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: $800,000 in specie, and $700further ordets. 000 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. sums in specie, and direct the same to be forwarded in the most secure aud expeditious manner to this bank, viz: The office at Richmond in specie, or The office at Lexington in specie, Cincinnati, Pittsburgh, In taking a view of the revenue, they are led to believe, that the amount now standing to the credit of the governnfent in the banks here, exceeds three millions of dollars, and that the average amount 50,000 hereafter in deposit may be about $1,500,000, which if collected and received by the branch, we might 100,000 calculate on the use of one million in discounts, &c. 100,000 &c. this added to the amount of $1,500,000 as de50,000 sired, would make up the sum of $2,500,000, which 50,000 might be considered as active capital. But, from the 100,000 contents of a circular from the treasury department, 100,000 under date of the 20th inst. which has been addressed to the state banks here, and of which you have no doubt a copy, no account can at present be made $550,000 7th. That the cashiers of all the offices of this by the branch bank here, for any portion of the reve 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 opedeposit 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 of any bank which shall remain indebted to this institution after payment shall have been demanded. 8th. That when the banks at Cincinnati shall have made arrangements with the cashier of this bank for the payment of their respective debts, the cashier of the office at Cincinnati may receive the notes of any such bank as cash, provided the said banks shall thereafter pay its notes in specie on demand* RECAPITULATION: Of the means comprehended in this report, exclusive of the funds in London and Calcutta, of what may be received from the debtor banks, and of the accumulation of the public deposits arising from the duties and tonnage, viz: 850,000 Specie expected soon to arrive, the subscriptions, and who are to receive the second instalment, which, if paid, will probably to make up the $800,000, will of course have to be amount to about $300,000; the residue of $500,000, provided for in such manner and period, as the circumstances of the bank, and that of the country, will render most convenient. I have the honor to be, most respectfully, sir, Your obedient servant, (Signed) JOHN JACOB ASTOR, William Jones, Esq. Opinion of counsel, and resolution prohibiting transfer of stock, which had not been fully paid up. Additional reduction at the offices, as 1,500,000 the bank of the United States: At a meeting of the president and directors of recommended, Punded debt of the U. States to be sold, January 24th, 1817, Present, W. JONES, president. 400,000 1,000,000 Messrs. Ralston Savage Eyre Girard Price Wetherill Fisher Goddard Evans Connelly Specie to be ordered from Europe, Respectfully submitted, (Signed) 700,000 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 counsel, and had received an answer, with a form of a certificate of stock, which were ordered to be entered on the minutes; viz. W. JONES, Answer given by the president of New York branch, as 1st: Is it obligatory upon the corporation to provide for the transfer of stock of the bank, prior to the completion of the shares. 2d. If it is obligatory, and the bank shall have provided for the transfers accordingly, has the board of directors the lawful authority to withold the transfer of a certificate of stock, on which a partial payment shall have been made, when a subsequent payment shall be due and unpaid. "New York, 28th December, 1816. STR-I had the honor to receive your letter, with a copy of the resolution passed by the board of 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 not 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 foregoing questions, is there any other adequate expedient, within the lawful authority of the board? Philadelphia, January 22d, 1817. SIR-We have given to the questions proposed in your letter of yesterday (received this day) all the consideration the limited time would admit, and we beg you to inform the board, that during Mr. Sergeant's absence, we shall, at all times, be ready to confirm the reference which he has made to us, in the letter of which you have furnished us an extract. In answer to the first, we are of opinion, that there is no obligation on the part of the bank, to provide for the transfer of the stock, prior to the completion of the shares; but it is in their power to provide for such transfer, in the manner, and under the conditions they may deem expedient, and we are therefore of opinion, that the board may adopt a form of transfer, which will confine transfers to such shares only, as are not in default for any instalment. We take the liberty of handing herewith, such a form. certain the amount of the notes of the corporation payable at this bank and its offices of discount and deposit severally, which have been received at the office at Boston on account of the public revenue; also, the amount of debentures, and the manner in which they have been paid. If the data in your office will enable you to furnish OFFICE OF DISCOUNT AND DEPOSIT, DEAR SIR-In reply to your favor of the 14th inst. which I received yesterday I have the honor to state that this office commenced the collection of the public revenue, on the 6th February, 1817, and from that date, to the 13th March following, received on account thereof, The second question has already been answered. In answer to the third question, we are of opinion, that the board has not the authority to demand inte- In notes of the bank of the U. States, $135,320 05 On this question we Do. Baltimore office 22,800 rest upon instalments in arrear. 108,598 27 wish to be understood, as expressing our present Paid in debentures to the last date opinion, which a further consideration may alter. On the 13th March, 1817, we commenced receiv In answer to the fourth question, we have alreadying 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 punctual payment of the instal- 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.the amount received for the revenue. (Signed) JOS. REED, Debentures paid during this time, $975,727 57 The amount of notes of the bank of the United States and several offices, received in payment of the revenue at this office, from the 19th March 1818, to this day, is $1,372,474 14, as follows, viz: Notes of the bank of United States Office at Baltimore New York $598,429 14 97,635 156,165 Fayetteville 22,540 New Orleans 10,960 Cincinnati 15,310 Lexington 8,820 Chillicothe Debentures paid from the 19th of March last, to this day, $731,892 96. The debentures have principally been appropri ated in part payment of the duties. When payment of the debenture has been requir ed, the bond for duties having been previously dis charged, during the time that the notes of the other offices were received at this as cash, such debentures have been paid in these notes which were re sponded for in specie at this office, if required, and 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 Frothingham, re-fice. specting notes of the bank of the United States, received for duties, &c. vant. I am, with much respect, your most obedient serBANK UNITED STATES, Dec. 14, 1818. (Signed) SAM'L. FROTHINGHAM, Cash'. DEAR SIR-The committee of inquiry wish to as-Jona. Smith, Esq. cash'r of the bank U. S. General state of the Bank of the United States, and its offices of Discount and Deposite, at the dates specified herein. States. Funded debt of U. S. various. Loan to the U. 500,000 00 11,907,365 18 3,059,832 19 678,796 6 2,592.58 18 2,378,339 82 149,173 40 18,858,725 05 7081,476 878,148,089 70167,310 29/1,795,281 31 969,309 981 178.368 79 1,459,158 69 RECAPITULATION. 131,729 66 2,910 55 29,857 16 27.410 186,967 69 3,375,599 76 675,935 16 610,221 99 611,129 68 728,026 6 3,273,862 40 136,849 60 4,482,318 48 1,345,953 00 357,627 04 198,633 70 520,000 638,694 83 108,273 89 604,732 40 1,538 35 471,557 45 140,903 24 76,433 08 261,294 49 25,739 23 13,000 680,083 41 13,774 70 193,445 725,493,102 10 500,776 11 9,812,278 20 1,802,739 33 2,128,751 00 Dr. Cr. General statement of the United States' Bank and its branches, 29th July, 1817. Total-doll- 22,502.724 87 9,913,377 301,347 934 415,570,344 3515.492.827 632,271,611 90 7,743,899 74 634,915 331,825,241 743 051 675 294,535,280 04 Note-No returns from Pittsburg, Fayetteville, Chillicothe, and Louisville. The general statement on the last of January, 1817, preceding in date those given above, shews only rerurns from the bank at Philadelphia, and the offices at New-York and Baltimore-the aggregates of the whole being-bills discounted on personal security $293,505 63; do. on bank stock, (at Philadelphia only) 182,642 40; amount due from state banks, 492,956 64; notes in circulation, 605,617; specie on hand, 1,160,072 01; public deposites, 1,147,772 97; discounts received, 6,608 29; notes of state banks on hand, 513,128 22; individual deposites, 199,508 17. |
