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No. V. Continued.
Brought forward 8 3,897,719 15
Due to treasury of United States in Pitts-
251,772 88 Pittsburg, 76,708 96
Lancaster, ditto, *222 13
115,742 86 Reading, 11,693 34
643,794 90 Easton, 21,490 02
Ditto, foreign notes, 31,622 34 389,532 12 Ditto, treasury notes,
203,743 68 Notes of other banks on
Ditto, small treasury notes, 200,698 hand in Philadelphia, 237,687 70
United States account dividends in treaLancaster, 104,076 95 sury stock,
5,469 94 Pittsburg, 127,290
Commissioners loans Penns. (stock) 16,560 58 do. special, 249,786 26
payment of treasury notes, 965,249 30 Reading, 43,273 50
John Steele, collector of the port
177,085 22 Treasury notes, special, 203,474 66 Commonwealth of Pennsylvania,
Bank of N. America, 16,449 94
107,426 33 33
State of the Bank of Pennsylvania.
1987 Brought forward 8 6,721,503 50
JE U bor
ladelphia, 1,470,657 92
State of the Bank of Pennsylvania, August 30th, 1814.
Capital stock of the bank,
$ 2,500,000 Bills discounted,
4,240,912 20 United States stock,
1,044,224 40 Treasury notes,
500,000 Due from sundry banks,
545,370 04 Balance of cash, (including our own notes on band) 4,679,093 43 Bank notes in circulation,
1,320,791 89 Branch notes in circulation,
79,565 Money of depositors, including United States and sundry banks,
From the foregoing statements it will be seen, that the respec. tive banks are in a safe and flourishing condition. 6. Your committee were induced, on this occasion, to make a more minute investigation of the subject, and a report more in detail than has heretofore been considered necessary. The uncertain state of the circulating medium, and the great interests involved, have awakened fears, and wild projects, which can only be dis, pelled by an accurate and precise knowledge of the subject. Whatever therefore was done by your committee, was with a view to this accuracy and precision.it
The following questions were proposed to the officers of the Pennsylvania bank, viz. “ Has there been any exchange of Spanish milled dollars for American dollars by the cashier, or by the bank, since the suspension of the payment of speciep” if " when ? to what amount? to whom and for what premium of exchange?” Which queries having been submitted by the officers to the president and board of directors, they returned the following answer:
“The questions proposed by the committee from the legislature, evidently refer to a subject not recognized by the charter of this institution, nor by any act of assembly as an object of legislative cognizance, and therefore, the president and directors do not consider that any duty is imposed upon them to furnish the infarmation required. But while they tenaciously claim the right to manage the internal concerns of the bank in such form and
manner as their own judgment shall dictate, subject to no other ac. countability than what is to be found in the act of incorporation and the laws of the commonwealth, and having nothing to conceal they are induced on this occasion to comply with the wishes of the committee and of the cashier, and to make public, the following facts for the information, both of the legislature and all the stockho ers. Indeed the mis-statements which have been made, and the erroneous impressions which they have produced in rela
tion to the subject referred to by the questions of the committee, seem to call upon the president and directors for this act of justice to a meritorious officer.
“On the oth Aug. 1814, when the banks of Philadelphia agreed to suspend their payments of specie, there were in the vaults of the bank 13,000 Spanish milled dollars. Having issued no notes for less than five dollars the bank was obliged to continue to pay with specie the demands for small sums; accordingly its silver coin of denominations less than a dollar was in a short time' much reduced, and it became necessary to obtain a supply elsewhere. An application was made at the mint, but it could not be there furnished as soon as the necessity of the bank required the Bank of North America was then solicited to furnish small
exchanges were several times made with that institution of Span- ish milled dollars for the small coins of the United States,' The whole'amount thus exchanged with that bank did not exceed $ 1000. The Spanish dollar was the only coin which that bank would receive for its small money. It was considered purely as a friendly act on the part of the officers of that institution, and no premium or pecuniary emolument of any kind was received. These exchanges were made by the cashier with the advice and direction of the president.
* A further sum of about 5000 Spanish milled dollars was exchanged with Mr. Lewis Clapier in April 1815, for the same amount of American coin of denominations less than one dollar, This exchange was made because the bank was then in want of the small coins; it was made without producing any premiun or pecuniary emolument to the bank or any person. It was done by the cashier by the advice and direction of the president.
"It is here deserving of notice, that about the time when war was declared against Great Britain, Mr. Clapier deposited in this bank 145,701 Spanish milled dollars, with a stipulation that the same kind of money should be returned to him when he should demand it, if it should be then convenient for the bank i. e. if the bank should then possess the saine' amount of Spanish milled dollars. When the banks suspended specie payments, and for some time before, Mr. Clapier being absent from the city did not attend the board, and did not know that this measure was contemplated. Afterwards he was unable to obtain any part of his specie, which doubtless occasioned severe loss and disappointment to him. If that gentlemans convenience has since been in any degree promoted by receiving 5000 Spanishí milled dollars for the same amount of small American silver, it is the only compensation he has obtained for' not compelling the bank to return him the specie to? which he was justly entitled. (Being a director of the institution and strongly devoted to its interest, he has generously waived his claim to the performance of the stipulation made with the bank.
* The only remaining exchange to be noticed of Spanish milled dollars for specie of another kind, made by this bank since
the 30th August 1814, was with Mr: Robert Ralston in April last. About 7000 Spanish dollars were paid to that gentleman for the
same famount of other silver coin principally in small change) which was then mueh wanted by the bank. No premium or emolument was derived to the bank or to any person by this exchange. It was made by the cashier by the advice and direction of the president. It was probably more for the advantage
of the bank than of Mr. Ralston. But, independent of that consideration, it was conceived that the bank was under strong obligations to accommodate that gentleman for having deposited in the branch at Pittsburg 10,000 Spanish milled dollars after the suspension of specie payments, and previous to this exchange for which herdertved no other benefit. ** It may be proper
further to state that 3000 Spanish dollars received by the bank since the 30th August 1814, have been recently sent to the mint to be coined into, or exchanged for, small money, which will be soon wanted for daily payments at the counter. When the small coin 'shall be obtained from the mint, it will not produce any premium to the bank or any person. The measure was adopted by the cashier by the advice and direction of the president. 6.6 If any other exchanges of Spanish dollars have been made for American money, the president and directors are convinced that they have been for very small sums for the convenience of the bank, and with the knowledge and approbation of the president. "In all the transactions above related, the president and directors do not hesitate to assure the legislature and the stockholders, that the conduct of the cashier has been in the strict line of his official duty. 4411 Resultat
In closing this minute and uninteresting narrative, the presisident and directors would observe that they are duly sensible of the high responsibility and importance of the trust committed to their hands. They consider that to themselves alone the officers of their appointment are responsible for the performance of their duties; at the same time they can assure the legislature and the stockholders, that they have always been vigilant
for the detection, and prompt in the punishment of all official “unfaithfulness. But while they watch the object of their guardianship with jealous attention, their duty imperiously requires that they should give efficient support to those whose services merit approbation. To protect also from unjust aspersion and persecution the official conduct of a long tried and faithful servant, the efforts of the directors will be never withheld, for if withheld they would prove themselves unworthy of the trust confided in them,
pornit o OJOS
President of the Pennsylvania Bank." Pada
January 1, 1816.", 1:00 bl The committee would here remark that they could not waive a part of their duty in this important branch of the enquiry, be cause the "feelings of some of the officers of the bank were i concerneal, or they might conceive that the mismanagement of the
(Signed) JOS. P. NORRIS,