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State of the Bank of Pennsylvania, August 30th, 1814.
Due from sundry banks,
500,000 545,370 04
Balance of cash, (including our own notes on hand) 4,679,093 43
Bank notes in circulation,
Branch notes in circulation,
Money of depositors, including United States and sundry banks,..
From the foregoing statements it will be seen, that the respective banks are in a safe and flourishing condition.
*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.deal
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 specie?" If so, "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 information 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 accountability 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 stockholders. Indeed the mis-statements which have been made, and the erroneous impressions which they have produced in rela
same amount of other silver coin principally in small change, which was then much 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 he derived 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.
"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.
"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 th 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. 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. 17 0) ontfermoJOS. P-NORRIS,
January 1, 1816,"
President of the Pennsylvania Bank.. hovo
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 congerne, or they might conceive that the mismanagement of the