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'nated in the resolution of this board, on the 20th with the heary responsibilities of the bank on ai July last are as follows:

count of the foreign portion of the Louisiana debt At Philadelphia, 20th July, the amount

the extreme delinquency and inagnitude of the debt of discounted notes was $10,424,900 due by many of the state banks,the incessant drain o 26th October, reduced to " 7,913,600 specie from the bank and its offices, and the cer

- tainty of the continuance and increase of the foreigi Actual reduction

2,511,300 demand, indicated by the unexampled premium Reduction required by the re

paid at this time for specie, which is said to be 10 pe: solution of 20th of July 2,000,000 cent. on Spanish dollars, and a considerable, though

less premium on otber coins; your committee are The actual exceeds the required

constrained to urge a steady perseverance in the reduction

511,300 curtailment of the discounts at the bank and its offi.

ces, wherever it may be found practicable and use. At Baltimore, 20th July, discounted

ful; a vigorous enforcement of payment of the debts 26th October, reduced to 7,844,300 due by state banks, and in default thereof, or of a

satisfactory arrangement for their gradual and cer. Actual reduction

1,236,200 tain liquidation; within a reasonable time, to cease Required reduction 2,000,000 receiving either in payment or on deposit as cash,

the notes of every such bank. Deficiency

763,800 The application of the means which have been

provided in London, must depend upon circumstan. At Richmond, 20th July, amount dis

ces, as the bills of the bank cannot be forced in!o counted

2,996,500 market, without materially affecting the exchange, 21st October, reduced to 2,477,400 which it is desirable to avoid, but the committee

think it probable that favorable negociations may be Actual reduction

519,100 made, for bills in payment of the Louisiana debt, Required reduction

700,000 with the agents of foreign stockholders, and that

the funded debt of the United States, belonging to Deficiency

180,900 the bank, and now waiting the answer of the secre.

tary of the treasury, may be applied to the same At Norfolk, 20th July, amount discounted 1,420,400 | purpose, but they do not see any prospect of nego19th October, reduced to 1,253,200ciating the bills on Calcutta, in the only way in

which they would be useful to sell them, namely: Actual reduction

167,200 for specie which may have been collected for ex. Required reduction

300,000

portation, so as not to give rise to new expeditions.

With this view of the resources and responsibili. Deficiency

132,800 ties of the institution, the committee respectfully Deficiency at Baltimore 763,800 | recommend the adoption of the following resolu

do. Richmond 180,900 tions.
do Norfolk 132,800 1st. That the president be authorised and request.

ed to order an additional sum of one million and a

1,077,500 half of dollars, in French coin, to be shipped on acThat upon investigation of the state bank, they I count of the bank, with as little delay as possible find that large funds have been provided, and an ex- for the port of New-York tensive credit established in London, by actual 2d. That the branches which have not reduced funds remitted, and three millions of dollars in the their discounts, as required by the resolution of the five per cent. debt of the United States, pledged in 20th July last be required to complete said reducthe hands of the agents there, upon which bills may tions. be drawn. That a credit has also been established 3. That in addition to the reductions require by in Calcutta of 1,500,000 sicca rupees, to be used as the resolution of the 20th July last, the following occasion may require or relinquished without charge; offices be required to reduce their discounts at the that the residue of the funded debt of the United average rate of 12 1-2 per cent. each discount day, States belonging to the bank, amounting to $393, until the aggregate shall amount to the following 049. 12, at the prices at which the said debt was sums, viz.. subscribed, has, by order of the board, been offered to At Middletown, Connecticut

• $100,000 the secretary of the treasury, with a view to the sale Baltimore,

1,000,000 of the said stock in the market, if he shall decline

Washington,

400,000 taking it, which there is reason to believe he will do. That French coin to the amount of about

1,500,000 850,000 dollars, according to advices from the agents employed by the bank in London and Paris, must 4th. That the office at Charleston be directed to at this time be on its passage, of which the greater hold, subject to the order of the office at Savannah part may be hourly looked for: that an unlimited $250,000 (including the $60,000 for which the latorder of specie continues open at Jamaica; but that ter, now holds the check of the cashier of this bank,) the low price of bills, the scarcity of specie at that to ship to this port by the first regular packet, market, and the prohibition of intercourse forbids $150,000 in specie, consigned to the cashier of this the expectation of aid from that quarter; and that an bank, giving timely advice for insurance; and that effort has been made, through a respectable agent, the president and directors of the office at Charlesto negociate for 3,000,000 of Spanish dollars, deli- ton, be inforned, that after the execution of the

verable at Vera Cruz; but without success, as per- foregoing order, it will be expedient to regulate · mission to export the dollars could not be obtained their discounts, according to the circumstances of by the individual who held them.

the office, and the extraordinary demand for specie, In comparing the means which have been pro- which may be expected to prevail during the ed. vided, and those which are in a train of execution suing season.

5th. That the offices reciprocally refrain from capital here to commence with, should not be less drawing on each other, or upon this bank, until than $1,500,000, viz: 8800,000 in specie, and $700further ordets.

1000 in notes of the bank of the United States. They 6th. that the cashier of this bank be authorised make no account on funded debt, as they do not and required to draw upon the cashiers of the follow-perceive how that can be applied to the branch as ing named offices respectively, for the annexed active capital. stinus in specie, and direct the same to be forwarded In taking a view of the revenue, they are led to

in the most secure aud expeditious manner to this believe, that the amount now standing to the credit į bank, viz:

of the government in the banks here, exceeds three The office at Richmond in specie, or)

inillions of dollars, and that the average annount bills at sight on this city, New-York 50,000 hereafter in der

hereafterin deposit may be about $1,500,000, which or Boston.

if collected and received by the branch, we might The office at Lexington in specie, 100,000

calculate on the use of one million in discounts, &c. Louisville,

100,000

0:&c. this added to the amount of S1,500,000 as de Cincinnati,

50,000

sired, would make up the sum of $2,500,000, which Pittsburgh,

50,000

might be considered as active capital. But, from tlie Chillicothe,

100,000

contents of a circular from the treasury department, Pasctteville,

100,000

under date of the 20th inst. which has been addres

sed to the state banks here, and of which you have $550,000

no doubt a copy, no account can at present be made

by the branch bank here, for any portion of the reve. 7th. That the cashiers of all the offices of this

os nue, until after the first day of July next, hence it rebank be instucted to receive in payment, and on

sults that the branch bank here cannot safely ope. deposit as cash only, such bank notes as are actually

rate but on the capital actually received from the paid in specie on demand, within such distance as

mother bank, including the amount of specie to shall have no doubt of the fact at the time of receiv.

be received from the commissioners who have ing any such notes, and not to credit as cash the notes

es the subscriptions, and who are to receive the of any bank which shall remain indebted to this in- |

second instalment, wbich, it paid, will probably stitution after payment shall have been demanded.

amount to about $300,000; the residue of $500,000, sth. That when the banks at Cincinnati shall have

to make up the $800,000, will of course have to be made arrangements with the cashier of this bank for

for provided for in such manner and period, as the the payment of their respective debts, the cashier ?

hier circumstances of the bank, and that of the country, the office at Cincinnati may receive the notes of will render most convenient. any such bank as cash, provided the said banks shall thereafter pay its notes in specie on demand* 1.

nd* | I have the honor to be, most respectfully, sir, RECAPITULATION:

Your obedient servant, of the means comprehended in this report, exclu. (Signed)

JOHN JACOB ASTOR, sive of the funds in London and Calcutta, of what

Pres't, of the Office Dis. & Dea: may be received from the debtor banks, and of the William Jones, Esq. accumulation of the public deposits arising from the President of the bank of U. Slates. duties and tonnage, viz: Specie expected soon to arrive,

850,000 | Opinion of counsel, and resolution prohibiting transfer Deficiencies in the reductions requir-21

1-? 1,077,500 of stock, which had not been fully paid np. ed by the resolution of 20 Jaly, our Additional reduction at the offices, as

At a meeting of the president and directors of

1,500,000 the bank of the United States: recóminended Punded debt of the U.States to be sold, 400,000

January 24th, 1817, Additional reduction of discounts at 21.000.000

Present, W. JONES, president. this bank, suppose to

guve Messrs. Ralston Savage Fisher Specie from Charleston, 150,000

Willing Eyre

Goddard Specie froin the 7 oftices ? 550,000,

Butler Girard

Evans as designated, i 5

Leiper Price Connelly 700,000

Bohlen Wetherill Specie to be ordered from Europe, 1,500,000

1,500,000| The president informed the board, that he had

in pursuance of the resolution passed at the last $7,027,500 meeting, submitted the following questions to coun

se), and had received an answer, with a form of a Respectfully submitted,

certificate of stock, which were ordered to be eit (Sigued) W.JONES,

tered on the minutes; viz. THOS. M. WILLING. 1st: Is it obligatory upon the corporation to pro

JOHN CONNELLY. vide for the transfer of stock of the bank, prior to Bank of the United States, Oct. 30, 1813.

the completion of the shares.

20. If it is obligatory, and the bank shall have Huawer given by the president of New York branch, as provided for the transfers accordingly, has the board 10 amount of specie required,

of directors the lawful authority to withold the New York, 28th December, 1816. transfer of a certificate of stock, on which a partial SIR-I had the honor to receive your letter, with payment shall have been made, when a subsequent a copy of the resolution passed by the board of payment shall be due and unpaid. directors of the bank, on the 16th inst. which I have 3d. If the respective instalments shall not be paid in compliance with your request, submitted to the at the time prescribed by law, has rot the board of board of directors for their consideration; the re- directors the lawful authority to demand the intersult of which is, that they deem it desirable that the est thereon, from that time, until the day of actual

payment? "The above resolutions were adopted.

* 4th. If the authority of the board shall, in your

opinion, be incompetent to the end proposed in the certain the amount of the notes of the corporation foregoing questions, is there any other adequate payable at this bank and its offices of discount and "expedient, within the lawful authority of the board? | deposit severally, which have been received at the

office at Boston on account of the public revenue; .

Philadelphia, January 22d, 1817. also, the amount of debentures, and the manner in Sir-We have given to the questions proposed in which they have been paid. your letter of yesterday (received this day) all the If the data in your office will enable you to furnish consideration the limited time would admit, and we the information required, you will give it retrospec. ber you to inform the board, that during Mr. Ser. tively to the commencement of your operations, or geant's absence, we shall, at all times, be ready to as far back as the discrimination may be practicable. confirm the reference which he has made to us, in the I am, with respect, your obedient servant. letter of which you have furnished us an extract.

(Signed . JONA. SMITH Cashier. In answer to the first, we are of opinion, that there | Samuel Frothingham, Esq. cashier Boston. is no obligation on the part of the bank, to provide for the transfer of the stock, prior to the completion List of notes of the bank of the United States received, of the shares; but it is in their power to provide for

for duties &c. such transfer, in the manner, and under the condi

OFFICE OF DISCOUNT AND DEPOSIT, tions they may deem expedient, and we are therefore

Boston, Dec. 19th, 1818. of opinion, that the board may adopt a form of trans- Dean SIR--In reply to your favor of the 14th fer, which will confine transfers to such shares only, linst. which I received yesterday I have the honor to as are not in default for any instalment. We take state that this office commenced the collection of the liberty of handing herewith, such a form.

the public revenue, on the 6th February, 1817, and • The second question has already been answered. I from that date, to the 13th March following, receive

In answer to the third question, we are of opinion, led on account thereof. that the board has not the authority to demand inte. In notes of the bank of the U. States, $135,320 05 rest upon instalments in arrear. On this question we | Do.: Baltimore office

* 22,800 wish to be understood, as expressing our present Paid in debentures to the last date 108,598 27 opinion, which a further consideration may alter. On the 13th March, 1817, we commenced receir

In answer to the fourth question, we have already ling in deposit as cash, and paying promiscuously suggested the only arrangement which occurs to us, with the notes of this office; the notes of the bank. for promoting the panctual payment of the install and several branches, and continued with a trifling ments, viz. depriving the shareholders of the benefit intermission, until the 19th March, 1818; during of transfering any share in default. : .

this time, we have no data, by which to distinguish • We are, very respectfully, sir, your obdt, serv’ts. I the amount received for the revenue. (Signed)

JOS. REED,

Debentures paid during this time, 8975,727 57 HIOR. BINNEY,

| The amount of notes of the bank of the United

H. CHAUNCEY. I States and several offices, received in payment of the Wm. Jones, Esquire, president bank United States.

revenue at this office, from the 19th March 1818, to

this day, is $1,372,474 14, as follows, viz: No. Bank of the United States of America.

Notes of the bank of United States $598,429 14 This is to certify that

Office at Baltimore - - - - 97,635 21 instalment due is entitled to share in the capital

New York ..

.

. 1st July, 1817.

. 156,165 stock of the bank of the United, trans

Washington .. . 99,725 ferable at the said bank, by the said|

Richmond -

. 44,150 or attorney,

Norfolk . . . . 22,230 subject nevertheless to the third pay.

Charleston - .

• - 36,930 ment, to come due thereon, accord

Savannah . .

47,130 3d Instalment, dae ing to the terms prescribed by the

Fayetteville -

22,540 1st January, 1817. charter of the said bank; in default

New Orleans .

10,960 whereof, at the time, and in the man

Cincinnati ,

15,310 ner prescribed by the said charter,

Lexington

8,820 then such share shall cease to be

Chillicothe.

1,650 transferable until said payment be

Louisville - - - -
made.

Pittsburg - -
Witness the seal of the President,

Portsmouth .
directors and company of the bank of

Providence . . . . 72,140 the United, States, at Philadelphia,

Middletown

. 44,360 the day of

18 1

Debentures paid from the 19th of March last, to The question submitted to counsel, and their opi- this day, $731,892 96. nion thereon, in respect to the transfer of stock of The debentures bave principally been appropria the bank, upon which the respective instalments ated in part payment of the duties. which may be due, shall not have been paid at the When payment of the debenture has been requir. time of any such application to transfer, being under ed, the bond for duties having been previously disconsideration.

charged, during the time that the notes of the other On motion, resolved, that the officers of the bank

offices were received at this as cash, such debenbe instructed to confine the transfers of the stock of tures have been paid in these notes which were re, this bank, to such shares only as are not in default sponded for in specie at this office, if required, ang for any instalment.

the notes of this office. Since that period, such

debentures have been paid in the notes of this of Jonathan Smith's cashier, letter to S Frothinglum, re-fice.

specting notes of the bank of the United States, re- I am, with much respect, your most obedient ser: ceived for duties, &c.

vant. Bank UNITED STATES, Dec. 14, 1818. (Signed) SAM'L. FROTHINGHAM, Cash:. DEAR SIR—The committee of inquiry wish to as-Jona, Smilí, Esg. cash'r of the bank U, S.

5,280 10,640 78,380

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'nated in the resolution of this board, on the 20th | with the heavy responsibilities of the bank on ačiti July last are as follows:

count of the foreign portion of the Louisiana debt, At Philadelphia, 20th July, the amount

the extreme delinquency and inagnitude of the debts; of discounted notes was $10,424,900 due by many of the state banks, the incessant drain of 26th October, reduced to 7,913,600 specie from the bank and its offices, and the cer

tainty of the continuance and increase of the foreign Actual reduction

2,511,300 demand, indicated by the unexampled premium Reduction required by the re

paid at this time for specie, which is said to be 10 per solution of 201h of July 2,000,000 cent. on Spanish dollars, and a considerable, though

less premium on otber coins; your committee are The actual exceeds the required

constrained to urge a steady perseverance in the reduction

511,300 curtailment of the discounts at the bank and its offi.

ces, wherever it may be found practicable and use. At Baltimore, 20th July, discounted 9,080,500 ful; a vigorous enforcement of payment of the debts 26th October, reduced to 7,844,300 due by state banks, and in default thereof, or of a

satisfactory arrangement for their gradual and cer. Actual reduction

1,236,200 tain liquidation; within a reasonable time, to cease Required reduction 2,000,000 receiving either in payment or on deposit as cash,

the notes of every such bank. Deficiency

763,800 The application of the means which have been

provided in London, must depend upon circumstan. At Richmond, 20th July, amount dis

ces, as the bills of the bank cannot be forced into counted

2,996,500 market, without materially affecting the exchange, 21st October, reduced to 2,477,400 which it is desirable to avoid, but the committee

think it probable that favorable negociations may be Actual reduction

519,100 made, for bills in payment of the Louisiana debt, Required reduction

700,000 with the agents of foreign stockholders, and that

the funded debt of the United States, belonging to be Deficiency

180,900 the bank, and now waiting the answer of the secre. Filmes

tary of the treasury, may be applied to the same At Norfolk, 20th July, amount discounted 1,420,400 purpose, but they do not see any prospect of nego. 19th October, reduced to 1,253,200 ciating the bills on Calcutta, in the only way in

which they would be useful to sell them, namely: B Actual reduction

167,200 for specie which may have been collected for ex. 3 Required reduction

300,000 | portation, so as not to give rise to new expeditions.

With this view of the resources and responsibili. Deficiency

132,800ties of the institution, the committee respectfully Deficiency at Baltimore

recommend the adoption of the following resolu. do. Richmond. 180,900 | tions. do Norfolk 132,800 1st. That the president be authorised and request

- ed to order an additional sum of one million and a 1

1,077,500 half of dollars, in French coin, to be shipped on acThat upon investigation of the state bank, they count of the bank, with as little delay as possible, find that large funds have been provided, and an ex- for the port of New York tensive credit established in London, by actuall 2d. That the branches which have not reduced funds remitted, and three millions of dollars in the their discounts, as required by the resolution of the five per cent. debt of the United States, pledged in 20th July last be required to complete said reducthe hands of the agents there, upon which bills may tions. be drawn. That a credit has also been established 3. That in addition to the reductions require by in Calcutta of 1,500,000 sicca rupees, to be used as the resolution of the 20th July last, the following occasion may require or relinquished withoutcharge; offices be required to reduce their discounts at the that the residue of the funded debt of the United average rate of 12 1-2 per cent. each discount day, States belonging to the bank, amounting to $393, until the aggregate shall amount to the following 049 12, at the prices at which the said debt was sums, viz. subscribed, has, by order of the board, been offered to At Middletown, Connecticut - $100,000 the secretary of the treasury, with a view to the sale Baltimore,

1,000,000 of the said stock in the market, if he shall decline

Washington,

400,000 taking it, which there is reason to believe he will do. That French coin to the amount of about

1,500,000 850,000 dollars, according to advices from the agents employed by the bank in London and Paris, must 4th. That the office at Charleston be directed to at this time be on its passage, of which the greater hold, subject to the order of the office at Savannah part may be hourly looked for: that an unlimited $250,000 (including the $60,000 for which the latorder of specie continues open at Jamaica; but that ter, now holds the check of the cashier of this bank,) the low price of bills, the scarcity of specie at that to ship to this port by the first regular packet, market, and the prohibition of intercourse forbids $150,000 in specie, consigned to the cashier of this the expectation of aid from that quarter; and that an bank, giving timely advice for insurance; and that effort has been made, through a respectable agent, the president and directors of the office at Charlesto negociate for 3,000,000 of Spanish dollars, deli- ton, be inforned, that afier the execution of the verable at Vera Cruz; but without success, as per-foregoing order, it will be expedient to regulate · mission to export the dollars could not be obtained their discounts, according to the circumstances of by the individual who held them.

the office, and the extraordinary demand for specie, In comparing the means which have been pro- which may be expected to prevail during the ea. vided, and those which are in a train of execution suing season.

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