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place whence it came; it comes in competition with a like article, the production of your own soil or of your own industry; tax it at the same rate of per centage upon its value, as you do an article upon the production of which none of your own citizens have staked their fortunes and subsistence, and you consume all your manufactures with fire. It may be taken as a rule of universal application, that with a uniform rate of ad valorem duties, without discrimination, there can be no domestic manufacturing establishments. This is the protection which they now enjoy by the constitution and existing laws of the United States. This protection the subscribers believe to be indispensably necessary to their existence, and its withdrawal by the General Government, whether immediate or by gradual steps, leaves them only the melancholy alternative of sudden death, or slow and lingering extinction. In either event, it will be the sacrifice of all the free industry of the Union to that best part of the population, the wealthy land and slaveholder of the South. This is the policy recommended by the message of the President of the United States, and against which the subscribers, as members of the Committee on Manufactures, in submitting this their report to the House, deem it their duty respectfully, but most earnestly, to remonstrate. J. Q. ADAMS. LEWIS CONDICT.

MESSAGE

From the President of the United States, returning the bill entitled “An act for the improvement of certain harbors, and the navigation of certain rivers,” with his objections to the same. Read, and referred to the Committee on Roads and Canals, December 6, 1832.

To the House of Representatives: In addition to the general views I have heretofore expressed to Congress on the subject of internal improvements, it is my duty to advert to it again in stating my objections to the bill entitled “An act for the improvement of certain harbors, and the navigation of certain rivers,” which was not received a sufficient time before the close of the last session to enable me to examine it before the adjournment. Having maturely considered that bill, within the time allowed to me by the constitution, and being convinced that some of its provisions conflict with the rule adopted for my guide on this subject of legislation, I have been compelled to withhold from it my signature; and it has therefore failed to become a law. To facilitate as far as I can the intelligent action of Congress upon the subjects embraced in this bill, 1 transmit here with a report from the Engineer Department, distinguishing, as far as the information in its possession would enable it, between those appropriations which do, and those which do not, conflict with the rules by which my conduct in this respect has hitherto been governed. By that report it will be seen that there is a class of appropriations in the bill for the improvement of streams that are not navigable, that are not channels of commerce, and that do not pertain to the harbors or ports of entry designated by law, or have any ascertained connexion with the usual establishments for the security of commerce, external or internal. It is obvious that such appropriations involve the sanction of a principle that concedes to the General Government an unlimited power over the subject of internal improvements, and that I could not, therefore, approve a bill containing them, without receding from the positions taken in my veto of the Maysville road bill, and afterwards in my annual message of December 7, 1830. It is to be regretted that the rules by which the classification of the improvements in this bill has been made by

the Engineer Department, are not more definite and certain, and that embarrassments may not always be avoided by the observance of them; but, as neither my own reflection, nor the lights derived from other sources, have furnished me with a better guide, I shall continue to apply my best exertions to their application and enforcement. In thus employing my best faculties to exercise the powers with which I am invested, to avoid evils, and to effect the greatest attainable good for our common country, I feel that I may trust to your cordial co-operation; and the experience of the past leaves me no room to doubt the liberal indulgence and favorable consideration of those for whom we act.

The grounds upon which I have given my assent to appropriations for the construction of light-houses, beacons, buoys, public piers, and the removal of sand bars, sawyers, and other temporary or partial impediments in our navigable rivers and harbors, and with which many of the provisions of this bill correspond, have been so fully stated, that I trust a repetition of them is unnecessary. Had there been incorporated in the bill no provisions for works of a different description, depending on principles which extend the power of making appropriations to every object which the discretion of the Government may select, and losing sight of the distinctions between national and local character, which I had stated would be my future guide on the subject, I should have cheerfully signed the bill.

ANDREW JACKSON. December 6, 1832.

ENGINEER DEPARTMENT, Washington, October 27, 1832. To the President of the United States:

Sin: In compliance with the requirements of your note, which I had the honor to receive from you yesterday, directing my attention to an examination of the appropriations contained in the bill “for the improvement of certain harbors, and the navigation of certain rivers,” which you retained at the close of the last session of Congress for consideration, and desiring me to report, at as early a day as practicable, what appropriations are for—— f “1st. Improvements of harbors on the seaboard;” or Or,

“2d. The removal of partial and temporary obstructions in a river already navigable, lying between a port of entry established by law on said river, and another such port on the ocean;” or for,

“3d. The improvement of the harbors on such rivers, and within such places, or on the great lakes, which are themselves directly traversed by vessels engaged in our foreign commerce; and directing me to set forth for what improvements appropriations are made that do not come within the above restriction, that are not navigable, that are not on the direct line of communication, but embrace watercourses, or places thereon between one port and another established by law, and which do not pertain to the established harbors or ports of entry, and that are to be made in rivers on which no such harbors or ports of entry exist; or at points on the lakes that are not situate at one of, or between the different ports established by law to aflord facilities to our foreign commerce;” I have the honor to lay before you the following, as the most accurate classification, under the several heads above enumerated, of the various appropriations provided for in this bill, and which have for their object works of a character indicated by these heads respectively, that the information possessed at this department will enable me to furnish.

1st. Improvements of harbors on the seaboard.

For the harbor at the mouth of Bass river, Massachusetts.

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For the harbor at the mouth of Connecticut river, Connecticut. For the harbor at the north end of Goat island, and the removal of the light-house to a proper site, Rhode Island. For the port of Little Egg harbor, New Jersey. For breakwater at Sag harbor, New York. For breakwater near the entrance of the harbor of New Haven, Connecticut. For the harbor of Baltimore, Maryland. For breakwater at Port Pontchartrain, Louisiana. For works at Cedar point, Connecticut.” For Fair Weather island and Black Rock harbor, Connecticut. For Dog river bar, Alabama. For breakwater at Church's cove, Rhode Island. 2d. The removal of partial and temporary obstructions, in a river already navigable, lying between a port of entry established by law on said river, and another such port on the ocean.

For buoying the channel and removing the bar in the southwest passage of the Mississippi, below New Orleans, Louisiana.

3d. Improvement of harbors on such rivers, and within such places, or on the great lakes, which are themselves directly traversed by vessels in our foreign commerce.

For the harbor of Portland, on Lake Erie, New York.

For the harbor of Silver creek, on Lake Erie, New York.

For the harbor at the mouth of Big Sandy creek, on Lake Ontario, New York.

For the harbor at the mouth of Salmon river, on Lake Ontario, New York.

For the piers at the entrance of the Chesapeake and Delaware canal into the Delaware river, Delaware.

For the harbor at the mouth of Oak Orchard creek, on Lake Ontario, New York.

4th. Improvements which embrace watercourses, (or places thereon,) that are not navigable, that are not in the direct line of communication between one port and another, established by law, and which do not pertain to the established harbors, or ports of entry, and that are to be made in rivers on which no such harbors or ports of entry exist, or at points on the lakes that are not situate at one, or between the different ports established by law, to afford facilities to our foreign commerce.

For the Kennebeck river, between Augusta bridge and Ticonic falls, Maine. For North river, Massachusetts. For Connecticut river, above the city of Hartford, Connecticut. For Thames river, between New London and Norwich, Connecticut. For the Hudson river, above Hudson, New York. For Delaware river, between Trenton and Bordentown. For the Raritan river, between New Brunswick and Red Root creek, New Jersey. For Deep creek, Virginia. For Pasquotank river, North Carolina. For river Raisin, Michigan Territory. For Kentucky river. For harbor of Chicago, Illinois. For survey of St. Francis river, Missouri. For the Cocheco branch of the Piscataqua river. For the Mispillion river, Delaware. For survey of Muskingum river, Ohio. For survey of Savannah river, between Savannah and Petersburg, in Georgia.

* Saugatuck is classed under the fourth head.

For Saugatuck river, Connecticut. For Back creek, Maryland. For Wabash river, Indiana. For opening a communication between Mahon's river, in Delaware, and the fast land. With great respect, I have the honor to be, sir, Your obedient servant, C. GRATIOT, Brevet Brig. Gen. Chief Engineer,

MINERALOGY AND GEOLOGY, UNITED STATES. House of REPRESENTATIves, February 21, 1833.

Mr. RICHARD M. JOHNSON, from the Committee on Military Affairs, to which was referred the resolution to inquire into the expediency of authorizing the President of the United States to employ a suitable person, in aid of the Topographical Bureau, to ascertain the mineralogy and geology of each of the several States of the Union, with a view to the construction of a mineralogical and geological map of the whole territory of the United States, report:

That they have examined the subject, and are of opinion that it is of great national importance, and is deserving of the approbation of Congress. . The manner, also, in which the proposition contained in the resolution is sought to be carried into effect, appears entirely unexceptionable, by reason of its being very properly connected with the ol. Bureau, as well as on account of no additional appropriation being required to carry it into effect. It is, in fact, only adding another object to the duties of that branch of the service. Whilst all the resources of industry in the United States have been deemed worthy the attention and protection of the Government, the development of our immense mineral wealth has been left entirely to accident, and has not been fostered by that public encouragement which would have been followed by so many advantages to our own citizens, or would have raised the scientific character of our country abroad. The European Governments have been more just to their interests; and the science of geology, on account of its pre-eminent practical utility, is, at this time, more popular and more cherished, among the nations of Europe, than any other branch of knowledge. This science, which can only be effectively studied by arduous and laborious examinations of extensive and dis. tant localities, teaches that all the valuable metallic and mineral deposites, such as coals, both bituminous and non-bituminous, tin, iron, copper, lead, gold, marbles, freestones, and other mineral substances, proper for military and civil constructions, occupy geological positions in the crust of the earth, according to a natural system which is regular and unalterable, so that, to a great extent, the presence of any one of the numerous mineral formations indicates to the scientific geologist the probable existence or non-existence of other formations contiguous to it in the general system. Thus, a particular formation of sandstone may indicate, with unerring certainty, the existence of coal, or even salt, lying beneath it, in situations where no external appearances are preSent. The committee forbear to press further upon the House further illustrations of this kind, and will only add that, since the surveys authorized by law to be made by the Topographical Bureau, have for their object the affording facilities connected with the transportation of productions from the interior, it would seem that the national utility of the services of that branch would be greatly increased if the Topographical Bureau were authorized to make mineral investigations in the various territories of the United States, and then, when important developments of mineral wealth are effected, to cause such efficient surveys to be made as may give the most beneficial direction to their transportation. The committee is of opinion that all can be effectually done without any increase of the annual appropriation under the act of April 30, 1824, and by simply adding this important object to the duties of the Topographical Bureau. It also appears highly deserving the attention of Congress, that among the results attending the execution of this proposition, would be the construction of a national map, containing all the metallic and mineral deposites of the United States, based upon actual survey. The intrinsic value of such an extraordinary delineation of our mineral resources, and of such a monument of the encouragement given to science, no man can appreciate until some progress has been made in its execution. It is in this manner, also, that, without injuring any other branches of the service, we shall introduce among the engineers of the army a correct knowledge of the true principles of geology. For these reasons, the Committee on Military Affairs have instructed their chairman to move the following resolution: Resolved, That the chairman of the Committee of Ways and Means be requested to amend the bill making the appropriation on this subject, so as to give the power to embrace this subject.

CHARGES AGAINST JUDGE JOHNSON.

House of REPRESENTATIves, February 8, 1833.

Mr. BELL, from the Committee on the Judiciary, to which was referred the memorial of William Cummins, setting forth certain charges of official and other misconduct against Benjamin Johnson, one of the Judges of the Superior Court of the Territory of Arkansas, have had the same under consideration, and make the following report:

A preliminary question presented for the decision of the committee, by the nature and object of the investigation in which they find themselves engaged, was, whether a judge of a territorial court is such an officer as may be impeached before the Senate, under the provisions of the constitution prescribing and regulating the mode of bringing official offenders to justice. A majority of the committee are strongly inclined to the opinion that such an officer is not a proper subject of trial by impeachment. Some of the reasons upon which that opinion may be supported will he stated.

The constitution, in article 11, section 4, provides that “ all civil officers of the United States shall be removed from office by impeachment,” &c. The institution by Congress of those political corporations, denominated, in the language of our legislation upon that subject, territorial Governments, is only authorized by a very liberal construction of the general power given by the constitution to Congress over the public domain. But, admitting that exercise of power to be well enough founded, still, can a judge of such a Government be said to be an officer of the United States within the meaning of the clause already quoted? Should the doubt thrown out by the committee upon this point appear to the House to be without reasonable foundation, they think they will be fully sustained in the opinion, that, whether liable to impeachment or not, the practice of impeaching subordinate officers, and especially such as hold their offices by a tenure not more firm and durable than the judge of a territorial court, would soon be found highly inconveni.

Charges against Judge Johnson, of Arkansas.

ent, and injurious to the public interest.

[22d Cong. 2d SEss.

The judge whose conduct in the present instance is alleged to be such as to call for the exercise of the impeaching power of the House, holds his office for a term of four years only, and may, by the express provision of the act of Congress establishing his office, be removed at any time within that term by the President. The trial by impeachment is the highest and most solemn in its nature, known in the administration of public justice. It is established for high political purposes, and would seem to be proper only against judges who hold their offices during good behaviour, and other high officers of the Government, for such crimes or misdemeanors as the public service and interest require to be punished by removal from office. But, as the House may not concur with the committee in these opinions, they have thought it their duty to look into the evidence before them in support of the charges made against Judge Johnson, and also into the evidence referred to them in his vindication. As they believe that, upon an examination of all the proofs before them, there can be but one opinion as to the question whether a sufficient ground for an impeachment is made out or not, the committee have not supposed it necessary or important to report to the House, in detail, either the charges or the evidence on the one side or the other. Judge Johnson appears to have filled the office of judge of the superior court of Arkansas Territory, under several appointments, during a period of twelve years. The general charges against him are, favoritism or partiality to particular counsel in the trial of causes; irritability of temper, and rudeness on the bench towards his brother judges and the bar; incapacity, manifested by a vacillating and inconsistent course of judicial decision, and habitual intemperance. In making out specifications under these several heads, the memorialist does not confine himself to the term of the judge’s office which is just expired, but the whole period of his judicial administration in Arkansas is reviewed; and, after all, it may be stated, that four cases only are brought to the notice of the House by the evidence—the trial of Herod, House, and Woods, for the murder of Melborne, being regarded as one case in which favoritism or partiality is alleged to have influenced him. There are facts stated in the case of Herod, House, and Woods, and in the case of Embree, which are no doubt true, as they are stated by members of the bar of character for veracity; but the inferences from those facts appear to the committee to be strained, being generally those of unsuccessful counsel; and, upon looking into the explanatory evidence furnished in behalf of judge Johnson, not to be warranted by the circumstances of the whole case. For example, the discharge of the first jury empannelled to try Herod, after they had had the case submitted them, and held it under consideration for one night only, without any charge of improper conduct in the jury, was supposed to furnish evidence of a desire to oblige the counsel for Herod; but no such inference appears to be justified upon an examination of all the facts of the case. The discharge of one jury, and the empannelling of a second, for capital offences, appears to be considered no irregularity in the practice of the courts of Arkansas, when the jury cannot agree; and, in this case, it is not alleged that they could have agreed. The just empannelling of the second jury, and the prompt discharge of the prisoner at the same term of the court, are, in the opinion of the committee, in themselves, strong circumstances in favor of the innocence of the judge. In the cases of Embree and Dunlop, the explanatory evidence appears to the committee, in like manner, to overthrow the inference of improper motives of the judge. His refusal to sign a bill of exceptions, until he was re

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peatedly pressed by counsel so to do, is made a serious
charge against him. The evidence furnished by the judge
under this charge, makes it probable that the whole
charge is founded in mistake; but, as the bill is admitted
by both parties to have been signed, the charge does not
appear worthy of the importance attached to it.
As to the general charge of incapacity, and an incon-
sistency in judicial decision, rendering the court of jus-
tice wholly uncertain; the general testimony borne by so
many persons of respectability to the legal learning and
ability of Judge Johnson; and the specific fact, which is
stated by several, that in no case has a decision of Judge
Johnson, in the circuit court, been reversed in the supe-
rior court, appear to be a sufficient refutation.
The charge of intemperance, although supported by
proof of excessive indulgence upon a few occasions, does
not appear to be well founded, to the extent alleged by
the memorialist. The testimony upon this point, as well
as in relation to the general integrity, impartiality, and
ability of Judge Johnson, is ample, and, in the opinion of
the committee, conclusive. The Governor of the Terri-
tory, a large portion of the bar, the clerks of all his
courts in his circuit—clerks holding their offices by the
suffrages of the people in their respective counties, toge-
ther with many others in public stations, furnish the most
decided and unequivocal testimony in favor of the gene-
ral uprightness and propriety of Judge Johnson’s con-
duct, both as a judge and a private citizen.

UNITED STATES BANK.

Report of the majority on the subject of the Bank of the United States.

House of REPRESENTATIves, March 1, 1833.

Mr. VERPLANCK, under instruction from the Committee of Ways and Means, made the following report:

The Committee of Ways and Means report: 'That, among the subjects referred to the Committee of Ways and Means, at an early period of the session, were the transactions of the Bank of the United States, in relation to the payment of a portion of the public debt; and the inquiry into the present pecuniary and financial state and management of the institution.

The arrangement made by the bank for a temporary postponement, with the consent of the holders, of the payment of five millions of the three percent. debt, being now substantially closed by the surrender to the Govern. ment of the certificates of stock, except for a small amount, and the whole debt itself having been liquidated, so far as respects, the Government, at an earlier period than it is probable it would otherwise have been, this question seems no longer to present any important or practical object of inquiry, or to call for or admit any action of Congress upon it.

The committee have examined several of the directors on this subject, as well as upon other points connected with the management of the institution. Their testimony is here with submitted; and the committee specially refer to the evidence of Mr. Bevan and Mr. Eyre, as explanatory of the history and motives of this transaction.

It is due, however, to the Government, to express the opinion, that in the arrangement made by the bank agent in England, for the purchase of the three percent. stock, and the detention of the certificates, (which measures were afterwards disclaimed by the bank,) the bank exceeded its legitimate authority, and that this proceeding had no sufficient warrant in the correspondence of the Secretary of the Treasury.

The inquiry into the present condition of the bank, the general character of its business, and the soundness of its capital, is a subject of much greater interest and import.

ance, since it involves not only the question of the safety of the public deposites, but the value of the large amount of stock held by Government, and the still more momentous considerations of the soundness of a large portion of our currency, and the consequent security or insecurity of the domestic exchanges and commerce of the country. The President, in his message to Congress, at the opening of the present session, informed them, “that such measures as were within the reach of the Secretary of the Treasury had been taken to enable him to judge whether the public deposites in the Bank of the United States were entirely safe; but, as his limited power might prove insufficient to that object,” the President recommended the subject to Congress, as particularly worthy of their investigation. Since that period, the report of the agent appointed by Government for this examination, has been communicated to Congress, and referred to that committee. The Committee of Ways and Means have also received from the directors of the bank a report on the principal points of its administration and its present state, prepared by the exchange committee of the bank, and adopted by the board of directors. The importance of the statements and results, contained in that report, induced the Committee of Ways and Means, in the course of the examination of the directors composing the exchange committee, to require their attestation, under oath, to the facts and statements of that paper, as distinguished from its opinions and arguments. This was done very fully. The same, and other directors, (two of whom had heretofore been Government directors, one under the present, and one under two former administrations,) in reply to various interrogatories, stated, as will be seen in the evidence here with submitted, the means at the command of the board of directors, or any member of it, for distinctly knowing the operations of the several branches, and the character of the paper discounted at them, together with their own opinion, drawn from these sources, of the general safety of such paper. The Committee of Ways and Means have to regret that the constant and daily pressure of the various duties which have devolved upon them, during this short and laborious session, did not permit a more full examination of the concerns of the institution. If, however, in the entire absence of any evidence calculated to refute, or in any way impeach, that which is before the committee, the statements and opinions of the treasury agent, selected by the treasury to examine the condition of the bank; those of several of the present directors, men of character and intelligence, long conversant with accounts and banking business; the official returns of the bank itself, and the report of its principal committee, attested to under oath; if all these can be relied upon, as furnishing satisfactory information on the present state and pecuniary means of the institution, the following results will appear: First. The directors of the bank at Philadelphia receive from the boards of their branches frequent, regular, and minute returns of the paper discounted by them. These returns, together with the separate correspondence of the cashiers of the several branches, afford such information of all the business of those branches as to enable the board of the mother bank, or any single director who may wish to inquire into it, to ascertain the character of the business of those branches; as, for instance, whether the mass of paper discounted be founded on ordinary commercial transactions, and to be paid from their proceeds when at maturity, or whether any considerable proportion of it consists of what is called accommodation paper, regularly renewed. They can know, in like manner, whether the domestic bills of exchange, purchased at the branches, arise out of business transactions, and to be paid when at maturity, or whether they are mere ac

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commodation paper in another form, to be repeatedly owed by drawing and redrawing between distant of. ces. Second. These returns, together with the reports of the boards of the several branches, upon whose character and judgment they place great reliance, form the ground upon which the directors have stated under oath their full confidence that the mass of paper discounted by the bank and its branches, and detailed as active debt in their statement, is safe. On this, they believe, no serious loss need be apprehended. The dishonored paper held by the bank is stated to be returned as doubtful or suspended paper, and to be estimated, not at its nominal, but at its presumed actual value. The real estate of the bank is, in like manner, valued, not at cost, but on estimates founded on frequently renewed appraisals of the probable market value. They depose that, to the best of their knowledge and belief, the whole amount, with inconsiderable exceptions, if any, of domestic bills of exchange purchased by the bank and its officers, is regular business paper, founded upon the agricultural exports and commercial imports of the country; and that by far the greatest portion (probably nine-tenths) of the notes discounted is of the same character. They also assert, with much confidence, that most of their accommodation notes are well secured, and form, in fact, the safest investment of the bank. The inquiries respecting the amount of accommodation paper were made to ascertain the character of the general business transactions of the bank; and not because the committee believed that accommodation paper, discounted to a great extent, would necessarily endanger the solidity of any moneyed institution. Such paper may frequently be as safe, such loans as useful, as any. But it is certain, that, when moneyed institutions are in a hollow and unsound state, it commonly arises from the capital having been invested in doubtful paper of this description. The very fact, therefore, of the discounts of a bank being principally applied to the ordinary business paper of an active commercial community, will show that, allowing for only ordinary judgment and integrity in the selection of such paper, nothing short of some general overthrow of mercantile credit will produce material loss. . Third. In general corroboration of their statements on this point, as well as of their opinions of the security of the bank debt, the directors appeal—1st. To the fact of the great fluctuation of the exchange business, at the same points, at different periods, corresponding with the periods of the shipments of agricultural produce in the West; as, for instance, at Nashville, within three months in 1831, from $366,000 to $1,062,000. And again, at the same place, in 1832, within about half a year, from $2,760,000 down to $503,000. 2d. That of the easy reduction, during the last year, of about one-eighth of the whole amount of the bank debt throughout the Union, and specially to the amount reduced in the Western of. fices. 3d. To the very small amount of losses which have occurred for some time past in those offices, and to the facility with which, in addition to the aggregate reduction of loans there, a very considerable proportion of the local debt, on promissory notes, has been converted into the more secure and manageable form of domestic bills of exchange. if these statements, and this evidence, can be relied upon, the available and secure resources of the bank “mounted, on the 1st of January last, to eighty million eight hundred and sixty-five thousand dollars, whilst all the claims against it, for bills, debts, and deposites, includ. ing those of the Government, and for the redemption of the public debt, were but thirty-seven million eight hundred thousand dollars, leaving above forty-three millions is a guaranty to the nation against any losses. For as the whole amount of debts, bilis, and deposites, must be

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paid before the stockholders, the whole capital and the surplus must be considered as a pledge for the debts due to individuals and the Government. As the capital consists of thirty-five millions of dollars, it would appear, from this statement, that the bank had earned, and then possessed, a surplus of twenty-two per cent. above the Famount of its capital. Whether that surplus could or could not be realized, at a final winding up of the bank, is a subject only interesting to the buyers, sellers, and holders of stock. The single point of view in which it is important to the nation, is in regard to its bearing on the healthy state of the bank, and the consequent safety of the public deposites, and the sound state of the currency. For these objects, it is sufficient to inquire whether this surplus does or does not afford a sufficient guaranty that the original capital of $35,000,000 is unimpaired. The whole amount of bills and paper held by the bank, on the 1st of January last, was $61,695,000; of which $8,246,000 is stated to be the local debt of the Western States, leaving $53,749,000 as the debt of the Atlantic commercial cities; and that in the shape of domestic bills, between them and the interior. There seems no reason to doubt that the paper of the description last mentioned is of the same general character as that of other city banks, managed with ordinary discretion. Now, it is well known that, in our great cities, business paper is constantly guarantied by commercial houses of prudence stability, and wealth, for a del credere commission of two and a half per cent. On much of the better class of paper, and in some of our Northern cities, upon most of it, the ordinary charge is much less: but a greater proportion of loss than this ought certainly not to occur in a well managed city bank, where the judgment and information of a board of directors is combined with that of its officers. In point of fact, it is believed that two and a half per cent. on their discounted paper actually exceeds the losses of prudently managed institutions in our cities. But allowing the loss on the Atlantic and commercial debt to reach four times that amount, say ten per cent., then $5,370,000 of the surplus would be an ample guaranty against such loss. This would leave $2,680,000 as a surplus, which would meet the loss of about one-third of the local Western debt, without impairing the original capital of the bank. The committee do not mean to be understood as asserting their belief that the Western debt is more hazardous than that in any other part of the Union. The bank directors express their conviction that it is not so; and the agent appointed by the treasury does not hesitate to say, “that he considers that debt in a safe and wholesome state, and that a greater amount of loss need not be apprehended from it than from a similar mass distributed in the cities of the Atlantic frontier.” But this estimate has been made, because the extent of the Western transactions of the bank has been mentioned as one of the subjects peculiarly calling for investigation. These general views of the situation of the bank, and the consequent safety of its depositors and bill holders, derive strong confirmation from the fact of the large proportion in the specie of the country, which is held by the bank. It appears, from official documents of unquestionable authority, that the specie actually in the vaults of the Bank of the United States is within one-tenth of the amount held by all the other banks in the Union, whilst its circulation of paper is but one-fourth of the aggregate of theirs. In other words, the Bank of the United States has above nine millions of specie, with a circulation of notes to the amount of seventeen millions and a half, whilst the aggregate of all the other banks, with specie in their vaults, but a little above ten millions, have a circulation of sixty-eight millions of bank paper. i. then, the evidence herewith submitted can be relied upon, which it is for the House to judge of, there can be

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