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108,000

10,000

34,000

72,000

45,000

52,000

25,000

30,000

60,000

37,000

95,000

46,000

13.310

3,190

1.510

7,605

69,784

135,605

dolls. 912,008 40

June 8

125,710

24

66,380

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

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

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

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

The committee appointed to ascertain the dividend which, in their opinion, ought to be declared on the 7th instant, from the profits of the bank, report:

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 received on the sales of 2,000,000 dollars of 6 per cent. stock, ordered to be sold on account of the bank in London, will be sufficient to cover the premium paid by the bank on the two millions of like stock, purchased on account of the commissioners of the sink ing fund, and the balance remaining on the dividend statement, will be more than sufficient to meet the unascertained expenses on specie imported. Your committee therefore beg leave to recom-ington, to the 1st day of June last, amounts to the mend the adoption of the following resolution, viz: Resolved, That a dividend of three and one half per cent. on the capital stock of this bank, be declared for the last six months, to be paid to the stockholders or their legal representatives after the -16th instant.

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

January 5th 1818.

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

That on examination of the subject referred to them, they find that the profits of the bank at Philadelphia, including the interest on the public debt to the 1st instant, together with the profits of the offices at Boston, New York, Baltimore, and Wash

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

The act incorporating the bank, requires a bonus to be paid to the government of $1,500,000, in three equal instalments, the first of which will be at the expiration of two years, the second at the expiration of three years, and the third at the expiration of four years, from the commencement of the business The committee appointed to ascertain the divi-of the bank. As the whole of this sum is chargeadend which, in their opinion, ought to be declared from the profits of the bank, for the last six months, beg leave to report:

ble on the profits of the institution, throughout the period of the charter, each dividend will bear its proportion, and which on the present occasion the committee are of opinion, ought to be the sum of $45,000.

That on a careful investigation of the business of the bank and its offices, for the last six months they have experienced much satisfaction; find- From these premises, the committee have preing the result to prove much more advantageous pared, and respectfully submit the statement No. 1, than could have been anticipated, under the priva- by which it will appear, that a dividend of two daltion of so large a portion of the funded debt of the lars and sixty cents on each share of the capital United States, which the commissioners of the sink-stock, may be declared from the profits of the bank, ing fund required to be surrendered at its par value and leave a surplus of $111,873 40. agreeably to the authority granted by provisions in the charter.

The offices which are not embraced in this statement, 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 at this bank, and the different offices, of $224,367 60 cents, including a provision for the bonus to the government; leaving a balance of $1,492,990 24. To declare a dividend of four dollars on each share of the capital stock of the bank, will require from this balance the sum of $1,400,000, and consequent. ly afford a surplus of $92,990 24.

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

Resolved, That a dividend of four per cent. be declared on the capital stock of this bank, for the last six months, to be paid to the stockholders, or their legal representatives, after the 15th instant.

(Signed)

ROBT, RALSTON
CHAND, PRICE,

THOS. MEUEN,

JOHN BOLTON,

Committee.

Bank of United States, 5th January, 1818.

Report previous to dividend, July, 1818.

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

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

for the satisfaction of the board, the committee have prepared and herewith submit a statement, No. 2, exhibiting the profits of the bank and all its offices, from the commencement of business to the 1st inst. together with the whole amount of expenses, including those of the commissioners, and necessary fixtures. By this statement it will also appear, that the contemplated dividend will be fully justified,

In submitting this view of the business of the bank, your committee cannot but offer their congratulations on its prosperous situation; and observe, that notwithstanding the difficulties with which it had to contend, in restoring specie payments, in equalizing exchanges, and furnishing a circulating medium founded on a specie basis, throughout the union, there has been accomplished, not only the greatest benefit to the government, by bringing into activity the immense dormant revenue, which has been so long useless, but affords to the stockholders a remuneration exceeding the usual interest on the capital advanced.

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

Besolved, 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.

(Signed) ROBT. RALSTON,

JOHN BOHLEN,

GÉO. WILLIAMS,
JNO. GODDARD,

Bank of the United States, 5th July, 1817.

Com'tee.

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

Your committee therefore recommend the adop tion of the following resolutions:

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

Total

$2,000,000

2,000,000

700,000

300,000

5,000,000

On motion, Resolved, That the president and directors of the sice of discount and deposit at Boston, be informed, that the cashier of that office has been instructed, by the authority of this board, not to issue from the aid office the notes of this bank and its offices, (other than at Boston;) to forbear drawing on this bank or any of its offices, unless by special authority 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. Resolved, That if the operations of the foregoing regulations shall not prevent the office from being the debtor of the banks in Boston, that the directors of the said office be required to curtail the amount of bills and notes discounted, until the office shall become and remain the creditor of the said banks.

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

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

July 20, 1818.

Present, W. JONES, President,

Messrs. Williams,

Goddard,
Willing,
Evans,

Savage,

Price,

Lippincott,
M'Euen.

Connelly,
Sergeant,
Leiper,

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

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

4. That the cashier of the office at Cincinnati, be directed to demand the reduction of the balances which may be due by the state banks in that place, at the rate of at least 20 per cent. per month, until the whole shall be extinguished: the payment thereof to be made in specie, or in bills of the banks in The committee appointed on the 10th instant, to the principal sea port towns, or in approved indiviinvestigate the state of the bank, and report such dual bills, endorsed by the debtor bank, and payameasures as in their opinion, the interest and secu-ble in any of the towns aforesaid, and not having rity of the institution may require, submit the following partial report, which, with permission, it is proposed to extend in the progress of their investigation.

more than ninety days to run.*

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

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

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

Willing,

M'Euen,

Coulter,

Bohlen,

Savage,
Lippincott,

Price,

Evans,

Goddard,
Lisle.

Upon examination, it appears, that the whole of the public money which may be to the credit of the treasurer of the United States, between this time and the 21st of October next, will, in all probability, be exhausted about that period, by the current expenditure, and the redemption of a moiety of the Louisiana debt, which alone, is estimated at upwards of five millions of dollars; that a statement of the debits and credits, existing between the bank of the United States and the several state banks, in- The committee on the state of the bank, with reelnding the banks of public deposit as far as the ference to their reports of the 20th July, and 28th same had been ascertained on the 30th ultimo, ex-August last deem it their duty further to report: hibits an aggregate balance in favor of the bank of the United States, of four millions four hundred and forty-five thousand six hundred and sixty-three dollars; a considerable portion of which it is apprehended, will remain unliquidated at the period

1st. That the reductions of the bills and notes discounted at the bank and the several offices desig

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

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

At Philadelphia, 20th July, the amount
of discounted notes was
26th October, reduced to

Actual reduction Reduction required by the resolution of 20th of July

The actual exceeds the required
reduction

At Baltimore, 20th July, discounted 26th October, reduced to

Actual reduction
Required reduction

Deficiency

At Richmond, 20th July, amount discounted

21st October, reduced to

Actual reduction
Required reduction

Deficiency

count of the foreign portion of the Louisiana debt, the extreme delinquency and magnitude of the debts $10,424,900 due by many of the state banks, the incessant drain of 7,913,600 specie from the bank and its offices, and the certainty of the continuance and increase of the foreign 2,511,300 demand, indicated by the unexampled premium paid at this time for specie, which is said to be 10 per 2,000,000 cent. on Spanish dollars, and a consulerable, though less premium on other coins; your committee are constrained to urge a steady perseverance in the 511,300 curtailment of the discounts at the bank and its offices, wherever it may be found practicable and use9,080,500 ful; a vigorous enforcement of payment of the debts 7,844,300 due by state banks, and in default thereof, or of a satisfactory arrangement for their gradual and cer1,236,200 tain liquidation; within a reasonable time, to cease 2,000,000 receiving either in payment or on deposit as cash, the notes of every such bank.

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763,800

The application of the means which have been provided in London, must depend upon circumstances, as the bills of the bank cannot be forced into 2,996,500 market, without materially affecting the exchange, 2,477,400 which it is desirable to avoid, but the committee think it probable that favorable negociations may be 519,100 made, for bills in payment of the Louisiana debt, 700,000 with the agents of foreign stockholders, and that the funded debt of the United States, belonging to 180,900 the bank, and now waiting the answer of the secretary of the treasury, may be applied to the same 1,420,400 purpose, but they do not see any prospect of nego 1,253,200 ciating the bills on Calcutta, in the only way in which they would be useful to sell them, namely: 167,200 for specie which may have been collected for ex300,000 portation, so as not to give rise to new expeditions. With this view of the resources and responsibili132,800 ties of the institution, the committee respectfully 763,800 recommend the adoption of the following resolu180,900 tions.

132,800

1,077,500 That upon investigation of the state bank, they find that large funds have been provided, and an extensive credit established in London, by actual funds remitted, and three millions of dollars in the five per cent. debt of the United States, pledged in the hands of the agents there, upon which bills may be drawn. That a credit has also been established in Calcutta of 1,500,000 sicca rupees, to be used as Occasion may require,orrelinquished without charge; that the residue of the funded debt of the United States belonging to the bank, amounting to $393, 049 12, at the prices at which the said debt was subscribed, has, by order of the board, been offered to the secretary of the treasury, with a view to the sale of the said stock in the market, if he shall decline taking it, which there is reason to believe he will do. That French coin to the amount of about 850,000 dollars, according to advices from the agents employed by the bank in London and Paris, must at this time be on its passage, of which the greater part may be hourly looked for: that an unlimited order of specie continues open at Jamaica; but that the low price of bills, the scarcity of specie at that market, and the prohibition of intercourse forbids the expectation of aid from that quarter; and that an effort has been made, through a respectable agent, to negociate for 3,000,000 of Spanish dollars, deliverable at Vera Cruz; but without success, as permission to export the dollars could not be obtained by the individual who held them.

1st. That the president be authorised and requested to order an additional sum of one million and a half of dollars, in French coin, to be shipped on account of the bank, with as little delay as possible, for the port of New-York.

2d. That the branches which have not reduced their discounts, as required by the resolution of the 20th July last be required to complete said reductions.

3. That in addition to the reductions require by the resolution of the 20th July last, the following offices be required to reduce their discounts at the average rate of 12 1-2 per cent. each discount day, until the aggregate shall amount to the following sums, viz.

At Middletown, Connecticut
Baltimore,
Washington,

$100,000

1,000,000

400,000

1,500,000

4th. That the office at Charleston be directed to hold, subject to the order of the office at Savannah $250,000 (including the $60,000 for which the atter, now holds the check of the cashier of this bank,) to ship to this port by the first regular packet, $150,000 in specie, consigned to the cashier of this bank, giving timely advice for insurance; and that the president and directors of the office at Charleston, be informed, that after the execution of the foregoing order, it will be expedient to regulate their discounts, according to the circumstances of the off, and the extraordinary demand for specie, which may be expected to prevail during the en

In comparing the means which have been provided, and those which are in a train of execution; su ng season.

5th. That the offices reciprocally refrain from drawing on each other, or upon this bank, until further orders.

6th. that the cashier of this bank be authorised and required to draw upon the cashiers of the follow ing named offices respectively, for the annexed, 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
bills at sight on this city, New-York
or Boston.

The office at Lexington in specie,
Louisville,

Cincinnati,

Pittsburgh,
Chillicothe,
Fayetteville,

capital here to commence with, should not be less than $1,500,000, viz: $800,000 in specie, and $700000 in notes of the bank of the United States. They make no account on funded debt, as they do not perceive how that can be applied to the branch as active capital.

In taking a view of the revenue, they are led to believe, that the amount now standing to the credit of the government in the banks herc, 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!

$550,000

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 7th. That the cashiers of all the offices of this nue, until after the first day of July next, hence it reby the branch bank here, for any portion of the reve. bank 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 Fad 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 the subscriptions, and who are to receive the of any bank which shall remain indebted to this in-second instalment, which, if paid, will probably stitution after payment shall have been demanded. amount to about $300,000; the residue of $500,000, 8th. 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 the payment of their respective debts, the cashier Povided for in such anner and period, as the circumstances of the bank, and that of the country, of 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*

RECAPITULATION:

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I have the honor to be, most respectfully, sir, Your obedient servant, (Signed)

William Jones, Esq.

JOHN JACOB ASTOR, Pres't, of the Office Dis. & Deps

President of the bank of U. States.

Opinion of counsel, and resolution prohibiting transfer
of stock, which had not been fully paid up.
At a meeting of the president and directors of
the bank of the United States:

January 24th, 1817,
Present, W. JONES, president.

1,500,000

Funded debt of the U. States to be sold,
Additional reduction of discounts at

400,000

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this bank, suppose

Messrs. Ralston

Specie from Charleston,

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Specie from the 7 offices as designated,

Butler

550,000

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Savage

Eyre

Girard

Price

Wetherill

Fisher

Goddard

Evans
Connelly

Specie to be ordered from Europe,

Respectfully submitted, (Signed)

$7,027,500

W. JONES,
THOS. M. WILLING.
JOHN CONNELLY.

Bank of the United States, Oct. 30, 1818.

Answer given by the president of New York branch, as to amount of specie required,

The president informed the board, that he had in pursuance of the resolution passed at the last meeting, submitted the following questions to coursel, and had received an answer, with a form of a certificate of stock, which were ordered to be entered on the minutes; viz.

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. SIR-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 intersalt 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

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