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president and cashier, without being communicated to the board, and before a meeting of the board, it was considered a matter of course, thus to renew them; he does not know of any authority having been given by the hoard to the president and cashier, to discount any notes, to the amount of 500,000 dols, or to any other amount; and he does not know of the president and cashier having discounted any original note, (not a renewal) except as it ap pears from the books, that notes have been discounted, without having the letter e annexed to them; all the notes marked a, in the discount book, were done at the board, those not marked, were entered by him generally, and as discounted by order of the cashier: he mentions the discounts of

S. Gratz and brothers, for

August 9th, M. Ball

Savage and Dugan

Calhoun and Matthews

August 18th, M.Euen, Hale and Davidson,

Dockeray Smith

August 29th, George Rundle

John Bolton

As being original discounts.

dolls. 10,000

6,500

17,500

40,000

140,000

- 22,000
17,500
243,400

He has no knowledge of the president and cashier, or either of them,having discounted notes, or made loans which are not en. tered in the books.

11th and 12th. He has no precise information on the subject upon which he could rely.

13th, 14th and 15th. He does not know of any such transactions.

1st. There was no specific fund appropriated; it was a matter of course here, to discount en pielged stock, and then the discounts were made by the president and cashier of this office, under a verbal authority given by the board of directors of this office. 24. He believes they were all paid without renewal, excepting in two instances, in these, notes were renewed to the amount of 3d. Those notes were generally renewed and continued so up to this time.

5410 61 cents.

4th. He believes it was generally known,

5th. He refers to the cashier for information.
6th. He refers to the cashier for information."

James W. M'Culloh—his examination.
6th. He knows of 4000 shares held by Richard M. Johnson, as
assignee of James Prentiss, of Kentucky. He knows that a large
amount of stock is held in England and in New York upon hy
pothecations, for the purpose of obtaining loans; he knows of
no other; that some was held by the bank of the United States and
its offices.

Henry J. Hutchins-second general head, fifth question. 8th. He paid the whole of the specie part of the second instalFrom the organization of the bank, until the 28th October, 1817, ment on the shares held by him, in coin, and by draughts on Bos he has had charge 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 cent. in Baltimore part of the 2d instalment; the coin part was received by Mr. Id- for specie and draughts. About a month before the resolution dings, the 2d teller; he has no knowledge himself of the 2d instal was adopted, authorizing discounts to facilitate the payment of ment 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 coin 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 brother, as attorneys for etances were very few before the 23d January; after the 23d Jan- about 2000 persons,and 1000 shares jointly with Smith and Bucha uary, large amounts of the stock were paid by a credit in the se- nan, as attorney for 1000 persons; those shares actually belonged cond teller's book, and witness looked in that book for evidence of to himself and brother, and Smith and Buchanan; they voted upon credit; the payments of funded debt after the 23d 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 made. the first dividend, aud after the second election. He thinks all the stock subscribed at this place, was consolidated after the se cond election, and prior to the first dividend.

Witnesses out of the bank.

Questions to witnesses out of the bank. 1st. Do you know what kind of notes were paid out of this bank on the 28th August, 1818, and immediately preceding that time? If so, state whether there were any notes payable at the branches. 2d. Do you know whether the bank of the United States received the notes of its branches after the 28th August, especially those which had been paid out of the bank?

3d. Can you refer us to any person who can give information on the above subject?

Examination of Witnesses out of the Bank. James S. Smith, jun. an officer in the bank of North America, says in answer to the

ist. question. That a short time before the period alluded to and frequently in the course of business, he received branch notes from the bank of the United States, but not to a large amount; be received some of 100 dollars, and some of 20 dollars, but they were most frequently of small denominations-the 100 dollar notes were frequently mingled with the other notes of the bank. 2d. The bank always received back from him, the branch notes which he had there received. Those branch notes which bad been received at the hank of North America, on the 28th August, were received by the bank of the United States the next day but were afterwards refused. He understands that all the banks in Philadelphia were treated in the same manner. He knows of no instance of a refusal on the next bank day, to receive of banks the branch notes so on hand. But he saw the officers refuse to receive them at the counter, of individuals; but he does not know whether those individuals received them of the bank or Bot. I do not know and never heard of any instance of branch notes being refused to be received of an individual, who had pre viously received them of the bank of the United States. Joseph Simms.

11th and 12th. Mr. John Goddard has informed him that he has sold some stock, how much he is ignorant; he thinks it was in 1817. Mr. Bolton sold stock in the close of the year 1817; he thinks both these sales were at about 140 to 150 dollars.

Manuel Eyre sold some early in 1817. Chandler Price informed him he had sold some early in the year 1817. Mr. Girard has sald large portions of stock, previous to the second instalment, and some time previous to the third instalment; 3000 shares to Dennis A. Smith, and Smith and Buchanan and George Williams; chase of 1000 shares was made by D. A. Smith, George Williams, and 1000 shares to Jolin Savage, through Newman, a broker. A pur and the Commercial Bank at Philadelphia; it was the intention of Smith and Buchanan, receivable of Wm. W. Smith, a broker. those gentlemen, if the stock rose, to present them to Mr. Williamı Jones, without whose knowledge the purchase had been made; Mr. D. A. Smith, contrary to the intention of the gentlemen concerned with him, and as they thought, prematurely, after the stock had risen a few dollars, mentioned the transaction to Mr. Jones, who accepted the purchase, and considered the stock as his own; he thinks that Mr. Jones received the assignment of the contract and sold it without having the stock transferred to him; he sold it at a profit of about 15,000 dollars, as Mr. M'Culloh recollects. He understood from Mr. Jones, that he purchased 100 0 Jones; he bought them at about the same price or a little higher shares, which he has recently been informed are still held by Mr. than he sold the contract for. He knows of no other instance in which Mr. Jones was interested.

He has never received any other notes of the bank than its own, collect the particulars; Mr. George Williams has often made large payable at Philadelphia.

BALTIMORE.

Questions to the President and Cashier of the Baltimore branch. 1st. Has any fund been appropriated by the board of directors, over which you preside, to the disposal of the president and cashier to be loaned by them on pledged stock, or otherwise? If so, bas any authority for that purpose been given by the parent board? 2d. What was the amount of discounts on pledged stock, prior to the 2d March, 1817, and were the notes then discounted, paid at the time they fell due?

3d. Were those notes discounted on pledged stock, after the 25th day of July, 1817, paid at the time they fell due?

4th. Was it known in Baltimore previously to February, 1817, that the payment of the specie part of the second instalment, would be facilitated by making discounts to the stockholders of

that amount?

first mentioned in his answer, that he had purchased stock; to Mr. Goddard has also informed Mr. M'Culloh, prior to the sales what amount he is ignorant: Mr. Bohlen has also purchased stock; Dennis A. Smith has often informed him of purchases and sales that he had made trequently and extensively, but he cannot repurchases, and has made small sales, once or twice, but is ignorant of the particulars; Mr. John Savage has occasionally made sales of a few shares, but has purchased a considerable amount, some times at high prices, which be still holds; Mr. George Williams, Smith and Buchanan, and himself, have made considerable purchases, in which they were jointly interested; and they still hold the stock thus purchased, with the exception of about 4000 shares that have been sold; which were recently sold at the rate of from 125 to 127 dollars per share; these purchases were made at three periods, but chiefly of one person; and, excepting those of the first period, without any prospect of gain. These purchases were made of this person with a desire to serve him, and to secure the payment of large debts due to this institution.

13th and 14th. He knows that Dennis A. Smith has made large contracts for the purchase of stock; but has made very few, and to a small amount, 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?

6th. When did you receive information of the parent board having adopted the resolution of the 28th August, 1818. refusing to receive the notes of the branches? what kind of not did you pay out of this office, immediately preceding that time?

7th. How were the balances against you at New York and Bos ton reduced, in February and Match?

James A. Buchanan, president De, ànswers

5th. He does not know of any,

At all times his contracts for purchase were a little above the mar ket price of stock; and although generally sold, without himself receiving the stock, and before the contract was mature, at an ad vance, in some instances, were received at a considerable loss He does not know of any other contract having been made by any other director.

15th. In some of the purchases of stock made by George Williams, Smith and Buchanan, and he 1, the sellers ... tracts for the delivery of stock in satisfaction of the original agree

ath. He paid the whole of the specie part of the second instal- ment, and he knows of no other purchases of contracts.

ment in coin.

st. The fuas made at this office on pledged stock have bect

WASHINGTON.

made generally by the president and cashier, under verbal autho-fused. He is the officer to whom such applications would, and rity of the board, given generally, and not in reference to particu. ought to be made. lar instances; that they were made to every stockholder that ap plied, until this office was instructed not to increase its loans; under the same authority, the president and cashier have generally purchased bills and draughts on those places, when it was desiraBie to remit, and chiefly on eastern cities; in order to reduce the balances against this office, they purchased bills at sight, and from sight to sixty days; he thinks they would average about thirty days; the aggregate amount has been very considerable, and with very few exceptions, and to trifling amounts, they have been paid at maturity, and in those excepted cases, the draughts have been paid on their return, and there is none lying over. Occasionally for the purposes of security, the president and cashier have, with the approbation of one or more of the directors, discounted to prevent loss to the office.

Examination of George Graham, esq, who became president of the office at Washington, in the month of July or August, 1817, and is so at this time.

2d. The amount discounted in that manner for the specie part of the second instalment was 138.320 dollars; and 12,200 dollars, was discounted in anticipation of the third instaliment; all these notes were paid without renewals except in two instances, to the amount of about 5,400 dollars.

3d. Some have been paid, but supposes two thirds of them in amount, remain now on renewal.

Sixth answer to sixth question to directors: There is stock pledged to the cashier in security for notes discounted; he knows of no other, excepting about 200 shares held by cul. Bomford, in trust for Mr. Cutts.

8th. He held no shares at the time.

11th and 12th. He has no direct or positive knowledge of any such sale or purchases.

13th, 14th and 15th. He has no knowledge of any transactions of

that sort

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1st. He has no knowledge of any such appropriations, or of any loans having been made by the president and cashier.

2d. This office was not in operation until the 8th March. 3d. The notes on stock have generally been renewed whenever requested, and have always been curtailed in the same propor tion with other notes, whenever a curtail was directed either by the parent board or the directors of this office.

4th. The directors and officers of the office, endeavored by conversation to make it known, to the stockholders and believes it was very generally nown to thefstockholders and to the public, by the 28th of December, and for a month before it had been geington or not, but presumes that it became known by February, nerally spoken of, and was anticipated.

5th. From September to November, in the year 1818, draughts, on the bank of the United States to an amount, of about 80,000 dollars, have been sold to applicants at this office under the dires tions of the parent board, at an agregate rate of about one half per cent. Draughts on other offices, to the amount of about 17,000 dollars have been sold at the rate of from one to two per cent. under the same directions. Since November, he has ceased entirely to give checks to individuals on other offices, and has refused repeated applications for draughts at a premium. The pa rent board will not allow the offices to draw on each other.

4th. He cannot say positively whether it was known in Wash. 1817.

5th. Draughts to a small amount have been sold at a premium, but refers to Mr. Smith, the cashier, for the amount of sales, and the rates. Bills of exchange have been purchased to a considera ble amount by the cashier, without being submitted to the board of directors. or to Mr. Graham; and he has no positive knowledge

• them.

6th. He was absent at the time, and does not know. This office generally paid out its own notes, and never those of the other offices, unless required. Very few notes of other offices have been received at this.

Richard Smith, esq. cashier of the office at Washington. Answer to 6th question to directors. He does not recollect of any other than what is pledged to the cashier, in security for notes discounted.

8th He paid the specie part of the second instalment early in March, either in coin or in the notes of banks paying specie, which were deemed equivalent to coin; specie he thinks, was then at par in Washington.

6th. He thinks, on the 1st of September, 1818, previous to that time, this office had indiscriminately received the notes of the parent bank and of all the offices, and had indiscriminately issued them. About 10,000 dollars had been alledged to have been received of the notes of the other offices by individuals, and were reeeived by those individuals again at this office; there has been no instance within his knowledge of an application to receive the notes of the other offices, alleged to have been paid out by this office, having been refused. And when applications have been 11th and 12th. He knows that D. A. Smith purchased to a 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. Larentrie, 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 parent bank at Philadelphia, of 237,250 dollars, which draught be supposed had been obtained for the shares sold; he knows of ne other sales or purchase of stock.

7th. The reduction of the New York balance, was effected by the sale of foreign bills of exchange by individuals of Baltimore, to the parent bank, by whom a check was given on New York for 1,007,500 dollars; these were the same bills that were obtained on a pledge of stock, to Messrs. Baring and Brothers, in England, for a loan made by them; occasionally treasury warrants on New York, were received from the office at Washington, in payment of the balances due from it to this office, and the reduction was fur-er in August, 1817, authorized the cashier to discount any note ther effected by commercial draughts sent to New York for collec tion.

From the commencement of this office to this time, it has made remittances of specie to the amount of about two millions, seut to the parent bank for the purpose of being remitted to Boston, and New York, for which this office obtained credit at the parent bank, but not at those offices. In consequence of the redemption by the government of the 11 millions of debt, all the public money in this office, amounting to about a million and a half, was in July, 1817, transferred to the parent bank. The reduction at Boston, has been effected generally by the remittances of commercial bills. The treasury account has frequently been overdrawn at this office from 100,000 to 200,000 dollars.

The parent bank has credit for about 1,000,000 of notes sent to this office as money, and the account with it, includes every thing in which the office and bank have any concern.

The reduction of the debt to the parent bank, in November last, was effected by draughts on those offices which were indebted to this office, and upon which this office had been prohibited giving checks to the community, until further orders.

John Lewis Larentrie, was first teiler of this office on the first of September last, and has been so from the commencement of the institution; it is, and has been his business to pay out money and notes from this office; as fast as they were issued, they were im roediately remitted. This office has never had a sufficient sup ply of its own notes. Previous to the 1st September, 1818, this office indiscriminately received and paid out notes of the bank and its offices. After that period, and after they were apprised of the resolution of the parent board, this office did not pay out any notes of the bank at Philadelphia or of any of its offices, unless when they were asked for, except in one or two instances, one of 500 dollars, and the others of 20 or 50 dollars, which were entirely accidental, and winch were immediately received again on application for that purpose. The Union bank had received more than 7,000 dollars, which had been remitted to Barr, Kuse, and Welch, and by then deposited in that bank previous to its being notified that such notes would not be received at this office, and although those notes were not paid out at this office, yet on application for that purpose, those notes to that amount were received fter the 1st September. He does not recollect any other instance of an application to this office, to receive back the notes of the other offices which it had previously paid out, and he is confident that if any such application has been made, it has never been re

13th. 14th and 15th. He knows nothing on the subject. Answers to questions put to the president and cashier at Baltimore 1st. There has been no particular fund appropriated for that purpose; but the directors of this office, in the latter part of July that might be offered, between discount days, on the stock of the bank, or on funded debt: he loaned very little under that authority; he thinks not exceeding 10,000 dollars.

2d. This office did not make any discounts until the 8th March, 3d. They have generally been renewed, and always when required by the discounter: whenever curtailments were directed they fell equally upon those notes with the others.

4th. It was not known in Washington only from general ru

mor.

5th. Draughts have been sold to the amount of 320,495 41; the rates on Philadelphia, commenced at one per cent. but in less than a mouth, they were sold at 1-2 per cent. Draughts on Charleston, Savannah, and New Orleans, have been uniformly at 2 per cent. on New York they have varied from one, to one and a half per cent. the draughts were sold by him, to whosoever applied, and under authority from the directors of this office, autho rized by the parent board to do so. He has purchased domestic bills of exchange payable at sight, and some on short time, not exceeding five days sight, but not to a large amount. All those which had long time exceeding five days, were discounted by the board. The purchases made by him, were not under special au thority from the board, but were made for the accommodation of the individuals offering them.

6th. It was received probably the 31st, of August, as it was laid before the board of directors, on the 1st September. The prac tice was, to pay out only the notes of this office, but those of other offices might accidentally be issued; he recollects but one instance, in which any person applied to this office, to receive bank notes of other offices paid out before that time; that was a very trifling amount, and not being convinced of the fact, they were not received.

Statement of Branch and Post "Notes originally is sued, payable at each office of Discount und Deposit" of the Bank of the United States.

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Junie 8

125,710

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Report previous to dividend, July 1818. At a meeting of the president and directors of the bank of the United States:

The committee appointed for the purpose, made July 6th, 1818. the following report, which was read, adopted, and ordered to be entered on the minutes, viz:

The committee appointed to ascertain the dividend which, in their opinion, ought to be declared of the profits of the bank, for the last six months, report:

That they have carefully investigated the subject referred to them, and beg leave to lay before the board the statement of the business of the bank and its offices, for the last six months, by which it will appear that the aggregate amounts of credits is $1,632,319 85, and a debt for expenses including a provision for the bonus, amounting to $229,907 91, and also $86,260 57, for the expenses on the importation of specie,from Thomas Wilson and Co. of London, leaving a balance of $1,316,151 37.

35,000

108,000

16,000

34,000

72,000

45,000

52,000

25,000

30,000

69,000

37,000

95,000

46,000

13,310

3,190

1,510

7,605

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The expenses under the contract (for specie) the following report, which was read, and with the with Messrs. Baring Brothers and Co. and Reid, Ir-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 WashYour committee therefore beg leave to recom-ington, to the 1st day of June last, amounts to the mend the adoption of the following resolution, viz: Resolved, That a dividend of three and one half percent. on the capital stock of this bank, be declared for the last six months, to be paid to the stockholders or their legal representatives after the 16th instant.

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The committee appointed for the purpose, made the following report, which was read and adopted, and with the statement accompanying the same, ordered to be entered on the minutes, viz.

The committee appointed to ascertain the dividend which, in their opinion, ought to be declared from the profits of the bank, for the last six months, beg leave to report:

sum of $1,155,553 1. That the current expenses for salaries, stationary, &c. amounts to $66,912 33. That the expenditures for fixtures, &c. at the bank and the above mentioned offices, amounts to $39, 062 89; and that the expenses and compensation to the commissioners appointed to receive subscriptions to the capital stock, as far as they have been paid amounts to $40,089 85. The two last items of expense being justly chargeable on future dividends, as well as the present, the committee suggest the propriety of apportioning these sums, so as to be absorbed in five years, charging each dividend with one tenth part during that period.

The act incorporating the bank, requires a bonus to be paid to the government of $1,500,000, in three equal instalments, the first of which will be at the expiration of two years, the second at the expiration of three years, and the third at the expiration of four years, from the cominencement of the business of the bank. As the whole of this sum is chargea bie on the profits of the institution, throughout the period of the charter, each dividend will bear its proportion, and which on the present occasion the committee are of opinion, ought to be the sum of $45,000.

That on a careful investigation of the business of the bank and its offices, for the last six months 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 $111,873 40. agreeably to the authority granted by provisions in The offices which are not embraced in this statethe charter. . ment, having recently commenced their operations, The dividend statement, herewith presented, ex-could not furnish the official 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 $224,367 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 iast. 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 $1,400,000, 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 jus tified.

The committee therefore beg leave to submit the following resolution, to the consideration of the board:

In submitting this view of the business of the bank, your committee cannot but offer their congraResolved, That a dividend of four per cent. be de-tulations on its prosperous situation; and observe, clared on the capital stock of this bank, for the last six months, to be paid to the stockholders, or their legal representatives, after the 15th instant. (Signed) ROBT. RALSTON

CHAND, PRICE,

THOS. MEUEN,

JOHN BOLTON,

Committee.

Bank of United States, 5th January, 1818.

Report previous to dividend, July, 1818. At a meeting of the president and directors of the bank of the United States:

July 7th, 1817. The committee appointed for the purpose, made

that notwithstanding the difficulties with which it had to contend, in restoring specie payments, in equalizing exchanges, and furnishing a circulating medium founded on a specie basis, throughout the union, there has been accomplished, not only the greatest benefit to the government, by bringing into activity the immense dormant revenue, which has been so long useless, but affords to the stockholders a remuneration exceeding the usual interest on the capital advanced.

The committee beg leave respectfully to submit, for the consideration of the board, the following resolution:

Resolved, That a dividend of two dollars and sixty

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aforesaid, whilst not only the balances due to other banks by the bank of the United States, are liable at any moment to be demanded, and must be paid in specie; but experience has demonstrated, that even debtor banks replenish their vaults by indirect means, from those of the bank of the United States; and that the importation of specie to supply this vast demand, is not only utterly impracticable, but even to a limited extent, is exceedingly precarious, and intolerably expensive, and ought not to be relied upon but in a partial degree, and on particular emergencies.

Your committee therefore recommend the adoption of the following resolutions:

1. That the reduction of the discounts at this bank, and its offices at Baltimore, Richmond, and Norfolk, be forthwith commenced, and continued at the average rate of at least twelve and an half per cent. on the amount of the income on each discount day, until the aggregate reductions shall amount to the following sums respectively, viz: At this bank, Baltimore, Richmond, Norfolk,

$2,000,000

2,000,000

700,000

300,000

5,000,000

On motion, Resolved, That the president and directors of the office of discount and deposit at Boston, be informed, that the cashier of that office has been instructed, by the authority of this board, not to issue from the said office the notes of this bank and its offices, (other than at Boston;) to forbear drawing on this bank or any of its offices, unless by special authority from this bank, except for the reimbursement of such draughts as hereafter drawn on the said office, by this bank and its offices respectively; and to decline 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.

Resolved, That if the operations of the foregoing regulations shall not prevent the office from being the debtor of the banks in Boston, that the directors of the said office be required to curtail the amount of bills and notes discounted, until the office shall become and remain the creditor of the said banks.

Report of the committee, July 20, 1818, recommending reduction of discounts.

At a meeting of the president and directors of the bank of the United States;

July 20, 1818.

Present, W. JONES, President,

Messrs. Williams,

Goddard,
Willing,
Evans,

Savage,

Price,

Lippincott,
M'Euen.

Connelly,
Sergeant,
Leiper,

Total

And that the directors of the respective offices be requested to complete the reductions on or before the first day of November next, if practicable.

2. That the president be required to demand of

Columbia a satisfactory assurance, that the large balance which is now, and has long been due from that bank to this institution, be discharged by equal instalments in effective money, so that the whole shall be liquidated by the 15th day of October next, and that the said bank be requested to return a decisive answer with as little delay as possible.

3. The the cashier of the office at Washington city, be directed to demand payment of the balances which may be due to that office by the other banks in the district of Columbia, and communicate the result to the cashier of this bank.

4. That the cashier of the office at Cincinnati, be directed to demand the reduction of the balances which may be due by the state banks in that place, at the rate of at least 20 per cent. per month, until the whole shall be extinguished: the payment thereof 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 indiviinvestigate 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-more than ninety days to run.* lowing partial report, which, with permission, it is proposed to extend in the progress of their investigation.

Upon examination, it appears, that the whole of the public money which may be to the credit of the treasurer of the United States, between this time and the 21st of October next, will, in all probability, be exhausted about that period, by the current expenditure, and the redemption of a moiety of the Louisiana debt, which alone, is estimated at upwards of five millions of dollars; that a statement of the debits and credits, existing between the bank of the United States and the several state banks, including the banks of public deposit as far as the same had been ascertained on the 30th ultimo, exhibits an aggregate balance in favor of the bank of the United States, of four millions four hundred and forty-five thousand six hundred and sixty-three dollars; a considerable portion of which it is appre hended, will remain unliquidated at the period

Report of the committee of directors, October 30th, 1818, recommending further reductions in discounts, and calling upon offices at the south and west, and on state banks, to remit specie.

At a meeting of the president and directors of the bank of the United States:

October 30, 1818.
Present, W. JONES, President.
Messrs. Connelly,

Willing,
M'Euen,

Coulter,

Ralston,

Bohlen,

Savage,
Lippincott,

Price,

Evans,

Goddard,

Lisle.

The committee on the state of the bank, with reference to their reports of the 20th July, and 28th August last deem it their duty further to report:

1st. That the reductions of the bills and notes dis

counted at the bank and the several offices desig

*Note by the committee of H. R. The above reso lutions were adopted by the directors.

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