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president and cashier, without being communicated to the board. Ilth and 12th. He has no precise information on the subject
5410 61 cents.
dolls. 10,000 3d. Those notes were generally renewed and continued so op August 9th, M. Ball
6,500 to this time. Savage and Dugan
• 17,500 4th. He believes it was generally known. Calhout and Mattbews
5th. He refers to the cashier for information. August 18th, M'Euen, Hale and Davidson,
140,000 6th. He refers to the cashier for information. Dockeray Smith
James W. Af'Culloh his examination.
17,500 Oth. He knows of 4000 shares held hy Richard M. Johnson, as John Bolton
243,400 assignee of James Prentiss, of Kentucky. He knows that a large As being original discounts.
annount of stock is held in England and in New York upon hy: He has no knowledge of the president and cashier, or either of pothecations, for the purpose of obtaining loanis; he knows of ther, having discounted notes, or made boans which are not en no other; that some was held by the bank of the United States and tered in the books.
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 29th October, 1817, ment on the shares hid by him, in roin, and by draughts on Bos. he has had charge of the business, ofreeriving the instalments on ton, which commanded coin, and for which he puid the same the capital stock. He attended only to receive the funded delt, priep as for coin: be paid eight and ten per cenc. 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 tipe 2d instal- was adopted, authorizing discounts to facilitate the payment of ment being paid by the proceeds of discounted votes, and did not the second instalneut, specie, he understoud, was at 35 per cent. know from what source the funds were drawn. When more than in Baltimore. the coin part was received instead of the fomed debt, it was by a Oth. He thinks he subscribed for none in his own name; he check or ticker passing from the 2d teller to the witness; these in-sphecribed for 2000 shares jointly with his brother, as attorneys for stances were very few before the 230 January; after the 230 Jan. about 2000 persons and 1000 shares jointly with Smith and Bucha. vary, 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 vot d upon ordit; 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 woich had been previously whose names were used; those shares were consolidated prior to made.
the first dividend, and after the second election. He thinks all M'itnesses out of the bank.
the stock subscribed at this place, was consolidated after the sea Questions to witnesses out of the bank,
cond election, and prior to the first dividend.
24. Do you know whether the bank of the United States he thinks both these sales were at about 140 to 150 dollars.
ed iim he had sold some early in the year 1817. Mr. Girard has 3d. Can you refer us to any persou who can give information on sold large portions of stock, previous to the second instalment, the above subject?
and some time previous to the third instalinunt; 3000 shares to
Dennis A. Smith, and Smith and Buchanan aud George Williams;
shares was made by D. A. Smith, George Williams.and
1000 shares to Jolun Savage, through Newman, a broker.. A pur. says in answer to the ist. question. That a short time before the px-riod alluded to an the Commercial Bank at Pladelphia; it was the intention of
Smith and Buchanan, recrivable of Win. W. Smith, a bruker, and frequently in the course of business, he received branch notes those gentlemen, if the swurk ruse, to present them to Dir William from the bænk of the United States, but not to large amount; Jodles. Without whose knowledge the purchase har bren inade; he received some of 100 dollars, and some of 20 dollars, but they Mr. D. A. Smith, contrary to the ino ntion of the gentlemen were most frequently of small d-nominations-the 100 dollar notes conc-rued with hini, and as they thought, preinaturely, after the were frequently mingled with the other notes of the bank. 24. The bank always received back from him, the branch notts Jones, ils accepted the purchase, and considered the stock as
stuck had risen a few dollars, mentioned the transaction to Nr. wbich he had there received. Those branch notes which had his own; he thinks that Mr. Jones received the assignment of the bern received at the bank of North Ainericx, on the 28th August, contract and sold it without having the stock transferred to him, were received by the bank of the United States the next day be sold it at a profit of about 15.000 dollars. as Mr. M'Culloh rebut were afterwards refused. He understards that all the bank's in Philadelphia were treated in the same manner. He knows of coll eis. ,!ke understood from Mr. Jones, that he purchased 1000 no instance of a refusad on the next bank day, to retrive of banks Jones; he bought them at about the same price or a little higher
sharcs, which he has recently been informed are still held hy Mr. the branch notes so on hand. But he saw the officers refuse to receive them at the counter, of individuals; but be does not wbich Mr. Jones was interested.
iban bor sokl the contrrer for. He knows of po other instance is know whether those individuals received them of the bank or not. I do not know and never heard of any instance of brauchfirst wentioned in his answer. that he had pwrehased stock; O
Mr Gorllard has also informed Mr. M'Calloh, prior to the sales notes being refused to be received of an individual, who liad pre- what amount he is igaorant: Mr. Bohlen has also porelas - stock; viously received them of the bank of the United States.
Denuis A. Smith boas often informed lim of purchases and sales
that he had inade frequently and extensively, but he camiot repayable at Philadelphis.
purchases, au laas made small sales, once or twice, lout is ignorant BALTIMORE.
of the particulars; Mr. John Savage bas occasionally made sales Questions to the President and Cashier of the Baltimore branch. of few shapes, but has purchased a considrrable amount, some
ist. Has any fund been appropriated by the board of directors, t:mes at light prices, which he still holds; Mr. George Williams, over which you presidle, to the disposal of the president and cashier Spuitk and Buchanan, and linself, have made considerable pur to be loaned by them on pledged stock, or otherwise? If so, has chases, in winch they were jointly interested; and they still looked any authority for that purpose been given by the parent board? the stock thus purchased, with the exception of about 1000 shares
2d. What was the amount of discounts on pledged stock, prior that bave been sold; which were recently suid at the rate of from to the 20 March, 1817, and were the uotes then discounted, paid 125 to 127 dollars per share; chese purchases were niade at three at the time they fell due?
periods, but chiefly of one person; and, excepting those of the first 34. Were those mutes discounted on pledged stock, after the period, without any prospect of gain. These purchases wrie 25th day of July, 1817, paid at the time they t-Ndue?
mazie of this person with a drsire to serve him, and to secure the 4th: Was it known ini Baltimore previously to February, 1817, payment of large debts due to this institution. that the payment of the specie part of the second instalment, 13th and with. He knows that Dennis A. Smith has made large #ould be facilitated by making discounts to the stockholders of contracts for the purchase of stock; but has made very few, ant that amount?
to a small annount, for the sales of shares. Those contracts were sth. Have draughts on other offices been sold at this office for pre made during the year 1817. and generally in a few month's time. mium?
At all times his contracts for purchase wire a little above the mas. oth. When did you receive information of the parent board ket prior of stock; and although generally sold, without hiniso having adopted the resolution of the 281h Allgust, 1818. refusing receiving the stock, and betont the contract was mature, at an a to receive the notes of the branches? what kind of notis did you vance, in some instances, were riveived at a considerable loss pay ont of this office, immediately preceding that time?
He do's 10t know of any other contraet having been made by 7th. How Were the balances against you at New York and Bos any otkr dirretor, ton redeced, in February and March?
isth. 111 so'ne of the purchases of stock made liv George Ws:James A. Buchanan, president oʻc. answers
liams, Smith and Buchanan, and busif, the spilers i Stli. He does not know of any,
tracts for the delivery of sich in satisfaction of the original agree Eth. He paid die whole of the specie part of the second instal. | inent, amihe lows of no other purchases of contraris. mentin toin.
ist. The lungs made at this vfice on pledged stuck bare 5.422
made generally by the president and cashier, under verbal autho- 'usel. He is the officer to who'n such applications would 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 offee was instructed not to increase its loans;
WASHINGTON. under the same authurity, the president and cashier have generally Examination of George Graham, esq. roho became president purchased bills and draughts on those places, when it was desira ofice at Washington, in the month of July or August, 181' ble to remit, and chuifly on eastern cities; in order to reduce the is so al this time. balances agaiost this vitice, they purchased bikisat sight, and from Sixth answer to sixth question to directors: There is sight to sixty days; be thinks they would averag about thirty pledged to the cashier in security for notes discounted; he days; the aggregate amount has been very considerable, and wiu.
of no other, exe-pring about 200 shares held by col. Bouf Very few exceptiuns, and to trilling amouuts, they have bern paid trust for Mr. Cuits. at maturity, and in those except d cases, tbe draughts have been 8tb. He held no shares at the time. pajd on their return, and there is none lying over. Occasionally 11th and 12th. He has no direct or positive knowledge for the purposes of security, the president and cashier have, with such sale or purchases. the approbation of one or more of the directors, discouuted to pre. 13th, 14th and 15th. He has no knowledge of any transact vent loss to the office.
that sort 2d. The amount discounted in that mauner for the specie part Answer to same questions put to the president and cashier of the second instalment was 138,320 dollars; agd 12,200 dollars,
timore. was discounted in anticipation of the third instalment; all these Ist. He has no knowledge of any such appropriations, or votes were paid without renewals except in two instances, to the loans having been made by the president and cashies. amount of about 5,400 dollars.
2d. This office was not in op racion until the 8th March 3d. Some have been pai), but supposes two thirds of them in 3d, The notes on stock have generally been renewed wht amount, remain now on renewal.
requester, and bave always been curtailed in the sane p! 4th. The dir (turs and officers of the office, endeavored by con- tion with other notes, whenever a curtail
was directed eiti Wersation to mak it known, to the stockholders and believes it the parent board or the directors of this office. was very generally nown to thefstockloulders and to the public, 4th. He caonot say positively whether it was known in By the 28th of Decober, and for a month before it had been ge ington or not, but presumes that it became knowa by Febr Derally spoken of, and was anticipated.
1817. 5th. From September to Novemixer, in the year 1818, draughts 5th. Draughts to a small amount have been sold at a prem on the bank ot the United States to an amount, of about 80,000 but refers to Mr. Smith, the cashier, for the amount of sales dollars, have been suld to applicants at this office under the dire the rates. Bilis ofexchange bave been purchased to a con Lions of the parent board, at an agregate rate of about one halt * amount by the cashier, withont bing submitted to the per cent. Draughts on other offices, to the amount of about
of directors. or to Mr. Graham; an:1 he bas nu pusitive knoi 17,000 dollars have been sold at the rate of from one to two pero then cerit. under the same directions. Since November, he has ceased oth. H• was absent at the time, and does not know. This office entirely to give ch-cks to individuals on other offices, and has re generally paid out its
own nutes, and never tirose of the other fused regeaud applications for draughts at a premium. The pas liflices, unless required. Very few notes of other offices have been rent board will not allow the offices to draw on each other.
received at this. 6th. He thinks, on the 1st of September, 1818, previous to that Richard Smith, esq.cashier of the office at Ilashington. time, this office had indiscriininaiely received the notes of the pa. Answer to 6th question to directo's. He does not recollect of rent bank and of all the offices, and had indiscriminately issued any other than what is pledged to the cashier, in security for notes them. A out 10,000 dollars had been alledged to have been res discounted. ceived of the notes of the other offices by individuals, and were re. 811 He paid the specie part of the second instalment early in ceived by those individuals again at this oflici, there has been po March, ither in coin or in the notes of banks paying specie, which instance within bis knowledge of an application to receipt the werr deemed equivalent to coin; specie he thinks, was then at par noles of the other offices, alleged to have been paid out by this in Washington. 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 offes, or for the redenp 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 accoinmodat •1. 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 th-time alluded to.
"ank being indebted to this office paid it by a scaught, on the pa. 7th. The reduction of the New York balance, was effected by rent bank at Philadelphia, of 237,250 dollars, which draught he the sale of foreign bills of exchange by individuals of Balcinore, supposed bad bern obtained for the shares sold; he kuows of no to the parent bank, by whom a eleck was given on Now York for other sales or purchase of stock. 1,007,600 dollars; these were the same bills that were obtained on 13th. 14th and 15th. He knows nothing on the subject. a plexige of stock, to Messrs. Baring and Brothers, in England, Answers to questions put to the president and cashier at Baltimore for a loani made by them; occasionally treasury warrauts on New Ist. There has been no particular fund appropriated for that
York, were received from the office at Washington, in payment of purpose; but the directors of this office, in the latter part of July the balances due from it to this office, and the reduction was furorin August, 1817. authorized the cashier to discount any pote thet effected by commercial drauglits sent to New York for colleco that might be offered, brtween discount days, on the stock of the tion.
bank, or on funded debt: he loa ed very little under that authori. From the commencement of this office to this time, it has made ty; he thinks not exceeding 10,000 dollars. remittances of specie to the amoant of about two millions, sent to 2. This office did not make any discounts until the 8th March. the parent bank tor the purpose of being remitted to Buston, and 3d. They have generally been renewed, and alwwy's when reNew York, for which this office obtained credit at the parent bank, quired by the discounter: whenever curtailments were directed but not at ibust offices. In cousequence of the redemption by the they fell equally upon those notes with the others. governm sit of the 11 millions of drbi, all the public money in 4th. It was not known in Washington only from general ruthis office, amounting to about a million and a half, was in July, mor. 1817, transferred to the parent bank. The reduction at Boston, 5th. Draughes have been sold to the amount of 320,495 41; the has been effected generally by the remittances of commercial ratrs on Philadelphia, commenced at one per cent. but in less bills. The treasury account has frequently been overdrawn at than a month, they were sold at 1-2 per cent. Draughts on this office from 100,000 to 200,coo dollars.
Charleston, Savannah, and New Orleans, have been uniformly at The parent bank has crrdie for about 1,000,000 of notes sent to 2 per cent. on N--w York they have varied from one, to one and a this office as inoney, and the account with it, includes every thive half per cent. the draughts were sold by him, to whosoever apin which the office and bank lave any concern.
plied, and under authority from the directors of this offier, autho The reduction of the debt to the parent bank, in November last, rized by the parent board to do so. He has purchased domestic was effi-eted by draughts on those offices which were indebied 10 bills of exchange payable at sight, and some on short time, not ex. this office, and upon which this utice had been prolibited giving ceeding tive days sight, but not to a large amount. All those checks to the community, until further orders.
which had long iime exceeding five days, wer e discounted by the John Lewis Larentrir, was first teller of this office on the first board. The purchases made by him, were not under special auof September last, and has been so from the commencement of the thority from the board, but were made for the accommodation of ipstitution; it is, and has been his business to pay out moves and the individuals offering them. notes from this office; as fast as they were issued, they were in 6th. It was received probubly the 31st, of August, as it was laid mediately remitted. This office has never läd a sufficient wp bufore the board of directors, on the 1st September. The prac. ply of its own notes. Previous to the 1st September, 1818, tliis tice was, to pay out only the notes of this office, but those of ottice indiscriminately received and paid out notes of the bank and other offices inight accidentally be issued; he recollects but one its offices. After that period, and after they were apprised of the instance, in which any pers'ın applied to this office, to receive resolution of the parent board, this office did not pay out any bank notes of other offices paid ont before that liina; that was a notes of the banks at Philadelphia or of any of its offices, unless very trilling amount, and not being convinced of the fact, thes when they were asked for, except in one or two instances, one of were not received. 300 dollars, and the others of 20 or 50 doilars, which were entire. ly accidental, and wllich were inmediately received again on ap- Statement of Branch and Post "Notes origi'a'ly is. plication for that purpose. The Union bank had rtecivel more sueil, piyuble at euch office of Discount and Depo. than 7,000 dollars, which had been remitted to Barr, Kuse, and Welch, and by them deposited in that bauk previous to its being
sii" of the Bank of the United States. notified that such noces would not be received at this office, and OFFICE.S.
POST BRAXCA. although those notes were not paid out at this office, yet on appli. Portsmouth
252.000 cation for that purpose, those notes to that aniouit were received Boston
80,000 358,000 after the 1st September. He does not recollet any other instance Providence
252,000 oi an application to this office, to receive back the voles of the Middletowa
252,000 Ourr oifices which it had previously paid out, and he is confident New-York
364,000 580,000 that if any such application has been made, it was never been so Baltimore
Aug. 7 35,790 mond
428.000 Office at Savannah,
18:7-Nov. 5 6,500
1818-April 10 25,400 bgton
Nov. 7 253,780
420,000 Office at Fayetteville, inuati
June 24 202,200
118,26 1,134,000 Office at Pittsburg,
1818-March 2 27,520
7,195 28 20,540 July 2
31,220 Branch notes, puyable to bearer, which have
45,830 recrived at this baik, and remitted to the seve
30 32,020 fices, 48 fullows, viz:
Office at Lerington,
1818-Oct. 13 1:3,280
Ofree at Louisville,
1818-March 19 14,390
Jet. 13 27,550
ofice at Cincinnati, 94 8,110
198,745 -236,083 79
1818- March 28
76,190 Office at Baltimore,
Oct. 1 92,910 1817 April 2 139,740
368,145 14 15,410
Office as Chillicothe, 23 17,210
1818- July 2
90,210 May 3 10,885
Ofice at Portsmouth, 10 21,008 32
dolls. 5,235,933 50
Note.--In some instances, small amounts of notes, &c. of baoks Sept. 24 24,360
in the town where the branches are located, were included in 12 30,770
the above remittances.
1818-August 28-Amount of branch notes on band—1,081,194
List of Brunch Notes pugubie 10 bete, 1:0W 072
hand in the Bank of the United States, December 18 18,125
108,000 22 53,591 Norfolk
10,000 July 10 52,200
34,000 25 23,230 Pittsburg
72,000 Aug. 20 34,425 Cincinnati
45,000 Sept. 106,865 Lexington
52,00 28 23,925
30,000 94,310 New Orleans
69.000 22 22,500 Fayetteville
37,000 Nov. 5 18,750 Charleston
95,000 28 52,883 Sa vannadi
46,000 1,461,154 52 Middletown
13,310 office at Washington,
3,190 1817-June 28 100,958
1,510 Oct. 22 88,549 44
7,605 1818--March 23 139,331 75
Branch notes not assorted.
69,784 April 3 37,852
135,005 18 29,442 May 6 79,183
dolis. 912,008 40 June 8 125,710
Report previous to dividend, July 1818.
At a meeting of the president and directors of the
bank of the United States: October 1 58,000
July 6th, 1818. 22
60,885 Nov. 16 84,287
The committee appointed for the purpose, made
-1,089,409 19 the following report, which was read, adopted, and Qfice a Richmond,
ordered to be entered on the ininutes, viz:
The committee appointed to ascertain the divi-
dend which, in their opinion, ought to be declared June 8 41,300
of the profits of the bank, for the last six months,
That they have carefully investigated the subject
referred to them, and beg leave to lay before the Office at Vorfolk,
board the statement of the business of the bank and 1818- April 3 84,563 42
its offices, for the last six months, by which it will May
30,850 June 24,980
appear that the aggregate amounts of credits is Sept. 8 61,110
$1,632,319 85, andadebt for expenses including a Nov. 16 52.820
provision for the bonus, amounting to $229,901 91,
- 254,323 42 Ofice at Charleston,
and also $86,260 57, for the expenses on the impor. 1818-April 3 52,685
tation of specie,fiom Thomas Wilson and Co. of Lon27,600 July 1 41,307
don, leaving a balance of $1,316,151 37.
The expenses under the contract (for specie), the following report, which was read, and with the with Messrs. Baring Brothers and Co. and Reid, 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 !st instant, together with the profits of the unascertained expenses on specie imported. offices at Boston, New York, Baltimore, and Wash
Your committee therefore beg leave to recom-lington, to the 1st day of June last, amounts to the mend the adoption of the following resolution, viz: sura of S1,155,553 i. That the current expenses
Resolved, That a dividend of three and one half for salaries, stationary, &e. amounts to $66,912 33. per cent. on the capital stock of this bank, be de. That the expenditures for fixtures, &c. at the bank clared for the last six months, to be paid to the and the above mentioned offices, amounts to $39, stockholders or their legal representatives after the 062 89; and that the expenses and compensation to 16th instant.
the commissioners appointed to receive subscrip. (Signed) THOS. M. WILLING, tions to the capital stock, as far as they have been
JOHN DONNELL, paid amounts to $40,089 85. The two last items of
CHANDLER PRICE. the propriety of apportioning these sums, so as to
The act incorporatiog the bank, requires a bonus
January 5th 1818. to be paid to the government of $1,500,000, in three f. The committee appointed for the purpose, inade equal' instalments, the first of which will be at the the following report, which was read and adopted, expiration of two years, the second at the expiration and with the statement accompanying the same, or of three years, and the third at the expiration of dered to be entered on the minutes, viz.
four years, from the commencement of the business The committee appointed to ascertain the divi. of the bank. As the whole of this sum is chargea. dend which, in their opinion, ought to be declared ble on the profits of the institution, throughout the from the profits of the bank, for the last six months, period of the charter, each dividend will bear its beg leave to report:.
proportion!, and which on the present occasion the That on a careful investigation of the business of committee are of opinion, ought to be the sum of the bank and its offices, for the last six months S45,000. they have experienced much satisfaction; find. From these premises, the committee have preing the result to prove much more advantageous pared, and respectfully submit the statement No. 1, than could have been anticipated, under the priva- by which it will appear, that a dividend of two doltion of so- large a portion of the funded debt of the lars and sixty cents on each share of the capital United States, which the commissioners of the sink- stock, may be declared from the profits of the bank, ing fund required to be sarrendered at its par valu 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 of 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 inst. To declare a dividend of four dollars on each share together with the whole amount of expenses, inof the capital stock of the bank, will require from cluding those of the commissioners, and necessary this balance the sum of $1,400,000, and consequent. fixtures. By this statement it will also appear, ly afford a surplus of 892,990 24.
that the contemplated dividend will be fully jusThe committee therefore beg leave to submit the tified, following resolution, to the consideration of the In submitting this view of the business of the board:
bank, your committee cannot but offer their congra. Resolved, 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 that notwithstanding the difficulties with which it six months, to be paid to the stockholders, or their had to contend, in restoring specie payments, in legal representatives, after the 15th instant.
equalizing exchanges, and furnishing a circulating (Signed) ROBT, RALSTON
medium founded on a specie basis, throughout the CHAND, PRICE,
union, there has been accomplished, not only the THOS. M EUEN,
greatest benefit to the government, by bringing JOIN BOL.TON,
into activity the immense dormant revenue, which Bank of United States, 5th January, 1818. bas been so long useless, but affords to the stock.
holders a remuneration exceeding the usual interest Report previous to dividend, July, 1818. on the capital advanced. At a meeting of the president and directors of The committee beg leave respectfully to submit, the bank of the United States:
for the consideration of the board, the following re.
July 7th, 1817. solution: The commitoo appointed for the purpose, made Resolres, That a dividend of two dollars and sixty
cents, on each share of the capital stock of this bank, aforesaid, whilst not only the balances due to other be made from the profits to this period; and that the banks by the bank of the United States, are liable at same be paid to the stockholders, or their legal re- any moment to be demanded, and must be paid in presentatives, after the 17th inst.
specie; but experience has demonstrated, that even (Signed) ROBT. RALSTON, debtor banks replenish their vaults: by indirect
JOHN ROHLEN, means, from those of the bank of the United States;
JNO. GODDARD, vast demand, is not only utterly impracticable, but Bank of the Ullied States, 5th July, 1817.
even to a limited extent, is exceedingly precarious,
and intolerably expensive, and ought not to be reResolution directing Boston branch not to issue any lied upon but in a partial degree, and on particular other than its own notes.
emergencies. Ata meeting of the president and directors of the Your committee therefore recommend the adopbank of the United States:
tion of the following resolutions: May 26th, 1818.
1. That the reduction of the discounts at this bank, Present, W.JONES, President.
and its offices at Baltimore, Richmond, and Norfolk, Messrs. Butler, Willing, M'Euen, be forthwith commenced, and continued at the ave. Bowne, Bohlen, Savage,
rage rate of at least twelve and an half per cent. Connelly, Leiper, Goddard,
on the amount of the income on each discount day, Price, Evans,
until the aggregate reductions shall amount to the On motion,
foHowing sums respectively, viz: Rezolved, that the president and directors of the
At this bank,
$2,000,000 sice of discount and deposit at Boston, be informed,
2,000,000 that the cashier of that office has been instructed, Richmond,
700,000 bị the authority of this board, not to issue from the
300,000 said office the notes of this bank and its offices, (other than at Boston;) to forbear drawing on this
5,000,000 bank or any of its offices, unless by special authority And that the directors of the respective offices be from this bank, except for the reimbursement of requested to complete the reductions on or before such draughts as hereafter drawn on the said office, the first day of November next, if practicable. by this bank and its offices respectively; and to de. 2. That the president be required to demand of cline receiving for collection any bills or notes pay- the bank of Columbia, at Georgetown, district of able at New York; or south of New York.
Columbia a satisfactory assurance, that the large Resolved, That if the operations of the foregoing balance which is now, and has long been due from regulations shall not prevent the office from being that bank to this institution, be discharged by equal the debtor of the banks in Boston, that tlie directors instalments in effective money, so that the whole of the said office be required to curtail the anount shall be liquidated by the 15th day of October next, of bills and notes discounterl, until the office shall and that the said bank be requested to return a de. become and remain the creditor of the said banks. cisive answer with as little delay as possible.
3. That the cashier of the office at Washington Report of the committee, July 20, 1818, recommending city, be directed to demand payment of the ba. reduction of discounts.
lances which may be due to that office by the At a meeting of the president and directors of other banks in the district of Columbia, and commuthe bank of the United States:
nicate the result to the cashier of this bank. Jnly 20, 1818.
4. That the cashier of the office at Cincinnati, be Present, W. JONES, President,
directed to demand the reduction of the balances Messrs. Williams, Savage, Connelly,
which may be due by the state banks in that place, Goddard, Price, Sergeant, at the rate of at least 20 per cent. per month, until Willing,
Lippincott, Leiper, the whole shall be extinguished: the payment there-
of to be made in specie, or in bills of the banks in The committee appointed on the 10th instant, to the principal sea port towns, or in approved indiviinrestigate the state of the bank, and report such dual bills, endorsed by the debtor bank, and paya. measures as in their opinion, the interest and secu- ble in any of the towns aforesaid, and not having tity of the institution may require, submit the fol- more than ninety days to run.* lowing partial report, which, with permission, it is Report of the committee of directors, October 30th, proposed to extend in the progress of their investi
1818, recommending further reductions in discounts, gation.
and calling upon offices at the south and west, and on l'pon examination, it appears, that the whole of
state banks, to remit specie. the public money which may be to the credit of the
At a meeting of the president and directors of the treasurer of the United States, between this time bank of the United States: sad the 21st of October next, will, in all probability,
October 30, 1818. be exhausted about that period, by the current ex
Present, W.JONES, President. penditure, and the redemption of a moiety of the Messrs. Connelly, Ralston, Price, Louisiana debt, which alone, is estimated at up Willing, Bohlen, Evans, Sards of fire millions of dollars; that a statement of M'Euen, Savage, Goddard, the debits and credits, existing between the bank of Coulter, Lippincott,
Lisle. the United States and the several state banks, in The committec on the state of the bank, with reeinding the banks of public deposit as far as the ference to their reports of the 20th July, and 28th same had been ascertained on 30th ultimo, ex- August last deem it their duty further to report: hibits an aggregate balance in favor of the bank of 1st. That the reductions of the bills and notes disthe United States, of four millions four hundred and counted at the bank and the several offices desigforty-five thousand six hundred and sixty-three dollars; a considerable. portion of which it is appre *Note by the committee of H. R. The above res! hended, will remain unliquidatod at the period lutions were adopted by the directors