
not then and do not now consider that I had any right to demand o f the
Bank any explanation in regard to the nature and objects of these ship­
ments. Before engaging in them, we were assured that we were m e r e l y
required to accept the bill? to be drawn from the South, for w h i c h
the bank would provide the funds, and that we should not be called upon
to undertake any extensive correspondence rehtive thereto. In con­
sequence of this understanding, the insignificant compensation o f one
eighth of one per cent, was agreed to for transacting the business.
in the shipments made the following year in continuation^ the for­
mer operation, my house had no agency; the purchases were ordered
through parties in New York, through whom the payments were made.
It is true the proceeds of salts in Europe were ordered to be placed to
the credit of the Bank for account of B. & H., but this was without
their knowledge or consent, and a considerble time had elapsed before
they incidentally became acquainted with the fact. It was then too late
to remedy the error, and they, very much against their inclinations,
were compelled to correspond with the parties in Europe in regard to
the sales and remittances.
Touching the shipments to F. Huth <$• Co., a report is now being pre­
pared for the Board, which renders it unnecessary for me to say any
thing further on that subject, and in conclusion 1 have only to add that
neither Bevan & Humphreys nor myself have had the slightest interest
or concern in these shipments. They have never had any connection
or interest in the house of Humphreys fr Biddle, and have had no par­
ticipation whatever in the commissions derived on the sales of this pro­
perty either in Liverpool or in any other part of Europe.
I am very respectfully, Gentlemen,
Your most obedient servant,
Signed,
JOS. CABOT.




63
Directors

of Bank U.S. since March \sty 1S36, and
on Committees.

arrangement

1836.

N i c h o l a s Biddle
J o h n Sergeant
T h o m a s P. Cope
M a n u e l Eyre
J o h n R. Neff
W i l l i a m Piatt
Charles Chauncey, till March 22
J o s h u a Lippincott
Ambrose White
Lawrence Lewis
Matthew Newkirk

John A. Brown
Richard Price
John Beylard, Jr.
Henry Troth
James Worth, of Bucks
Jona. Roberts, of Montgomery
Amos Ellmaker, of Lancaster
Charles Ogle, of Somerset
Wm. Robinson, Jr. of Alleghany, till
May 24

Standing
Committees.
Committee on Exchange. Committee on the Offi- Committee on the State
ces.
of the Bank.
March 4th.
March 4th.
March 4th.
Messrs. Piatt
Messrs. Eyre
Messrs. Lippincott
White
Cope
Neff
Newkirk
Lewis
Brown
Sergeant
Troth
Price
Beylard
October 7th.
Messrs. White
Lewis
Price

October 7th.
Messrs. Eyre
Sergeant
Lippincott
Brown
PJatt

October 7th.
Messrs. Neff
Troth
Beylard
Newkirk
Cope.

1837.

Nicholas Biddle
Manuel Eyre
John R. Neff
William Piatt
Ambrose White
Lawrence Lewis
Joshua Lippincott
Matthew Newkirk
Richard Price
Thomas Dunlap, till Sept. 29

John J. Vanderkemp
John Bohlen
Caleb Cope
May Humphreys
Cheyney Hickman
Amos Ellmaker, of Lancaster Co.
Jona. Roberts, of Montgomery
James Worth, of Bucks
John A. Shulze, of Lycoming
Isaac Wayne, of Chester.
Committee on Exchange. Committee on the Committee on the State
Offices.
of the Bank.
January 6th.
January 6th.
January 6th.
Messrs. Lewis
Messrs. Eyre
Messrs. Newkirk
Price
White
Lippincott




64
PJatt

Neff
Cope
Humphreys

Bohlea
Vanderkemp
Hickmao

April uth.
Messrs. Cope
Humphreys
Vanderkemp

April 14th.
Messrs. Evre
White
Neff
Piatt
Price

April 1 4 .
Messrs. Newkirk.
Lippincott
Bohlea
Lewis
Hickman

July Uth.
Messrs. Humphreys
White
Piatt

July llth.
Messrs Evre
Neff
Lippincott
Bohlen
Vanderkemp

July n t h .
Messrs. N e w k i r k
Lewis
Hickman
Cope
Price.

1858.
Joseph R. Ingersoll
Richard Alsop
Joseph Cabot
Lewis Wain
John Connell
Amos Ellmaker, of Lancaster
Jona. Roberts, of Montgomery
James Worth, of Bucks
J. A. Shulze, of Lycoming
Thomas Smith, of Delaware.

Nicholas Biddle
John R. Neff
William Piatt
Lawrence Lewis
Joshua Lippincott
John J. Vanderkemp
John Bohlen
Caleb Cope
Cheyney Hickman
John A. Brown
Committee on Exchange.
January 5th.
Messrs. Piatt
Cabot
Wain

October 9th.
Messrs. Wain
Lewis
Vanderkemp

Committee on the
Offices.
January 5th.
Messrs. Neff
Cope
Alsop
Ingersoll
Vanderkemp

Committee o n the statf
of the Bank.
January 5th.
Messrs. Lippincott
Lewis
Bohlen
Brown
Connell

October 9th.
Messrs. Piatt
Lippincott
Brown
Connell
Bohlen

October 9th.,
Messrs. Cope
Neff
Cabot
Alsop
Hickman.

Nicholas Biddle, till March 29




1839*
Manuel Eyre

DO

Ambrose White
Richard Price
Matthew Newkirk
John A. Shulze
Thomas Smith
Richard B. Jones
George Shcaff
John Kirkbridc
Thomas Dunlap, from March 29th.

John J- Vanderkemp
John B o h l e n
Caleb C o p e
C b e y n e y Hickman
John A . Brown
Joseph R . Ingersoll
Richard Alsop
Joseph Cabot
Lewis W a i n
John Connell
C o m m i t t e e on Exchange.
January nth.
Messrs. Vanderkemp
Price
Cabot

July 5th.
Messrs, Cabot
Cope
Wain

Committee on the
Offices.
January 11th.
Messrs. Cope
Bohlen
Brown
Eyre
Connell

Committee on the state
of the Bank.
January 11th.
Messrs, Wain
Hickman
Alsop
White
Newkirk

July 5th.
Messrs- Eyre
Vandcrkowr
Bohlen
Brown
Price

July 5th.
Messrs. Alsop
Hickman
White
Newkirk
IngersolL
December 17th.
Messrs. White
Newkirk
Cabot
Cope
Price

J 840.

Thomas Dunlap
John A . Brown
Joseph R. Ingersoli
Richard Alsop
Joseph Cabot
Lewis Wain
John Connell
Manuel Eyre
Richard Price
Matthew Newkirk
Lawrence Lewis
Committee on Exchange,
January 7th.
Mc&srs, Price
8




John R. Neff
James Martin
("icurge Handy
Robert Taylor
Thomas Smith, of Delaware Co.
(i. Sheali* of Montgomery, till Aug. IS
J. Kirkbridc, of Bucks, till June 19
J. Steele, of Lancaster Co.
Jona. Roberts, of Montgomery
J. Coperttuvait, from June 19.
Committee on the
Olliccs.
January 7th.
Messrs. Eyre

Committee on the state of
the Bank.
Jauuary 7th.
Messrs. Wain

1)6
Neff
Connell
Handy
Cabot

Lewis

iirowii

Newkirk

Martin
Ingersoli
Taylor

July 7th.
Messrs. Price
Cabot
Handy

July 7tli.
Messrs. Martin
Newkirk
Lewis
Council
Ingcrsoll

July 7th-.
Messrs. Wain
Taylor
Alsop
NefF
Brown

October 13th.
Messrs. Wain
Handy
Cabot

October 13th.
Messrs, Newkirk
Taylor
Conncll
Price
Alsop

October 1 3 t h .
Messrs. Neff
Lewis
Martin
Eyre
Brown




67
Ms
PROFIT AND LOSS.

DR.
1836. July. Expenses,
Dividend,

1837. Jan. Expenses,
Charges, inte-

14732 15

rest, & c
Dividend,

175,000 00
1,124,992 00 1,447,714 15

Do. July. Expenses,
Charges,
Dividend,

140,559 12
410,484 99
1,400000 00 1,951,044 11

1838. Jan. Expenses,
Charges,
Dividend,
Do. July. Expenses,
Charges,
Dividend,
Bonus,
1839. Jan. Expenses,
Charges,
Dividend,
Do. July. Expenses,
Charges,
Dividend,
1840. Jan. Expenses,
Charges,
Do. July. Expenses,
Charges,
1841. Jan. Expenses,
Charges,

CR.

1836. Mn. 4. Balance from old Bank, $3,765,399 54
$186,738 00
512,322 85
1,205,203 67 1391>940 67 Do.July. Discounts,

140,195 23
353,793 01
1,400,000 00 1393,988 24

Interest,
744,447 15
Dora, exchange, 473,695 30
For. exchange, 150,000 00
Sundries,
37286 48 1,917,751 78
1837. Jan. Discounts,
Interest.
Dom. exchange,
For. exchange,
Sundries,
Do. Jnly. Discounts,
Interest,
Dorn. exchange,
For. exchange,
Sundries,

136,731 63
1,044,458 91
1,400,000 00 2,581,190 54
2322362 30 1838. Jan. Discounts,
Interest,
154,022 36
Dom. exchange,
211,338 12
,For. exchange,
1,400,000 00 1,765^60 48
Sundries,

384,176 37
792,253 26
645,808 76
75,000 00
15,250 43 1,912,488 82
334,042 99
903,045 78
887,434 87
262,263
_ _
277,109
950,637
306,189
200,000
224,305

98 2387,777 62
_
63
75
05
00
00 1,958341 43

Do. Jury. Discounts,
285,439 70
181,373 85
Interest,
929,773 67
134,094 76
Dom. exchange, 366,664 54
1,400,000 00 1,715,468 61
For. exchange, 200,000 00
Sundries,
190,324 11 1,972,202 02
190,231 89
Balance at the credit of fund
1,274,035 50 1,464,267 39
im extinguishing the cost
of Banking Houses,
991,966 60
196,516 68
3,268,027 88 3,464,544 56
308,678 93
1839. Jan. Discounts,
9434506 09
Interest,
138,859 97
Dom. exchange, 178,967 50
1,408,564 89 1,547,424 86
For. exchange, 300,000 00
Sundries,
162328 15 1393,380 67
92,738 71

Do Mar. 1. Expenses,
Inter't on Post
Notes to city
Banks,
334,708
Loan in Europe, 100,312
Deficiencies,
22,003
Cong't exchange, 8,729

57
70
92
95

Do. do. Balance of contingent fund,

Do. July. Discounts,
Interest,
Dom. exchange,
For. exchange,
558,493 85
Sundries,

342,090 68
914,714 07
221,643 79
200,000 00
113,701 W 1,792/149 94

567,581 23 1840. Jan. Discounts,
Interest,
Dom. exchange,
Sundries,
Bonus,

384,721
502,174
217,471
17,535

46
92
82
59 1,121,903 79
2,600,000 00

Do. July. Discounts,
311,931 36
Interest,
220114 72
Dom. exchange, 41,644 30
Sundries,
15,984 95
Mr. 1,1841, Balance,




589,675 33

1,673,811 50
1841. Jan. Discounts,
Interest,
Dom. exchange,
Sundries,

199,204
937,402
46,260
17,562

11
88
03
87 1300,429 89

Do. Men. Discount exchange and in*
terests,
144,089 38
Interest on stocks in Europe, 221,647 22
Contingent interest,
357,880 22
Protit and loaeatN, Orleans,
19308 24
#24345,092 49

#24345,092 49
Mh 1,1841* By wrpHw,

#1,673,811 m

68
TIIK CONTINGENT FUND
J836,March4, Balance at credit ot the accownt transferred from the books of
the V. S. Hank chartered by Congress,
1837, July
By profit and loss, transferred to make die amount h,000,000,
1840, August, By interest received on Stock? in Europe.
1841, January, By office at Buffalo, losses a: that *::k^ previously charged off,
since recovered,
Amount ot gross Contingent Fimd at Hank United States,
To which is tg be added Contingent Fur.d at Agency, N.Orleaus,
1841,March 1. Gross amount at credit ot Contingent Fund,

5»943»3Qg 02
56,69f <*?
505,281 8S
29,534 30
6,534.816 IS
123,856 3£

<>,658.672 56
LOSSES CHARGEABLE To CONTINGENT FUND.
To Stock account for balance losses incurred on sales of Stocks
at various periods and on e^nalisiuj Stocks to par value,
as well those on hand at Bank I nited States as those
in Europe,
1,829,743 15
To Huth&c Co. commission on £'32.. i>l, l$s, lid,
282,917 24
advanced by them in London,
To
do.
discount in reducing Mobile and
Mississipi hinds to par at Phila­
delphia, connected with their ad­
•240,866 36
vance,
523.783 61
To payments, on Cashier's vouchers.
31,975 83
To overdrafts, amount irrecoverable.
1,194 37
To Real Estate, loss i n sales,
384 20
To debts compromised at a loss of
33,244 51
To sundry bad debts charged oil.
230,326 36
To parent Bank Notes, account per Journal entry June 30,IS40,
to correct as error in the circulation ot the late Bank, pa­
rent notes, arising from an erroneous entry of March 1,
1836, in the books of the late Bank,
400,000 00
To sundries,
18,098 #
By suspended debt amount recovered.
By Real Estate, gain in sales,

41,058 97
'27,807 77

2,068,750 71
68,866 74

Add losses at offices and agencies.
Balance transferred from late Bank United States,
Losses chargeable, debit in gross.
Contingent Fuud, credi t in gross.
1841, March 1, Balance at debit Contingent Fund, chargeable to profit and loss,




1.999,883 97
021.651 63
4,304,718 tt
7,226,253 79
6,658,672 56
$567,581 33

69

JN.

Distribution of Stock, Bank United States.
Shares.
330
374
6

January 1,1841
7
14
1
16
107

Maine
N e w Hampshire
Vermont
Massachusetts
B o s t o n books, less Foreign

900
3,782
4 fi£2

Rhode Island
Connecticut
N e w York
N . York books, less Foreign

25
22
22

504

N e w Jersey
108
1,461
Pennsylvania
47
Delaware
254
Maryland
27
District of Columbia
1S1
Virginia
25
North Carolina
296
South Carolina
Charleston books, less For'gn 129
Georgia
Ohio
Kentucky
Tennessee
Indiana
Illinois
Missouri
Mississippi
Alabama
Louisiana
Foreign.
On Philad. Books
Boston
do
N. York do
Chariest']ado




378
272
9S9
26,129
27,1 IS
2,671
74,084
1,342
11,487
827
6,990
901
13,378
5,753
19,131
555
395
330
161
70
238
12
3
1
91

22
17
17
4
2
5
1
1
1
r
9
1,138
6
264
2

154,520
696
42,159
176
197,551

4,735

350,000

70
DR.

0.
The Bank of the United States of Pennsylvania.

December 21, i s 10.
To Circulation of late and present Bank,
including Post Notes
To Stockholders' dividend account, un­
claimed dividend*, To Loans in Europe, due in 1*11,1* 12,
1845 and 1817,
To Bonds in Europe, due in 1M2 & 1*43,
To the United State*, balance ot princi­
pal and interest due on bond,
To guarantee of bond* of Planters' Bank,
due in 1841 and 1*42,
To guarantee to State of Michigan, bonds
of Morris Canal and Banking Co., due
in 1841, 1*42 and 1M3, " To State Banks, balances due City and
distant Banks,
To Depositors, at Bank United States,
Agencies and Offices,
-

11,223,65$ 99
31,386 80
12,575,301 n 7
502,222 22
033,043 S3
550.000
1,«>4 1,750
»U34,22l 32
3,1 fM,354 50
36,959,539 63

March 1, 1841,
To estimated probable loss, as valued by the Committee,
On gross amount of active assetts,
l,206,M2i* 3J>
On
ditto
of Suspended debt.
5,040,211 07
On
ditto
of Stocks in United
States and Europe,
- 7.0t??i,-It>:» 06
On Real Estate and Banking Houses.
407.060 47
On Bonds and Mortgages. 15*,355 S3
On Foreign Rills of Exdrume,
350,000
On Debts due bv State Banks,
- 3,366,004 10
On Notes of State Banks. S7.310 14
17,751,046 72
Deduct estimated gain on " T h e Circu­
lation,*' by reason of the destruction
and loss of notes of the late and present
Bank, 400 to 500,000 dollars, say

150,000

Balance at credit of the Stockholders, Capital Stock,




17,301,946 T2
15,270,256 H
80^,531,742 4*

71
CK.

December 21, 1840.

By G r o s s amount of active assettsat Hank
U n i t e d States, Agencies and Offices, - 12,187,111 10
By Gross amount of suspended debt at
Bank U- States, Agencies and Offices, 9,799,800 5N
B y Gross amount of Stocks
on hand at Bank U. S. 11,038,700 11
d e d u c t 24,711 shares
stock bank U. S, held by
b a n k at their par value, 2,471,400
8,567,300 11
By Stocks on hand at agency, N. Orleans
50,774
«<
"
"
" London,
3,106,871 37
«<
deposited as security for Loans
in Europe, .
11.150,906 10
By Stocks on hand with R. Alsop and J.
A. Brown, special agents,
- 2,724,814 81
By Stocks Pennsylvania 5 per cts.,
16,487 21
By Commonwealth of Pennsylvania,
special loan,
-"
271,000
By Real Estate and Banking Houses,
bank United States and agencies,
- 8,062,673 53
By Bonds and Mortgages at bank United
States and agencies New York and
Mobile,
- ^
819,906 31
By agency at London, and Paris and
Amsterdam banks, balances in their
hands,
578,195 11
By Foreign bills of Exchange, 557,847 75
By state banks balances due to bank U.
States, Offices and Agencies,
- 8,714,800 23
By notes of state bank, on hand at bank
United States, Agencies and Offices,
1,148,101 93
By specie on hand at bank United States
Agencies and Offices,
- 2,171,722 97
By resulting balances between the bank,
the Offices and Agencies,
G9'/,428 99
60,531,742 46
Piy balance Capital Stock,
Equal to 846 94-100 purbhaic. on 325,2*6 shares




15,270,256 11




Bank of the United States, April 3, 1841.
SAMUEL BRECK, ESQ., Chairman, &c.

SIR:—At a meeting of the Board of Directors'held this day, the following pre­
amble and resolutions were, on motion, adopted.
" The President submitted to the Board a communication and certain statements
relative to the affairs and business of the Bank prepared in pursuance of a resolu­
tion of the Board of the 16th ult.
** On motion, it was
"Resolved, That the said communication and statements be approved and the
President be requested to have the same laid before the meeting of Stockholders
to be held on Monday next, the 5th inst."
In accordance with the above resolution, I herewith hand you the enclosed docu­
ments, and have the honor to be
Your obedient servant,
T. DUNLAP, President

9




The following Letter was received from Mr. Cabot, and is her*:
appended:—
Philadelphia,

Jlpril 5, 1841.

JOHN BACON, ESQ.

Dear Sir—I was not present at tho Stockholders' Meeting to-day, but I have
understood that in the matter of the 2000 Shares of Heading Railroad Stock returned to the Bank, I was represented as being the owner of 6T>0 Shares. A*
stated to you personally a few days since, T had no interest whatever in this stocU
at the time it was relumed to the Bank, but merely held it for account of another
party, which fact was fully known to tho Committee of tho Bank at the tiim; tb>*
transaction took place. I have therefore to request as a matter of common justtci
that this explanation should be given in the Stockholders' Statement before it is
published.




I am, very respectfully,
Your most obedient,
JOS. CABOT.

REPORT
OF THE

BOARD OF DIRECTORS
OF THE

BANK OF THE UNITED STATES
TO THE STOCKHOLDERS.

To the Stockholders of the Bank of the United States in general
meeting, assembled pursuant to their adjournment on the 4th of
January, 1S41,
T h e Board of Directors present the following summary of their
transactions since their report in January last, and of the state of the
Bank on the 1st inst. At the time of the annual meeting of the
Stockholders, and for some months previous, the Board were ear­
nestly employed in making arrangements for the resumption of specie
payments on the 15th January, 1S41, the day fixed by au act of the
Legislature of Pennsylvania, for a general resumption by the Banks
of this State. The Bank has already shown to the Legislature of the
Commonwealth, that in obedience to law, on the 15th January, 1841,
all her notes, bills, deposites, and other liabilities were paid in gold
or silver coin, or its equivalent, and that such payments were con­
tinued until the 4th day of February last, when it became necessary
to discontinue them. The efforts that were made, and resources pro­
vided to commence and sustain the resumption of cash payments,
were deemed adequate by the Directors at the time, and under any
but the peculiar circumstances in which the Bank was placed, the
means collected would have proved amply sufficient to enable it to
have continued specie payments indefinitely. It was, however, soon
made manifest, that a feeling of hostility to the Institution, or what
was equally destructive, a pervading distrust of its credit and means,
existed to an extent so great, as to render the undertaking hopeless,
unless the Bank was prepared to meet every dollar of her liabilities




76
with a dollar of coin: every species of demand was urgently pressed,
and in the course of thirty days upwards of six millions o f dollars
were demanded and received by her creditors in specie a n d funds
equivalent to specie. This unusual demand continued unabated,
and it became perfectly certain that it would be fruitless to persevere
in the effort—and on the 4th day of February, 1S41, the Directors
deemed it indispensable to discontinue payments in specie.
The condition of the Bank, its resources and liabilities on the day
of resumption, on that of suspension, and on the 1st day of the pre­
sent month, are now placed before this meeting in the following ex­
hibits hereto annexed.
No. 1. Statement of Assets and Liabilities of the 14th Jan'y, 1841.
No. 2.
"
«
••
4th Feb.
«
No. 3.
«
«
1st April,
«
Many circumstances rendered the preparations for resumption dif­
ficult and onerous. The large investment of the funds of the Bank
in loans and securities of an inflexible and inconvertible character,
the peculiar depression existing in the value of all species of property,
with the stagnation or unproductiveness of all branches of commercial
and other business, rendered it impracticable to obtain cash means,
either by sales of securities, or collections of debts, except to a very
moderate extent. The instant demand upon the Bank for the redemp­
tion of her circulation was also greatly increased by the fact of its
haviugbeen adopted as the exclusive currency by the other Banks of
Philadelphia, and consequently held by them in greater masses than
at any previous time. It was, therefore, found necessary by the Di­
rectors, to enable the Bank to resume cash payments—
Firs/, To postpone the redemption of a part of their circulation.
Secondly, To anticipate the sale of securities and collection of
debts, by obtaining an advance upon'them at home or abroad:
Both these courses were successfully adopted.
1. An arrangement was entered into with the other Banks of the
City and County of Philadelphia, in December 1S40, whereby they
surrendered to the Batik of the United States five millions of dollars
of her notes upon receiving post notes oi a like amount, payable in
nine to eighteen months.
2. Special agents of the Bank were appointed, who proceeded to
England, and upon the sale of some* and hypothecation of other se­
curities, procured a loan of eight hundred and sixty thousand pounds
sterling. With resources such as those, added to the amount of coin
on hand, the board did not hesitate in entering with the other Banks




77
upon t h e work of resumption, with confidence in the ability of this
Bank t o persevere therein. It was, however, on the eve of this re­
s u m p t i o n discovered, that the Banks of Philadelphia had on hand a
greater amount of notes of the Bank of the United States than had
been arranged for, and the Directors were, at that late hour informed
that payment of the same in specie to the extent of 1,500,000 dollars
would be required. This demand was promptly complied with:
another claim, to the amount of 1,100,000 dollars was pressed upon
the B a n k at the same time and paid in full. Numerous suits had
been instituted against the Bank during the suspension, principally
by eastern holders of her notes; these suits were pending in the Su­
preme Court of this State. The parties at this point agreed to relin­
quish their claim to extra interest upon condition of immediate pay­
ment, which was instantly acceded to by the Bank. In addition to
these demands, the inability of the Commonwealth to provide for the
interest on the state debt, falling due on February 1, 1841, produced
a call on this Bank for an advance of one half of the loan of SOO,000
dollars, and not only was the amount of 400,000 dollars so taken by
this Bank paid in specie; but the residue being paid by the other
B a n k s in notes of this Bank, created an instant demand for the whole
sum in coin. Thus, upwards of three millions of dollars of the funds
provided, were immediately absorbed at the moment of resumption
in discharge of these three claims—whilst its remaining means and
its daily collections were, as has been above stated, soon exhausted
by demands pressed upon it, in a manner unparalleled, it is believed,
in the annals of banking.
As the Stockholders of the Bank will receive from the committee
of their own body a full report of the resources, liabilities and condi­
tion of the Bank, it is not thought necessary by the Directors to pre­
sent more detailed statements than those which accompany this com­
munication. They feel it their duty, however, to invite the attention
of the Stockholders to some considerations growing out of the actual
situation of the institution—and calling for prompt measures of pro­
tection for the property of the Bank from any undue or compulsory
sacrifice.
Since the suspension of cash payments on the 4th of February last,
the Banks of Philadelphia have refused to receive the notes of this
Bank m deposit or payment of debts, and consequently they have
become unavailable to the holders or only available at a deprecia­
tion. Many of such holders have instituted legal proceedings—in
some instances for the purpose of enforcing a forfeiture of the charter




78
—in others for the recovery of payment in specie by judgment
and execution. If this course should be adopted by others, a n d for
larger amounts, it is obvious that the property and resources o f the
Bank may be ruinously sacrificed and unequally appropriated. A n y
general measures to avert these evils, the Directors are advised by
counsel, can only be authorised by a general meeting of Stockholders,
and to their decision the subject is submitted by this Board. O f a
similar character and requiring the same interposition, is an applica­
tion recently made and now pending, by the Banks of the City and
County of Philadelphia for the appropriation specifically of a suffi­
cient amount of the assets of this Bank, by deposit, trust, or other­
wise, to secure the payment of the post notes of this Bank, issued to
them on the 15th December 1840, to the amount of five millions of
dollars, which arrive at maturity from September 1S41, to June 1842,
in monthly instalments.
As the present meeting of the Stockholders was rapidly approach­
ing, the Board of Directors did not act upon this application, and
now feel bound to submit the question to them for decision.
All which is respectfully submitted by order of the Board of Di­
rectors.
Bank of the UDited States, April, 3d, 1811.




79
Comparative

View of the Assets and Liabilities of the Bank of the United Slates, its
Offices and Agencies, January 14, February 4, April 1, 1841.

"
Assets.
Active debt,
Suspended debt,
Stock accounts,
Stocks on hand at Agency in London,
**
in hands of R. Alsop and Jno. A.
Brown, special agents,
••
deposited as security for Loans in
Europe,
Pennsylvania 5 per cents,
"
6 "
Loans to Common wealth,
Ileal Estate and Banking Houses,
Honds and Mortgages,
Balances with Agency, London, Paris and
Amsterdam Bankers,
Foreign Bills of Exchange,
Bonus for Charter,
D u e by State Bunks,
Notes of State Banks on hand,
Specie,
Resulting Balance, being items in account
outstanding,

Jan. 1, 18417 Feb. 4,1841. April 1,1841.
No. 1.
No. 2.
No. 3.

:

"

20,942,508 01 20,519,495 97119,349,079 85
10,822,717 11 10,876,917 11 10,913,240 20
3,106,871 37 3,106,871 37| 3,106,871 37

1

2,724,814 81 2,458,148 15 2,401,481 48
i

14,450,906 16 14,450,906 1614,450,906 16
16,487 21
j
354,300
300,000
271,000
! 271,000
271,000
3,753,146 88 3,749,468 82 3,886,775 87
769,016 30 767,116 30, 613,958 60
440,168
512,140
2,500,000
8,466,764
972,213
2,569,705

1

76 1,108,459 90 293,199 82
84 541,998 17l 400,000
2,500,000
i 2,500,000
17 8,375,750 01 8,139,720 63
45 1,376,929 80 683,487 4S
31 835,800 52| 756,454 76

723,804 80

r
Inabilities.
Circulation of Late and Present Bank,
Post Notes,
"
" to City Banks,

j

11,120,772 76 10,554,338 33 8,898,808 05
9,821,735 25 9,965,157 64 10,450,181 80

'
;

88,973 08

3,092,265 18;71,293,162 28 68,155,149 30
7,157,517 90. 3,482,622 90. 3,294,576 90
1,524,768 63j 1,031,295 02 732,068 34
4,920,771 U2j 5,151,668 35' 5,104,444 94

|13,603,058 15] 9,665,586 27| 9,131,090 18
t
31,386 80
30,976 80'
Dividends unclaimed,
30,216 80
j 12,533,550 97 12,533,556 97.12,504,069 47
Loans in Europe,
502,222 22l 502.222 22| 502,222 22
Bonds in Europe,
633,643 S3 616,454 26
86,404 79
Balance of Bond to the United States,
538,000
312,000
Guarantee of Bonds of Planters' Bank,
312,000
1,734,750 ! 1,734,750
1,734,750
"
to State of Michigan,
1,849,846 70
3,250,114 1 2,206,133
Due to State Banks,
u
1,462,239 53
" Depositors,
2,970,069 (■ 9-79434
Morrison, Sons & Co., Dcnison & Co.,
Brown, Shipley & Co.,
3,184,776 Oli 3,767,878 21
Foreign Exchange account.
167,939 95
45,952 74
Resulting Balance,
321,130 71J
35,796,802 26 34,070,121 43 31,426,670 64
Liabilities,
Capital Stock,
Surplus,




35,796,802 26 34,070,121 43 31,426,070 64
35,000,000
135,000,000
35,000,000
2,295,462 92 2,223,040 85, 1,728,478 66
173,092,265 18)71,293,162 28 68,155,149 30