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Costne wiadly, and
president and cashier, without being communicated to the board, 11th and 12th. He has no precise information on the subject and before a meeting of the board, it was considered a matter of upon which he could rely. tourse, thus to renew thern; he does not know of any authority 13th, 14th and 15th. He does not know of any such transacbaving been given by the board to the president and casbier, totions. Gireountany noces, to the amount of 500,000 dols. or to any ocher 1st. There was no specific fund appropriated; it was a matter amgunt: and he does not know of the president and cashier hav. of course here, to discount on plalged stock, and then the dising discounted any original note, (not renewal) except as it ap-counts were made by the president and cashier of this office, pears from the books, that votes have been discounted, without under a verbal authority given by the board of directors of this having the Irtter e annexed to them; all the notes marked a, in | office. the discogns book, were done at the board, those not marked, 24. He believes they were all paid without renewal, exeepting were entered by bim generally, and as discounted by order of the in two instances, in these, notes were renewed to the amuuut of cashier: he mentions the discounts of
5410 61 cents. S. Gratz and brothers, for ...dolls. 10,000 3d. Those notes were generally renewed and conuinued so up August 9th, M. Ball . . . . . . 6,500 to this time. Savage and Dugan
. . 17,500
4th. He believes it was generally known, Calhoun and Matthews - .
40,000 5th. He refers to the cashier for information. August 18th, M.Euen, Hale and Davidson, • - 340,000 oth. He refers to the cashier for information.' ... Dockeray Simith .. .
James W. M'Culloh-his eramination. August 29th, George Rundle . . . . . 17,500 6th. He knows of 4000 shares held by Richard M. Johnson, as John Bolton
243.400 assignee of James Prentiss, of Kentucky. He knows that a large As being original dise ounts.
amount of stock is held in England and in New York upon hy: He has no knowledge of the president and cashier, or either of puthecations, for the purpose of obtaining loans; he knows of them, having discounted noters, or made loans which are not en no other; that some was held by the bank of the United States and tered in the buoks.
its offices. Henry d. Hutchins--second general 'head, fifth question.
8th. He paid the whole of the specie part of the second instalFrom the organization ol the bank, until the 29th October, 1817, ment on the shares held by bim, in coin, and by draughts on Bos. be bas had eharge of the business, of receiving the instalments on ton, which commanded coin, and for which he paid the same the capital stock. He attended only to receive the funded debt, price as for coin: he paid eight and ten per cenc. in Baltimore part of the 2d instalraent; the coin part was received by Mr. Id- for specie and draughts. About a month before the resolution dings, the 2d celler; he has no knowledge bimself of the 2d instal was adopred, authorizing discounts to facilitate the payment of meat being paid by the proceeds of discounted notes, and did not the second instalment, specie, he understood, was at 25 per cent. know from what source the funds were drawn. When more than in Baltimore, the chin part was received instead of the fanded debt, it was by a 9th. He thinks he subscribed for none in his own name; he check or ticket passing from the 2d teller to the witness; these in subscribed for 2000 shares jointly with his brotber, as attorneys for ctances were very few before the 23 January; after the 230 Jan about 2000 persons and 1000 shares jointly with Smith and Buchatary, large amounts of the stock were paid by a credit in the se. nan, as attorney for 1000 persons; those shares actually belonged cand teller's book, and witness looked in that book for evidence of to himself and brother, and Smith and Buchanan; they vot-d upon credit; the payments of funded debt after the 234 were few, com- those shares by virtue of the power given by the individuals pared to the amount of the payments which had been previously whose names were used; those shares were consolidated prior to Dade.
the first dividend, aud after the second election. He thinks all Witnesses out of the bank.
the stock subscribed at this place, was consolidated after the se. Questions to witnesses out of the bank.
cond election, and prior to the first dividend. ist. Do you know what kind of notes were paid out of this bank bith and 12th. Mr. John Goddard has informed him that he has on the 28th dagust, 1818, and immediately preceding that time? sold sone stock, how much he is ignorant; he thinks it was in If so, state whether there were any notes payable at the branches. 1817. Ms. Bolton' sold stock jo the close of the year 1817; he
ed. Do yon know whether the bank of the United States re thinks both these sales were at about 140 to 150 dollars. ceived the notes of its branches after the 28th August, especially Mangel Eyre sold some early in 1817. Chandler Price infort. those which had been paid out of the bank?
ed liin be had sold some early in the year 1817. Mr. Girard has 3d. Can you refer us to any person who can give information on sold large portions of stock, previous to the second instalment, the above subject?
and some time previous to the third instalment; 3000 shares to
Dennis A. Smith, and Smith and Buchanan and George Williams; Examination of Witnesses out of the Bank.
1000 shares to Jolan Savage, through Newman, a broker. A pur. James S. Smith, jun, an officer in the bank of North America,
chase of 1000 shares was made by D. A. Smith, George Williams,und says in answer to the
Smith and Buchanan, receivable of Wm. W. Smith, a broker. Ist. question. That a short time before the period alluded to
and the Commercial Bank at Pbiladelphia; it was the intention of and frequently in the course of business, he received branch notes
those gentlemeu, if the stock rose, to present them to Mr. Williani from the bank of the United States, but not to a large amount;
Jones, without whose knowledge the purchase had been made; be received some of 100 dollars, and some of 20 dollars, but they
Mr. D. A. Smith, contrary to the intention of the gentlemen were most frequently of small denomiriations- the 100 dollar notes
concerned with him, and as they thought, prematurely, after the were frequently injngled with the other notes of the bank,
stock had risen a few dollars, mentioned the transaction to Mr.' 20. The bank always received back from hin, the branch notes
Jones, who accepted the purchase, and considered the stock as which he had thrre received. Those branch notes which bad
bis own; be thinks that Mr. Jones reeeived the assignment of the been received at the hank of North America, on the 28th August,
contract and sold it without having the stock transferred to bim; were received by the bank of the United States the next day
he sold it at a profit of about 15.000 dollars. as Mr. M'Culloh re but were afterwards refused. He understands that all the banks
collects. He understood from Mr. Jones, that he purchased 1000 in Philadelpluja were treated in the same manner. He knows of
shares, which he has recently been informed are still held hy Mr. no instance of a refusal on the next bank day, to receive of banks
Jones; he bought them at about the same price or a little higher the branch notes so on hand. But he saw the ulicers refuse to
than be sold the contract for. He knows of no other instance in receive them at the counter, of individuals; but he does not
which Mr. Jones was interested. Enow whether those individuals received them of the bank or
Mr. Goddard has also informped Mr. M'Culloh, prior to the sales Rot. I do not know and bever heard of any instance of branch
first mentioned in his answer, that he had purchased stock; to notes being refused to be received ot' an individurl, who had pre
what amount lie is ignorant: Mr. Bohlen has also purchased stuck; viously received them of the bank of the United States.
Denuis A. Smith has often informed him of purchases ar:d sales Joseph Simms.
that he had made frequently and extensively, but he cannot reHe has never received any other nutes of tlae bank than its own.
colleet the particulars; Mr. George Williams has often made iarga payable at Philadelphia.. .
purchases, and has made small sales, once or twice, but is ignorant BALTIMORE.
of the particulars; Mr. John Savage has occasionally made sales Questions to the President and Cashier of the Baltimore branch of a few shares, but has purchased a considerable amount, some
ist. Has any fund been appropriated by the board of direetors, times at high prices, which be stiil holds; Mr. George Williams, over which you preside, to the disposal of tbe president and cashier Smith and Bueliaran, and himself, havem de considerable pur. to be loaned by them on pledged stock, or otherwise? If so, basebase's, in which they were jointly interested; and they still bold 10y authority for that purpose been given by the parent board? the stock thus purchased, with the exception of about 4000 shares
2d. What was the amount of discounts on pledged stoek, prior that have been suld; which were recently sold at the rate of from to the 2d March, 1917, and were the totes then discounted, paid 125 to 127 dollars per share; these purchases were made at three at the time they fell due?
periods, but chiefly of one person; and, excepting those of the first 3d. Were those notes discounted on pledged stock, after the period, without any prospect of gain. These purchases were 25th day of July, 1817, paid at the time they fell due?
inace of this person wiih a desire to serve him, and to secure the 4th. Was it known in Baltimore previously to February, 1817, payment ut large debts due to this institution. that the payment of the specie part of the second instalment, i3th and with. He knows that Dennis A. Smith bas made large Wunld be facilitated by making discounts to the stockholders of contracts for the purchase of stock; but has made very few, and that amount?
to a small amnoluit, for the sales of shares. Those contracts were 5th. Have draughts on other offices been sold at this office for pre-made during the year 1817, and generally in a few month's time. mium?
At all times his contracts for purchase were a little above the mar. 6th. When did you receive information of the parent board ket price of stock; and although generally sold, without himself having adopted the resolution of the 28th August, 1818. refusing ! receiving the stock, and before the contract was inatore, at an ad to receive the notes of the branches? what kind of not · did you vance, in some instances, were received at a considerable loss pay out of this office, imtelliacely preceding that tinie?
He does not know of any other contract having been made by 7th. How wes the balantes against you at New York and Bos apy other director ton redeced, in Februar und Motel?
15th. In some of the purchases of stock made by George Wil. James d. Bucumon, president on. answers
lisons, Smith and Buchanan, and hill, he sliers a... sth. He does not how it is
cracks for the divisv of stock ji setis fucrion of the original are 8th. He paid the whole utenecie part of the second installment, and he knows if no other purchases or contracts. Het id coin.
ist. The iwants made at ibis uflice u plaged swck have beei.
that malars; and ident; all to the 10
made generally by the president and cashier, under verbal autho- , fusad. He is the officer to whom such applications would, and rity of the board, given gen: rally, and not in reference to particu. ought to be made. lar instauces; that they were made to every, stockholder that ap pliid, until tbis office was instructed not to igerease its loans;
WASHINGTON. under the same authority, the president and cashier have generally Examination of George Graham, csq. who became president of the purchased bills and Iraughts on those places, when it was desira- office at Washington, in the month of July or August, 1817, and Ale to remit, and chiefly on eastern cities; in order to reduce the
is so at this time.. balanees against this office, they purchased bilis at sight, and from Sixth answer to sixth question to directors: There is stock sight to sixty days; he thinks they would average about thirty pledged to the cashier in security for notes discounted; he knows days; the aggregate amount has been very considerable, and with of no other, excepoing about 200 shares held by col. Bomford, in Very few exceptions, and to trilling amounts, they have been paid I trust for Mr. Cutts. at naturity, and in those excepud cases, the draughts have buto 8th. He held no shares at the time. paid on their return, and there is none lying over. Occasionally I i1th and 12th. He has no direet or positive knowledge of any for that purposes of security, the president and cashier have, with such sale or purchases. the approbation of one or more of the directors, discouuted to pre 13th, 14th god 15th. He has no knowledge of any transactions of vent loss to the office..
that sort ad. The amount discounted in that manner for the speci. part Answer to same questions put to the president and cashier at Balo of the second instalinent was 138.320 dollars, and 12,200 dollars,
tomore. vus discounted in anticipation of the third instaliment; all these | 1st. He has no knowledge of any such appropriations, or of any notes were paid without renewals except in two instances, to the loans having been made by the president and casbier. anouot of about 5,400 dollars.
2d. This office was not in operation until the 8th March. 3d. Some have been paid, but supposes two thirds of them in 3d, The notes on stock have generally been renewed whenever amount, remain now on renewal.
requested, and have always been curtailed in the same propor. 4th. The directors and ofñcers of the office, endeavord by con Ition witb other notes, whenever a curtail was directed either by tersation to make it knowi), to the stockholders and believes it I the parkut board or the directors of this office. was very generally nowu to the stockholders and to the publie, 4th. He cannot say positively whether it was known in Wasb. b; the 28th of Dember, and for a month before it bad been gelington or not, but presumes that it becaine known by February, nerally spoken of, and was anticipated.
1817. 5th. From September to November, in the year 1818, draughts 5th. Draughts to a small amount have been sold at a premium. on the bank of the United States to an amount, of about 80,000
but refers to Mr. Smith, the cashier, for the amount of sales, aud dollars, have been suld to applicants at this office under the dire
the rates. Bills of exchange have been purchased to a considera tions of the parent board, at an agregate rate of about one balt ble amount by the cashier, without bing submitted to the hoarit per cent. Draughts on other offices, to the amount of about of direetors. or to Mr. Graham; and be bas no positive knowledge 17.000 dollars have been sold at the rate of from one to two per
U them cerit, under the same directions. Since November, he has ceased
6th. He was absent at the time, and does not know. This office entirely to give checks to individuals on other offees, and has re
generally paid out its own notes, and never those of the other fused repeated applications for draughts at a premium. The par offres, unless required. Very few notes of other offices have been rent board will not allow the offices to draw on each otber.
ruceived at this. 6th. He thinks, on the 1st of September, 1818, previous to that
Richard Smith, esg.cashier of the office at it ashington. time, this office had indiscrjininately received the notes of the pa. Answer to 6th question to directors. He does not recollect of rent bank and of all the offices, and had indiscriminately, issued any other than what is pledged to the cashier, iu security for notes them. About 10.000 dollars had been alledged to have been re- discounted. ceived of the notes of the other offices by individuals, and were re. | 8th He paid the specie part of the second ostalment early in ceived by those individuals again at this office; there has been no Mareh, ither in coin or in the notes of banks paying specie, which instance witbin his knowledge of an application to receive the were deemed equivalent to coin; specie he thinks, was tbeu at par botes of the other offices, alleged to have been paid out by this l in Washington. office, having been refused. And when applications have been | Ilth and 12th. He knows that D. A. Smith purchased to e made by travellers for the notes of other offices, or for the redemp- large amount, but does not recollect the particulars. He undertion of the notes of any other office at this, they have been uni. stood that a company of gentlemen in Baltimore, purchased of formly accommodated. Mr. Larenerie, the first teller, was the the bank of Columbia about 3000 shares, in May. 1817, and that officer who paid out notes at the time alluded to
bank being indebted to this office paid it by a draught, on the pa. 7th. The reduction of the New York balance, was effected by rent tenk at Philadelphia, of 237,250 dollars, which draught he the sale of foreign bills of exchange by individuals ot' Baltimore, supposed had been obtained for the shares sold; be knows of no to the parent bank, by whom a check was given on New York for other sales or purchase of stock. 1,007,500 dollars; these were the saine bills that we're obtained on 13th, 14th and 15th. He knows nothing on the subject. a pledge of stock, to Messrs. Baring and Brothers, in England, Answers to questions put to the president and cashier at Baltimore for a loan made by them; occasionally treasury warrants on New Ist. There has been no particular fund appropriated for that York, were received from the office at Washington, in payment of purpose; but the directors of this office, in the latter part of July the balances due from it to this office, and the reductiou was furorin August, 1817, authorized the cashier to diseouot any note ther ettected by commercial draughts sent to New York for collco that might be offered, between discount day, on the stock of the tion
bank, or on funded debt: he loaned very little under that authoriFrom the commencement of this office to this time, it bas made ty; he thinks not exceeding 10,000 dollars. remittances of specie to the amount of about two millions, sent to 2d. This office did not inake any discounts until the 8th March. the parent bauk tor the purpose of being remitted to Boston, and 3d. They have generally been renewed, and always when reNew York, for which this office obtained credit at the parent bank, quired by the discounter: whenever curtajlments were directed but not at those ofhies. In consequence of the redemption by the they fell equally upon those notes with the others. government of the 11 millions of debt, all the public money in 4ch. It was not known in Washington only from general ru. this office, amounting to about a million and a half, was in July, I mor. 2817, transferred to the parent bank. The reduction at Boston, I sth. Draughts have been sold to the amount of 320.495 41; the has been effected generally by the remittances of corpmercial rates on Philadelphin, coinmenced at one per cent. but in less bills. The treasury account bae frequently been overdrawu at than a month, they were sold at 1-2 per cent. Draughts on this office from 100.000 to 200,000 dollars.
| Charleston, Savannah, and New Orleans, have been uniformly st The parint bank has credit for about 1,000,000 of notes sent to 2 per cent. on New York they have varied from one, to one and a this office as money, and the account with it, includes every thing half per cent. the draughts were sold by bim, to whosoever apo in which the office and bank have any concern.
I plied, and under authority from the directors of this office, autho The reduction of the debe to the parent bank, in November last, rized by the parent board to do so. He has purchased domestic was effected by draughts on those ottices which were indelwed to bills of exchange payable at sight, and some on short time, not exthis office, and upon which this office had been prohibited giving cerdius five days sight, but not to a large amount. All those cheeks to the community, until further orders.
which had long time exceeding five days, were discounted by the John Lewis Larentrie, was first teller of this office on the first board. The purchases made by him, were not under special au. of Septeniber last, and has been so from the commencement of the thority from the bons, but were made for the accommodation of institution, it is, and has been his business to pay out morter and the individuals offering them. noles from this office; as fast as they were issued, they were im- 6th. It was received probably the 31st, of August, as it was laid moediately reinitted. This office has never had a suficient sup before the board of directors, on the 1st Septeinber. The prac. ply of its own notes. Previous to the 1st September, 1818, this tice war, to pay out only the notes of this office, but those of office indiscriminately received and paid out notes of the bank and other offices might accidentally be issued; he recollects but one its offers. After that period, and after they were apprised of the instance, in which any person applied to this office, to receive resolution of the parent board, this office did not pay out apy | bank notes of other offices paid out before that time; that was a notes of the bank at Philadelphia or of any of its oflices, unless very lriding amount, and not being convinced of the fact, they when they were asked for, except in one or two instances, one of were not received. 500 dollurs, and the others of 20 or 50 dollars, which were entire. ly accidental, and which were immediately received again on ap Statement of Branch and Post “Notes originally isplication for that purpose. The Union bank had received more
sued, puyable al ench office of Discount and Depa. îban 7.000 dollars, which had been reinitted to Barr, Kuse, and Welch, and by them deposited in that bank previous to its being
sil" of the Bank of the United States. notified that such notes would not be received at this office, and OFFICES.
POST BRANCI. although those notes were not paid out at this office, yet on appli
252,000 eation for that purpose, those notes to that amount were received Boston
368,000 after the 1st September. He does not recollect any other instance Providence .
252,000 a' an application to this office, to receive back the notes of the Middletown .
262,000 other offices which it had previously paid out, and he is contident New York . . . . 364,000 580,000 That if any such application has beeü made, it has dever been rel Baltimore
is exchanges ont board Coun the dite by him one, to only
na long time exceeding five danse amount. All those
to this office on the first hom
pember last, and has been
Aug. 7, 35,790 Richmond
71,540 Norfolk . 360,000
428,000 I once at Savannah, Charleston • 230.000 *624,000
1817-Nov. 5 6,900 Savannah . 360,000 1,216.000
1818- April 10 25,400 Lington
Nov. 7 253,780 Louisville . 360,000
420,000 ofice at Fayetteville, Cucionati
June 24 102,200 New Orleans • 100,000 788,000
Oct. 26 117,238
1817--0et. 22 1,300 Total . . . . dols. 11,219,000
1818-March 2 27,520 Bank of the United States, December 24, 1818.
July 2 31,220 List of Branch notes, payable to bearer, which have
Sept. 16 45,830 been received at this bank, and remitted to the seve
30 52,020 Tal offices, as follozus, vize
Office at Lexington, Price at New York, * 1817-Oct.
1817-Nov. 5 27,350 99,964 13
1818-Oct. 1813-March 13
office at Louisville,
1818-March 19 . 14,390
Aug. 3 61,830
Jet. 13 27,550
office at Cincinnati,
198,745 --236,093 79
76,490 office at Baltimore,
Oct. 1 22,910 1817–April 2 139,740
- 368,145 15,410
ofice at Chillicothe, 17,210
· 26,210 May 3 10,885
Office at Portsmouth, 10 21,008 32
dolls. 5,235,933 50
Note.--In some instances, small amounts of notes, &c. of banks Sept. 24 24,360
Tin the town where the branches are located. were included in
the above remittances.
1818-August 28--Amount of branch notes on hand-1,081,194 Feb. 26 88,890
List of Branch Notes pagabie 10 bearer, now March 28 23,230
on April 31,246
hand in the Bank of the United States, December 18,125
17,004 40 71,073
Baltimore . . 85,345
. . .
108,000 22 53,591 Norfolk
16,000 82,200 Richmond
34,000 25 23,230 Pittsburg
72,000 Aug. 34,495 Cincinnati
45,000 8 106,865 Lexington
52,000 23,925 Chillicuthe
25,000 Oct. 41,365 Louisville
30,000 21,310 Now Orleans
69,000 82,500 Fayetteville
37,000 Nov. 18,750 Charleston
95,600 28 52,883 Savannah
46,000 1,461,154 52
Middletown Opice at Washington,
3,140 1817-June 28 100,958
1,310 Oct. 22 88,549, 44
7,605 1818-March 25 139,331 75
Branch notes not assorted.
69,784 April 3 - 37,852.
dolls. 912,008 40
Report previous to dividend, July 1818.
At a meeting of the president and directors of the
bank of the United States:
July 6th, 1818.
The committee appointed for the purpose, made 84,287
-1,089,408 19 Ofice at Richmond,
the following report, which was read, adopted, and
ordered to be entered on the minutes, viz:
The committee appointed to ascertain the divi-
dend which, in their opinion, ought to be declared June 41,300
of the profits of the bank, for the last six months, 24
22,790 Sept. 8 86,379
report: Nov. 4 55,000
That they have carefully investigated the subject 16 35,825 480,294
referred to them, and beg leave to lay before the
board the statement of the business of the bank and 1818-April 84,563 42
its offices, for the last six months, by which it will 30,850 24,980
appear that the aggregate amounts of credits is Sept. 61,110
$1,632,319 85, and a debt for expenses including a • Nov. 16 52,820
provision for the bonus, amounting to $229,907 91, Ofice at Charleston,
and also $86,260 57, for the expenses on the impor1818-April 3 52,685
tation of specie,from Thomas Wilson and Co. of LonMay 23 27,600 July 1 41,507
| don, leaving a balance of $1,316,151 37.
The expenses under the contract (for specie), the following report, which was read, and with the with Messrs. Baring Brothers and Co. and Reid, Jr-resolution accompanying the same, adopted, and orving and Co. has not yet been ascertained, but it is dered to be entered on the minutes, viz: however sufficiently known, that the premium re. The committee appointed to ascertain the diviceived on the sales of 2,000,000 dollars of 6 per cent. dend which, in their opinion, ought to be declared stock, ordered to be sold on account of the bank in on the 7th instant, from the profits of the bank, reLondon, will be sufficient to cover the premium paid | port: by the bank on the two millions of like stock, pur That on examination of the subject referred to chased on account of the commissioners of the sink- them, they find that the profits of the bank at Philaing fund, and the balance remaining on the dividend delphia, including the interest on the public debt statement, will be more than sufficient to meet the to the 1st instant, together with the profits of the unascertained expenses on specie imported. offices at Boston, New York, Baltimore, and Wash-,
Your corninite therefore beg leave to recom- ington, to the 1st day of June last, amounts to the mend the adoption of the following resolution, viz: sum of $1,155,553 1. That the current expenses
Resolved, That a dividend of three and one half for salaries, stationary, &c, amounts to $66,912 33. per cent. on the capital stock of this bank, be de. That the expenditures for fixtures, &c. at the bank clared for the last six months, to be paid to the and the above mentioned offices, amounts to $39, stockholders or their legal representatives after the 062 89; and that the expenses and compensation to 16th instant.
the commissioners appointed to receive subscrip(Signed)". THIOS. M. WILLING, tions to the capital stock, as far as they have been
JOHN DONNELL, paid amounts to $40,089 85. The two last items of
CHANDLER PRICE. the propriety of apportioning these sums, so as to
The act incorporating the bank, requires a bonus
January 5th 1818. to be paid to the government of S1,500,000, in three * The committee appointed for the purpose, made equal instalments, the first of which will be at the the following report, which was read and adopted, expiration of two years, the second at the expiration and with the statement accompanying the saine, or- of three years, and the third at the expiration of dered to be entered on the minutes, viz.,
four years, from the cominencement of the business The committee appointed to ascertain the divi. of the bank. As the whole of this sum is chargea. dend which, in their opinion, ought to be declared ble on the profits of the institution, throughout the from the profits of the bank, for the last six months, period of the charter, each dividend will bear its beg leave to report:
proportion, and which on the present occasion the That on a careful investigation of the business of committee are of opinion, ought to be the sum of the bank and its offices, for the last six months $45,000. they have experienced much satisfaction; find. From these premises, the committee have preing the result to prove much more advantageous pared, and respectfully submit the statement No. 1, than could have been anticipated, under the priva- by which it will appear, that a dividend of two doltion of so large a portion of the funded debt of the lars and sixty cents on each share of the capital United States, which the commissioners of the sink- stock, may be declared from the profits of the bank, ing fund required to be surrendered at its par value and leave a surplus of 8111,873 40. agreeably to the authority granted by provisions in the offices which are not embraced in this state. the charter. ..
ment, having recently commenced their operations, The dividend statement, lierewith presented, ex- could not furnish the officiai returns required by the hibits a credit of $1,717,358 84, including the sur- 9th article of the rules for their government; but plus of the former half year; and a debit for expenses for the satisfaction o' the board, the committee have at this bank, and the different offices, of 6224,367 prepared and herewith submit a statement, No. 2, 60 cents, including a provision for the bonus to the exhibiting the profits of the bank and all its offices, government; leaving a balance of $1,492,990 24. from the commencement of business to the 1st inst. To declare a dividend of four dollars on each share together with the whole amount of expenses, inof the capital stock of the bank, will require from cluding those of the commissioners, and necessary this balance the sum of 81,400,000, and consequent fixtures. By this statement it will also appear, ly afford a surplus of $92,990 24.
that the contemplated dividend will be fully jusThe committee therefore beg leave to submit the tified. following resolution, to the consideration of the In submitting this view of the business of the board:
bank, your committee cannot but offer their congraResolved, That a dividend of tour percent. be de-tulations on its prosperous situation; and obserre, clared on the capital stock of this bank, for the last that notwithstanding the difficulties with which it six months, to be paid to the stockholders, or their had to contend, in restoring specie payments, in legal representatives, after the 15th instant.
equalizing exchanges, and furnishing a circulating (Signed) ROBT. RALSTON
medium founded on a specie basis, throughout the * CHAND, PRICE,
union, there has been accomplished, not only the
greatest benefit to the government, by bringing JOHN BOLTON,
into activity the immense dormant revenue, which Bank of United States, 5th January, 1819. has been so long seless, but affords to the stock
holders a remuneration exceeding the usual interest Report previous to dividend, July, 1818. on the capital advanced. At a meeung of the president and directors of The committee beg leare respectfully to submit, the bank of the United States:
| for the consideration of the board, the following re
Jauly 7th, 1817. solution: The committee appointed for the purpose, made! Resolved, That a dividend of two dollars and sisty
cents, on each share of the capital stock of this bank, s aforesaid, whilst not only the balances due to other be made froin the profits to this period; and that the banks by the bank of the United States, are liable at same be paid to the stockholders, or their legal re- any moment to be demanded, and must be paid in I presentatives, after the 17th inst.
specie; but experience has demonstrated, that even (Signed) ROBT. RALSTON, Oldebtor banks replenish their vaults by indirect
JOHN BOHLEN, J Imeans, from those of the bank of the United States;
JNO. GODDARD, vast demand, is not only utterly impracticable, but Bank of the United States, 5th July, 1817.
even to a limited extent, is exceedingly precarious,
arid intolerably expensive, and ought not to be reResolution directing Boston branch not to issue any lied upon but in a partial degree, and on particular other than its own notes.
emergencies. At a meeting of the president and directors of the Your committee therefore recommend the adopį bank of the United States:
tion of the following resolutions: May 26th, 1818.
1 1. That the reduction of the discounts at this bank, Present, W.JONES, President.
and its offices at Baltimore, Richmond, and Norfolk, Messrs. Butler, Willing, M’Euen, be forthwith commenced, and continued at the ave. Bowne, Bohlen,
Savage, rage rate of at least twelve and an half per cent. Connelly, Leiper, Goddard, on the amount of the income on each discount day, „Price, Evans, Fisher.
until the aggregate reductions' shall amount to the On metion,
following suis respectively, viz: Resolzed, That the president and directors of the At this bank,
$2,000,000 office of discount and deposit at Boston, be informed,
2,000,000 that the cashier of that office has been instructed, Richmond,
700,000 by the authority of this board, not to issue from the Norfolk,
300,000 said office the notes of this bank and its offices, (other than at Boston;) to forbear drawing on this
5,000,000 bank or any of its offices, unless by special authority And that the directors of the respective offices be from this bank, except for the reimbursement of requested to complete the reductions on or before such draughts as hereafter drawn on the said office, the first day of November next, if practicable. by this bank and its offices respectively; and to de. 2. That the president be required to demand of cline receiving for collection any bills or notes pay. the bank of Columbia, at Georgetown, district of able at New York; or south of New York.
Columbia a satisfactory assurance, that the large Resolved, That if the operations of the foregoing balance which is now, and has long been due from regulations shall not prevent the office from being that bank to this institution, be discharged by equal the debtor of the banks in Boston, that the directors instalments in effective money, so that the whole of the said office be required to curtail the amount shall be liquidated by the 15th day of October next. of bills and notes discounted, until the office shall and that the said bank be requested to return a debecome and remain the creditor of the said banks. cisive answer with as little delay as possible.
3. Th:the cashier of the office at Wasiungton Report of the committee, July 20, 1818, recommending city, be directed to demand payment of the bareduction of (liscounte.
| lances which may be due to that office by the At a meeting of the president and directors of other banks in the district of Columbia, and commuthe bank of the United States;
nicate the result to the cashier of this bank.
July 20, 1918. 14. That the cashier of the office at Cincinnati, be Present, W. JONES, Presiderit,
directed to demand the reduction of the balances Messrs. Williams, Savage, Connelly,
Connelly, which may be due by the state banks in that place,
of to be made in specie, or in bills of the banks in The committee appointed on the 10th instant, to the principal sea port towns, or in approved indivi. investigate the state of the bank, and report such dual bills, endorsed by the debtor bank, and payameasures as in their opinion, the interest and secu- ble in any of the towns aforesaid, and not having rity of the institution may require, submit the fol. 1 more than ninety days to run.*. lowing partial report, which, with permission, it is Report of the committee of directors, October 30th, proposed to extend in the progress of their investi
18:2, recommending further reductions in discounts, gation.
and calling upon offices at the south and west, and on Upon examination, it appears, that the whole of state banks, ja remit specie. the public money which may be to the credit of the. At a meeting of the president and directors of the treasurer of the United States, between this time bank of the United States: and the 21st of October next, will, in all probability,
October 30, 1818. be exhausted about that period, by the current ex
Present, W.JONES, President. penditure, and the redemption of a moiety of the Messrs. Conneliy, Ralston, Price, Louisiana debt, which alone, is estimated at up
Willing, Bohlen, Evans, Wirds of five millions of dollars; that a statement of
M'Euen, Savage,, Goddard, the debits and credits, existing between the bank of
Coulter, Lippincott, Lisle. the United States and the several state banks, in- The committee on the state of the bank, with recluding the banks of public deposit as far as the ference to their reports of the 20th July, and 28th same had been ascertained on the 30th altimo, ex- August last deem it their duty further to report: hibits an aggregate balance in favor of the bank of ist. That the reductions of the bills and notes disthe United States, of four millions four hundred and counted at the bank and the several offices desigforty-five thousand six hundred and sixty-three dollars; a considerable portion of which it is appre. "Nite by the conimittee of H. R, The above roso hended, will remain unliquidated at the period | lutions were adopted by the directors.