opinion, be incompetent to the end proposed in the foregoing questions, is there any other adequate expedient, within the lawful authority of the board? certain the amount of the notes of the corporation, Philadelphia, January 22d, 1817. SIR-We have given to the questions proposed in your letter of yesterday (received this day) all the consideration the limited time would admit, and we the information required, you will give it retrospecIf the data in your office will enable you to furnish beg you to inform the board, that during Mr. Ser-tively to the commencement of your operations, or geant's absence, we shall, at all times, be ready to as far back as the discrimination may be practicable. confirm the reference which he has made to us, in the letter of which you have furnished us an extract. I am, with respect, your obedient servant. Samuel Frothingham, Esq. cashier Boston. (Signed) JONA. SMITH Cashier. List of notes of the bank of the United States received, for duties &c. In answer to the first, we are of opinion, that there is no obligation on the part of the bank, to provide for the transfer of the stock, prior to the completion of the shares; but it is in their power to provide for such transfer, in the manner, and under the conditions they may deem expedient, and we are therefore of opinion, that the board may adopt a form of transfer, which will confine transfers to such shares only, as are not in default for any instalment. We take the liberty of handing herewith, such a form. OFFICE OF DISCOUNT AND DEPOSIT, inst. which I received yesterday I have the honor to Boston, Dec. 19th, 1818. DEAR SIR-In reply to your favor of the 14th state that this office commenced the collection of the public revenue, on the 6th February, 1817, and ed on account thereof, from that date, to the 13th March following, receiv The second question has already been answered. In answer to the third question, we are of opinion, that the board has not the authority to demand inte-In notes of the bank of the U. States, rest upon instalments in arrear. On this question we wish to be understood, as expressing our present opinion, which a further consideration may alter. Do. Paid in debentures to the last date 135,320 05 22,800 108,598 27 In answer to the fourth question, we have already ing in deposit as cash, and paying promiscuously On the 13th March, 1817, we commenced receiv suggested the only arrangement which occurs to us, with the notes of this office; the notes of the bank, for promoting the punctual payment of the instal-and several branches, and continued with a trifling ments, viz. depriving the shareholders of the benefit intermission, until the 19th March, 1818; during of transfering any share in default. We are, very respectfully, sir, your obdt. serv'ts.the amount received for the revenue. this time, we have no data, by which to distinguish (Signed) JOS. REED, Wm. Jones, Esquire, president bank United States. subject nevertheless to the third payment, to come due thereon, accord3d Instalment, dae ing to the terms prescribed by the 1st January, 1817. charter of the said bank; in default whereof, at the time, and in the manner prescribed by the said charter, then such share shall cease to be transferable until said payment be made. Witness the seal of the President, 13 Debentures paid during this time, $975,727 57 The amount of notes of the bank of the United States and several offices, received in payment of the revenue at this office, from the 19th March 1818, to this day, is $1,372,474 14, as follows, viz: Notes of the bank of United States Office at Baltimore New York Chillicothe Louisville Portsmouth Providence Middletown $598,429 14 97,635 Debentures paid from the 19th of March last, to The question submitted to counsel, and their opi-this day, $731,892 96. nion thereon, in respect to the transfer of stock of The debentures have principally been appropri When payment of the debenture has been requir the bank, upon which the respective instalments ated in part payment of the duties. which may be due, shall not have been paid at the time of any such application to transfer, being undered, the bond for duties having been previously disconsideration. On motion, resolved, that the officers of the bank be instructed to confine the transfers of the stock of this bank, to such shares only as are not in default for any instalment. offices were received at this as cash, such debencharged, during the time that the notes of the other tures have been paid in these notes which were responded for in specie at this office, if required, and the notes of this office. Since that period, such debentures have been paid in the notes of this ofI am, with much respect, your most obedient serBANK UNITED STATES, Dec. 14, 1818. DEAR SIR-The committee of inquiry wish to as-Jona. Smith, Esq. cash'r of the bank U. S. (Signed) SAM'L. FROTHINGHAM, Cash'r. Jonathan Smith's cashier, letter to S Frothingham, re-tice. specting notes of the bank of the United States, received for duties, &c. vant. The general statement on the last of January, 1817, preceding in date those given above, shews only rerurns from the bank at Philadelphia, and the offices at New-York and Baltimore-the aggregates of the whole being-bills discounted on personal security $293,505 63; do. on bank stock, (at Philadelphia only) 182,642 40 amount due from state banks, 492,956 64; notes in circulation, 605,617; specie on hand, 1,160,072 01; public deposites, 1,147,772 97; discounts received, 6,608 29 notes of state banks on hand, 513,128 22; individual deposites, 199,508 17. |