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Tht ioiii'.ii'.tee b.-licve that the tout** oi i ep i.uums i»v ihe Bank, during the yeai* , 1830 ami 1831, have been nearly of a sum i !a cluractei to those of the yi-a » 1817 and i 1818 Dr.tf s and note*, pay b e at tli tan' < Him a, were then freely discounted a tiir Uu.ik of the States and Ihe differed' of liter. Hi k notes v».-.re issued by the Hi k witnoui regard to the wants of he cotmnuni- i ty or the eft’ cl upon the circulaiitg me dium which became depreciated, dliving the precious metals from die country, and, i until the reacti m had operated to C eck them, led to ex'ravug ud speculations which i ended in rum ; mil relief w.s not obt ined until the circulation of 'he Burnt he U States had been reduced 'o abou 4 000 000 of nullars. If fore this was accomplished, ' the expedient was resorted to of cur ailing loans ; and while they were d >ino that, they continued the issue of bmk no'eu, thereby continuing the evil which they were striving to avert. W in' is the state of the Bmk now ? On the l»t of M trch, (» y '«♦•*- nont milk iIN . 3> ) the Bmk han 6 800, OOC d dial's specie, 2 840,000 dolls'* notes of oth tr b mka, and of mod d del* none !! nuking an of 9 640 000 to meet its circulation d 23 717 Out) dolla s, depo aitee 17050 0"0 dollars, and foreign debts owing 1 876 OtO d liars, making an aggre gate ot 42 643 000 dollars ; and this evil exists while a re-action or contraction is operating to a considerable ex'ent. This contraction commenced on (he 7 h of October last, and is evidenced by the folio ving circular, w nth indicates, beyond all doubt, that the Bank had overtraded. CIRCULAR. Bank Un ted Si ate» Oct 7, 1831. ?ih ; The unusua 1 h'-avy reimbursement of “IX oil l ion* of fu ded d *o’, which w is, 1 on the Ist inst m*, advertised by he G vein | merit intake place on the Ist and 2d days of January rie* 5 but w>''cb, according '» *uh>f qnetit notice from he Tteasurv l)e-|' portin-’iiv under ye*tpid'y’s diie, inay.it appears, bo demanded of me B\"k, by the public creditor., at any period of die pre sent qn.rter, 1* cairn aled to pie-s very in conveniently upon 'he par nt ha- k and up on the nffi e at New Ynk ; 'he more to from nur uncer ai: ty as to the lime when the necessary provision most be in ide, and from the prevailing active demand for rno ney* He pleased, therefore, so to shap j your business imrnediat ly, as that wi hou’ denying reasonable accommodation to your own cus nmers, or sacrificing the intervals of y >ur office, you may 'hr iw. as early ar, p -vsible, a larg- amount of avail ible mean* Into our hands in Philadelphia and New Y k, and at he 8 line time abstain, aO far ** prac'ici'b'e, fiom drawn g upon ei liet of th ise poin a ; ch-ik* and sli'Ti d'af:s on the loci! hiokfl, anil on individuals, will prove pTficularlv acceptable tor several m tj'hs t" come, a nl whenever direct claims of 'ha' kind, on th s ■* two dices are not t S»e procured, you might mi'etiaMy aid us by taking drafts upon die large ci i s near est to fin m. 1 am, reape,-tfuMv rtnr obt. servt. VV. McILVUNR Cashier. Addressed to the Cashiers of all 'he. lift ea » Since tin Ist of Sept, las' the B ok ha diminished ts ni ai* to meet the demand* which may come upon i'— First, The whole of the funded debt which it then held, 83,497.681 06 Second, The difference be tween the specie it then held. 11,545,116 51 And the amount it possess ed on the Ist April, 6 79!) 753 63 8 4 745,362 88 Making an aggregate diminution of its means to meet i s momentary demands since the Ist of Seplemb r, of 86 243043 94, whilst during Ihe same period, those de mands have increased 84 197 871 51, vi* : the circulation, deposi'es, and foreign deb , the aggregi'e of which was, on the l*t Sep tember 838 453 758 67. and on the Is April 842 (350 630 18 Tht m a*U'es and; the eff c appear u> be similar to those pre j ceding 1819 The > z ensive discounting of. domestic bills and dr,,fts payable a disiani' b'anches, the amount being no the i*t ot April per monthly statement. 830,354 748 79. The orders (sir cut ‘ailing ,u he wes tern branches, and the cur’ading a 1 he prin cipal offices in the Atlantic tides, and at the Bank of the IJ. 6 ed S ate* the amount' of which, at th Be kof he U ited Slates,* between he sth day of Jmuary -id the 29th day of M irch, is 8' 810 408 37; at the office of New-York, bet ween tin 4 h day of* January an* the 28 li day ot Maich, ia 8259,305 43; at the office of Boston, b tween he 5 h day of January and he 29th ; day of March, is 8167,860 85; (and that too, on a disc-m t line of Uss in n two and a half mi' ions of dollars;) at the office of Bi tirnore, be ween the 16'h of J Alary and the 2d day of April, 81-3 741 63 and on e discount line of 'i ll l *■ :n re. han tw millions ol dollars, as will be seen bv the weekly •t.i'pment of those offices and 'he B»uk of the United Slates, marked No 36 The m ist remarkable feature which pre ient* itself to the view of the c-mini tee, cunnec'fd with the present situation of Ihe bank, and the course of op-rations upon i •ince the Ist of September last, is the in crease in the circulation of its note*, which amounted on the Ist Si ptember to 822,399 447 52, and on the Ist April to 823 717 441 14, making the increase of 81,317,993 62 During this period the bank undertook to ’ v-n-.-i k the exportation of specie by supply i"g hills at such a rate as left no induce mem for individuals to ship i ; to do which, 'hey exhaus ed all the funds winch they could pi cure from every source. Over 85,000,060 were remitted, a» per statement m.liked Na. 16 and still left them with a debt id in ire than g 1,700,000 in Europe at his period. The cause which led to this necessity still exists, wrh an increase to the extent of the increase of circulation, and hut tor a decline in the price of specie in Eu rope, it would still continue to be exported. The c >m aittee would present another sin* rig analog* between the situation ol the bank n April, 1819 aiol its present condition. At ih nrs' mentioned-period/Mr. Oheves inlorm-d lie Secretary of the Treasury that the bank couln not pay the Louisian* debt' ol three million . without negociating s loan i Kurope. and tw millions were actually b rr wed in Ruropc, tin. odulgencs of die guv ninv-ui bei -g btairreo n that eff ct. The bank at-Ibis tore is precisely n ttie same situation i it bts* asked ihe govern or! nt to postpone the redes.ipiion of the iliret irr r.cnts from Ist ot July fi lot of <)C. and has i* n oed the payment of one quarter’) iotcru' m these stocks, being substantially tquivaleet >h rrowing seven millions of the government’* money for liree months. The supply of exchange by the bank, »3 liss been done for the last five .months, and th*- cur tailing of discounts, arc bet mere palliaavet, as the coKmiltee fully btl tvc-j ami they arc per suaded that no ir.easU'C can b, invented to Feature a sound currency, and a regular sta'e of things g'-nerally, a <1 give a sol d and permanent va u to property, but ih • w ili.irawal ot a large por non of miles now m circulation, by the ba k winch will compel o her b nk. to do the anie. Th". cun n tee will here introduce a quotation from Mr. Hush, in his I rra-ury Itepon m 1.V28, winch tolly ancords with iheir sentlm-nts. “ I is the preservation of a good currency wlii cm alone nn art » bility lo properly, a d pre vent Ih ne flucuimi m» m n* »a ue, nur ul alik 0 ind.Vi ua! and n ional w ahb ” Again, ne says, “ This advantage Hie Bank has stc ired <i 11 he commu 'by, b. confining within prud.n (limits i ij-u sos pa-sr wiiert-by a restraint ha been imposed upon nxcessiv ; m,) r'ationa, which are ihm k-.:pt more with n ih iru wants anti cipacitu-s of the country *' Arc nding to the j ieonial report of the <1 rectors i th;- s' 'kh !• ih-rs on Ihe I.U of August, »i 1828, ihe am uo’ o, rnc i aiion 'hen was 813 014 i'6u 71 ) air 1 tv fir ~f Aprd lasi, h. bei-ire atate 1 i. wi 8 17.7 441 14 presenting the astonishing di re’ ce of ,u 671 6 0 4i, in Ifaa than lour year-. : an ‘.his be consi lered, according to ttie amtod 1 ci ine of Mr Push confi ling its issues of pa iv r w Inn prudent (mil,, w ieif »y a restrain' u s bee i im.vised up m aces* ve imp rfationa ? ‘ hat gnat contractions ere i.j irioua ihe com oittee consider they have art due d an au hurt) ha cannot we:l oe doubt d, and thai a grea • tie is now in operati n ibi-re are too many gene ral evidences in confi mati»n of the act, to b rofiited. pan cular one will suffice, which is sken irora he di-cuments called lor hr t m Sen ■» e. a id pr s--nied to ihat body by ihe Secreiarj j f die Treasury, on the I2th if M rch at; ii vhic wi ihe tmiod a com -attniou ion from tht i*re,.ldent of the ia' k sta ing die sm ui 1 •' branch notes ’■crt. cm d by the (tank of .he U i ted Stiles at Piiii-delphia, dure.g the mouth ( ;! Kcbruiirv la*t only, to u* 726 /00 io tars t a. d th am tint redeem din 1831, during the aaun m >n'h wag onl-, S'iß 910 Jouars liia letter under Jaie o' the 26 b of Mire 1 as> lo the (Joa .-m in oi ihe C min'di. * h-- I* r lent of h" Bank says, *• tha' he am u*i' o '.anch'iotes redeem-I at the N-w V ik ffi uring 'he year 1331. was 1,3 219 655 <1 •d al B i'» tr ih , .V.STi.auO do . .rs, m k -g slot 1,-i 6'B 435 dotista, with an incr .as.- f reulaiion beiw n 'he Sd of Pi-b. 1331, and tie ’ I f January 1832, of more than <m md ions ol dtar., as p*r nion'ldy statements, and e •f it nv ana betwee die 21 o ru-ry 1031. id 1 i of April, 1833, lo meet imm -<tia:e dc nsnds, ol more than twe ve millions oi dollars, »l: In spcc>, funded debt, and notes of other •‘'ilk* wlic'i. at first named da'e amounted is per mnn'tilv statements, to jg'ir.ibhdd 10 And the Is.ot to 9 640 000 00 gl3 116 668 10 Making, a* just atated. a dimiim ion in the sa ve ni ans immcdiate'y-apidicabe to ttie ex it, 'uishment of its debts, of conaidurably more b n ‘ alt of its former capacity, lo effect ih? same object. Widi such an incyoase of is iv;s, and 'he ii flu •nee of a m >at power ul rose un now optralm id 'it lb fi cal energie of the coumry, a» is ex i bited b the differ, nee of die no mplion ( branch notes rt die periods and p ac a above ne tinned together with such a reduction of i. leans to m-et iia eng g merits, mu , we ma , comoel (hem still mrther lo cunad their aeon n dations. It is evident, fmm the circulars a-ldresscd It he b snehes. and corr ß spondence wi'h them c Ocob r las,, that the chief objicts of the | O ok has been t > sustain itself—the statements | accompany log this report, clearly proving that jdie Hi i, in, ot iucrct*ed its noddies to the ■ a ing "ommuoity, in any part of the Union. I To.- Bank of the United States, among other ■ond'tinns of its charter, is bound o mnke c - eimni of the ru > ic r venu lo iransfer ihe •Hiss, 'T any par' m ens, from one point to ano liter, that rusty be required i and t ■ m ,k-; any and al prymen‘B for the a count of the government, j whether 'or principal, interns', nv Ist, arrm, Havy, pensions, or for rny oilier . urpo-e wha ever, free of ail and any charges for such ser- VlC*i. •j For performing this duty, the Hank 1m claim ed, and has received i- ’ra the Prea ury Depart iment, and ihe coun -yg nerat'y. for aom-y ars past, merit O an extent tha cou' i not hrve be i sui-pas d. ■ ven if sll those aervic •» it perfo ms were gratui us. This and oth- r c rcu u anc- I h ive led ihe committee (o an iov tig -lion of th . -Mbj ct, as f r as the I moed tin w ud all ■- i. -re cio i g their lab ts, <» ► e h w »r th*- *dak is ntitled to the credit be*tow upon its i dio what i x ent th Ha k has aided 'he 0 , verntne t m its fisca' nerations beyo d the ob ga-ion im -osed m obedience io its charier. (• The Government, in its collections 'hroygh th f* a of the U ..ted Stale*, rece ve* nothing - bu "t r otrs nf the Hank of the Uo'ted State •od mskes it#- pa rneiifa in n thing el-e. It ih i.esol S'ste HmiJss cro fa.’ ’he Hank n p'sec of their own, it iaap-i7*ie matter bf w-en ntch Hanks and <hs Br.nk of d.e Unite it S'ttes, a d one with which the Government do, ot c r -in i'selfi and it is 'o he presntnrd tbs , -i ■ Bank of 'b; United S ales ii too walch ul an v'gilant in the protection of its oan interest . j 'ot to see that it ob.ains from tbe-S'ate Hank j or notes thus 'sken. specie or d* equ va'eiU, or lit* own notes, in exchange. »r-' 'hereby fa* - pro tided wiih » fund from the culleution us the ra venae, i q iul, in v»lu«, to tU*i ut wfiicU (Me/ ore ( q urea o p*y. the Itrgest portion of the revenue, pviticu arty (ruin imports, as in university knuw.i, i»co- in the Atlantic cities north ut the Cotutruc. i hos-j coies beint; ihe greal mar.* o. ottpp.y to near y the whole of ihe United biatea, *nu places o which remuitncc, cen re Irom a.most every )»rt 01 ihe eoiirniy, creates a demand tor m.tua upon them, trum nearly tv iy quarter, constant.) i y, and generally at a premium, Inerelorc, s.,| , ,r an lue bank is called ti o„ to tram, er it! .daj rum tube cities to oilier places, it becomes*; natter of j.rnfti, and not ot expense to it, ano ihe great, r ihc distance, the grca,er the pr.ini jmj amjtheiarg r he »m <un ihu, itq nred ,o <e runsfemd by itie gov ruiuem, and me gre ,t jr >h distance, the gicater .fie piout and ad vantage to the b i k. That 'Me bank u'a aula 1 tbe Government thus ar.-tlie c.cmmuiee are U .abie to ducoVer, or that h y arc niidcr any ob.igauous : o the uank tor ihon a i vices, he, ar- a mi at a ios* to imagine ,>iw i«r tile ban* hat a.iled he i.overunuiii m » ti ;ri operation-., a* u c>»un to have uone win bj cen by a c rnmUMCa ion irom the fresideiU. oi tin bank to Hus commitiee, Mereaiier adVer cd te in arm ti -r part oi tins iep ,ri: and ».,o in a report of rt.e’ committee nl ihe at ok ho id, rs, at Uio tr.en nitl csei i ng or 'he la oi Sep-cmber, Idil. in die f .lle’vriiig wm e “Tnai the tfarougn the wtude c urse o us opei at.on ha, tttcCiu«lly assist ed 'he Ii ei ury nr the collection ami dn r.oo ion f the pubh ; revenue, and that, of Isle year., u has been signs iy e*Scient in prtvenin g h; d.a-. con ge ol ne j.Ub iC di?b( fr in duiUibi g h opeva lunsol commerce) or ihe vaiue oi pecuniary mvestmenis." How the committee are not ab e to discover up in whai pnne pies the loregomg dec..era ion u mvle. i,y re erring to ihe c rrespoiidence, in 1319. between he men president oi he oana and the then Secretary of the reasury, the oommit.ee discover the the bank w.i idea app ymg .o me Treasury 1) par mem io aid it in i . operations, and was rece v g ail tha it could promise, nn he 20u. VI ch, 1319 .he President of the h. k coses a c..m iti ncai uu to men accre ary, 4r. Crtw. .rd, t us •'I i«vs ventured to tn uiie ou wi li iio-e vi wa w.ih the hope that you w.n par in the liber.y and wan uie cmviction ifiai i yiucsuseiv 'Us iflsti.ution in any of them which you shall deem continent with the public !good, you wII feel ap. asure in doing so." Ihe Seore'ary i f h- P asury, in closing ms answer u derda eo. the 27tn Ul*rcu, i 319, , t c; ay winch it i. i tbe power of iris deparun.i t ( i sfl ird he b»nk, in its efforts to support specie pavmen s and restore ihe currency io a uam ai s ate, may be c mftdentiy relied u ion.” Gy re erence to a statemen' oi the public de noshes u the Hank of tlic Li lited >S » es each month, from Much 1313, in i4arch, 1333, me, ive, marked Ho 37, it will be se ;o that irum 'be Ist of January, 1323. up to tue momh > v! rch, 1334 there ha. been only one period, (Nov mlier, 1*45 ) wiien the piebl c tlep.jsi s di im exceed f ur millions «,f dollars, m in- hauo a( the brnk, and they frrq:;en..y amounted •iijht. nine, leu, and eleven j n.. uu one occa sion to twelve millio is ot debars. By rtfi re' ce to docum nt marked No, 33, p J will he found that °i cj the moult oi Kirch, ai all the d fF.renl periods nnint-iha et> ■nl ;. ving the re.'lrm ,uo.. by the u v r .ine it o. 0 r:. ns o its funded deb , there >s io one lime v i-n ih Hank was not leu won m >rc tua . oiu ■oilnon* and a hi. of dnilarV of puoiic dep., sites 4 .id m m ny instances w ih four aid fi.c mi I m which sum, were, immediately after, in r aai g liy tie eon-taut accumulated collection -f the pub,;e revenue. i The Wflt'a, sa 1 collects the revenue, knows, ir ugh’ to know i*i»t u will n» c I led p.m oj the Government to relm uree it, and m ad caaes ol ’ f redemption of ihc a ned debt, t.ir- e mouth; >t c is given by ihe rcasurv of such ihle.i on, Wr.h mch no 1 ice, and wit . proper mm agement on Hie part o die Ha..k .he Gommit 1 te ■ cannot rise tha 1 either the Government r quires any a'd. .r ha, ih'i com nu uty can be aft'.-ctcd by (lie c >urse of ihe opera.ion. The B. k has i'» leg timale bi k ng capital ■viih which to do its regular buaioe-s, and ac •<>m n daie th- c.irnuu ny. As it co ect ih. mbl c n v-nue, it is e .ab ed buu to . vail i'aei i' the aivsiiiuge of>mpl >ying it to "t* own beo • fit, and ihe ace mmud.tion ut the c muietc .. rum muni y, who principally co .tribute to us : pa 1 moot, by c mm nemg the discounting of bu in,st paper, pay, ble within or about the time ev know thev * h b» ca hdnp,n to tha ih, i>aym-nts on sc'-mn of the Government , nd 1 . mey gradual';/ anproac , hat i>. rod ih ymu t als > ah rten the period wh ch tbe bus nest paper it >» to run, until apnv at th- ~u lie c, f om the Gov rn nent is made upon them w 1a he business paper wi I h>v been paid ff h d*'k then pays the Gov‘nime it, -nd the G. v ernment fmtrediatsly again circulates it s notip he c tr.munity The operation, as 'hus desc ibed. appears ti the Cemmittee 100 piain an.i simple to r quire ny fur her illustration , and If the princip.e 1 sound and has been acted upon by the Ba k they cannot di c ver in what manner the opera tmns of commr rce could h ve been disturbed, 11 the v»lue of pecumary inves mants hsv been si.l feet-d bv the payment ot the pub ic debt by the [ Government; Hur it he Bank ha*.- as the pub ic revenue h»s 1 accumulated to the credit o' the Trea ury D. panment, gon" on discounting upon it, or !oa.. 1 ing it out, d'sr. gardi g the per, d ’.’ hen they would be called upon to ml-urae it, Ihe Horn tniitee can readhy perceive ih , when that order arrived, they w uld be sou d n>t only d -ficie. ! in preparation, but in a state of surorise and ihs he p vni“nta would first embarraas ihe Bank and ben lead il to press and embarrEta die com mercial community. From he observations made, and the esimina tion nt documents du-ing .ht coarse of this i - veatigauon, the Gc .mitlee live strong rea-or to apprehend that the course pur ued by thi ] isok h s b-3n loon this la tsr pri'.cip e. I. so h Bank ha> incurred a high responsibility. The Goamr'tee believing the subject of the s 'ate pnafpou m n 01 a porti n of ihe 3 per con* s cks, intended, as th y understood, to hav b - . paid on the Ist ot July by the G'-vernmen, to ’) within the province of their i q cries ; anc belief ng, a'so, that it had a strong c nn xi >n wi'h ihe present atate and aituati m ol the si «.r ~f .he Bsck, *nd for the purpose of ens tiling 1 hem to f m ac rrret and true opinion upon that luhject, they made a edi upon *hr President of the Bank for the p'.rre p mdence 1 reiati n fn the pog ponemeu of h 1 psym*nt, ii tue following words 1 " Will y u pea e giv a eo;>v of the correspondence conn- c ed with you : applicati m, in Sitrch last, requesting a auaut - aion by he Guvernm-nt of the p .yment ol a por ‘ don of its d”br intended to have bee > mad. or j he Ist J i'y next, or t sfatome.i' <>f the arrang • 1 nent m<de in rc a’inn to that subject ” Wnc jorresponde tee was c>mmunica ed by the Pres j lent oi the Bv k with the fo.lowing rem rk. i l l have made no app ici'ion to 'he Government ri wr have i requested a y -us iens on of the pay ment of «nv portion oi tne public debt,” *' The inquiry, I suppjss, relates t„ tbit cir cumaiai.ee . 1 received a letter from the «c.n.g secretary 01 tue Treasury, Oatri ihe <4.u Harou 13J2, ’iiiofijiing me lu_. Govemmeiik Wai aO.m ■ 10 ist/iie e. noiK.c on the Ist of April, 01 their ni ton.to" to pay, on the lot of Ju.y next, one call 01 . the t.uee pci cent, stock, a.nl to do it oy prying 1 to each s ..exhotder one hail ot the amouni c, hi« ’ ceri Jicavt > He added, ’ *l. any objection occurs to you either as to the 'lamount or m de oi payment, I w.d ih«..|r you 1 it' ’I •• .hu» invi ed by the Government in a com- Mm>inic-,uon nursed ‘ c ■nfidctiuai,’ 10 give m 'j pinions on min amre coaiemptated by tie Guv 1 ernment, S iccr u ntj Uu.y to ettp ess rny view ’I of ns ; rooah.’e < peranou : in my r p.y, ther. I lore, dt ed 29. h oi atarcu I staled " mat so ia as the iia .k u concerned no objection o curs to me 1. being. auHic.ent ihat the Guvernm-nt n., 1 Uie nece.»a-y • nount ut mods in the Bank to 1 m-ke iae con eir.p aied payments,” 1 then pro r Coeded to ooaeiVc, i.Mai in the presen. si u. ion of the r. iriincfcial community, and with a v rj 1 large amount cf'r.v .ue (am u ding to nuu ; rniiiio.is )10 be p.id be.ore .ne I»i "( July, tho • deb. irs of the Government would r. qu.re eti tu. ■ .trnearance, and all ilie aid. itie cmli b 1 given them 1 and that the pry ment pr p .»ed b, creating a uemand for the remittance .11 «.v_ra million, o. dollars to tur. p an aiocklio.de.s ; won d tend tu dimmian tile usual laqilitiea affird ed to tne debtors of ihc iovenimeut, and nagb 1 endanger ihe punctual payment. Tor this re«- 1 son 1 thought ii lor ihc imereat of the Govern mem to postpone ibt payment till the nrx q urier. 1 lur.her sta'eii that trie plan 01 paj mg io each siocalio.dcr only one bait of Ins I .a. w uld not be so aCOeptab c a» 11 tua wfioie loa were repaid ai once, ’ •• li*?...gii.u periormed my duty in giving the | ..pinion a.rb d, i left it, ot courae, 10 the Gover.. in,-ui 10 decide. On the pan of the uank, 1 ■ sought notuiag, 1 r- quested nothi ’g Afci ; we.going th. circums ances, tbs Governmsn 1 were de ..rous t\ adopting me raea re, bu it. u (Ecu. y 1 understood t>. be this, that tbe sink : n g und w .uld lose the q urter'a ui.crest: fro. July to Ocober, ot the sum intended to be pa. : in Ju y , sod mat the Governm ml did not 1 it»e. justified in making toe po p Micment, u. , tegs that interest could be saved, but .hat in | W 'Uiu be made p ovided the ha .k w.ru.d ra .k • .lie si. king tuna whole 011 ihe Is October. I : this I said, that, as the bank wcuti.l have th use ot he lund during the three mourns, it wou.c ) coiigenl to save the ai. kii.g lu.id hai-mress, a\ ’ paying the three mouths interest used i and s me matter stands 1 •• N >w, it w.l, be seen that the Bank, in a. this, uas bad not thg feast agei cy, esc. pi to oti da p.iiiuii, Rhen it was asked, in regard t.> » measure proposed, by the Government ; and ihei. to oii' r ns aid in carrying that measure iot> 1 opera n " Tha Torarnittae cannot any ability which the Bank puss on, sor will posscHf. io giv*- inoreaoed aid to publi: Uebl-'is in the p >yment us the nine millions I dollars failing due [us is •uid J >ll trie quarter ending; with ine Ist of July; bm, on the con tiai , they lieliuve t.i I such is th . snuation of me Bank now, auJ am 11 will u the demands which it will be cnllrti upon to meet, that it will re.pure toe aid cl alt the accumulated collec tions lor the Government, to sustain itself. •he commitiee are j fully of opinion, that, though Ihe Bank neither "»oughi ’ lor -or, j “requested” a postponement of the payment by Uie t*overnmem, j as s.ated in the de.duration of the President, yet if such pout-1 ponement had not neen made, the Bank would not, on the Ist of i July, have possessed the ability to have met the demaud, wiin out . mixing a scene oi distress in the commercial com inunity. 1 be committee are unabie to discover io wh.»t manner the Bank could a (ford aid to the 1 icverninent, in carrying into « ue«l the measure they proposed, which the Preside .1 of the Burk, in Ins remarks, spe iks of having pi oil* rrt dto them All that the Gov- j ernment could ask o' the Bank on the l>t of July, or at any other time, "W oul .l be, to pay over to them the amount it had collected i for their account, when they w ished to employ 1 1—the, same as a' i priocip 1 u<>uld c tl upon his agebt to pay to him moneys which he nud col ected lorhi benefit. I Bv documents marked No. 39, it would appear that, on the H3tlf .lay ol Vjurch last, tne Ban r was aware of the intention of the Govei'niuem to pay off, during Die year, a great portion ol the 3 per cent slocks; and the subject of making an arrangemeniwilh the holders was, on that day, referred, oy a re-.o.ution of the j Board as follows: ' '• Hnolvtd, That the subject of tha communication just made by the President, be referred to the committee c/ exchange, witn authority to make, on behalf ot the Bank, whatever arrangeni'-nls with ihe holders ol the J per stock of the United Stales, as may, in their opinion, best promote the convenience «f the public, bik! {the interests of this institution-” Tins pri.ceedms' on the part of the Board, nearly two weeks before they were officially informed ot the intention by the Gov e nmeni to make ihe proposed payment on the Ist « >f Juiy, de inonstr.itea fully to the minds of tbe committee, an nchcowledg ment on the part of‘he administration of the Bank.ot its inabili ty to meet the demands wl»r,h lue contemplated payment of the Government 3 per cents, would bring upon it, without producing I the distres before alluded to fn a hater to tne Secretary of the Treasury, from the President of the Bank, dated tbe itfth iVlarcu, 1833, marked No- 40, is the foltowing : "Owi g to a variety of causes, but mainly to the great amount of duties paiable ortho last lew munthi, there has been a pres sure upon the mercantile classes, who have been obliged to make I ver great efforts to comply with their engagements to 'be Guv-' eminent J'liat pressure still continues, and it may be prolong ed by th- same cause—the airount of duties still pajable, during the nest thr e months. This slate < f Ibi $s seem* to recommend ' all the forbearance and indulgence to the debt r* which can be safely conceded. The inconvenience, then, of the proposed mea sure is, that the rep ymenlcfsiE or seven imllious of d llars. moie than-helf of which is held in Europe, may create ; demand for the remittance of these fund , which would operate injurious ly on the community, end, by abridging the facilities which the debtors of the Government are in the habit of receivi g Irom Bank, may endanger the pu dual payment of the revenue, as the Bank would necessarily be obliged to commence early as pre parations for lue re imbursemeat of so large an amount of public debt. | “My impression, therefore, is that, with a view to the safe and punctual payment of ihe public revenue, the Government would be benutitted by postponing the proposed payment o! the public debt to anther quarter, by which lime tha country will sustain, less inconvenience from demands on foreign account ” I 'The Committee are obliged to dissent from the views express ed by the President in the foregoing extract. The Committee cannot believe that the pres ure winch has, and which continues. Ito exist since ' b lober la-t. ia attributable mainly • to Iks great Ainouru of duties payable for the last few months,' The Com , miltee belj.;ve the up- rations ol the Bank of the United •'ta'es in j Philade.lph : a, and the offices in Baltimore, M. Fork and Boston,” i (the four principal places where bonds are payable,] during the hst quarter, furoi; h evidence to the contrary. By « re'erence to th»* weekly staleni nil of the Bankof the United States, the of ‘ fires at Baltimore, New York and Boston, from July 1831, to' 1 April. IBJ2. marked No 36, it will be seen that the amount of re-] , ductions on discounts and loans at those four largest comniercial. ! cities, during ihe last quarter, taking the m <ximum amount in Jan-; uarv lust, and ending on tha Ist o'April, is 2.498,489 76, or, in {round numbers, two millions and a half of dollars, tins reduction by the Bank and its branches has probably compelled a similar reduction on the part of the Slate institutions, in proportion to the 1 amount of their loans in each of those places. 1 u tins, and n this . alone the L omm'ttee are fully persuaded ig to be found the true secret of the pressure which has existed, and does still exist, operating upon the commercial community . That ibis pressure will continue for some time to come, the Committee fear, for the exp nsion h«S been so great, that the contraction which isoow in operation cannot, in the opinion of the Committee.-i e effectually checked or controlled, without a c necessary curtailment of disi ount<. If the ftai k poa-ested the ability to su tain itself, without cur tailing its discounts, the revenue falling due the present quarter might be collected, md facilities granted during the time, upon , the principle*'be fore pointed rtuf to the comift-rcial community, ) »nd disbursed again by the Government, w iihout any incunveni jence beingcs by tbeoperation. But such ability, the tom H miltee arc well gifisfied 'he Rank doe- not possess, nor can it at pres nt command. Beside* fie diminish d mean* of the Bank previously alluded to. through the loss of five millions of its ape cie. t* lore’gn exchange, and other resources, on- of the great r> difficulties under which it now la ors.in paying •'the public debt, I i* its being compeTed to receive the public revenue, in the At lantic ports, ir. arcuncncy, to wn : branch notes and drafts of the western offices, no! promptly couvembls, and to pay the public debt m cu rent mmey. . T b* Without a-large abridgement of the uscal accomodations, w ii. h will, of course, grea Iy distress th»* community, the t om rniM*-f Bph under the strongest conviction that it will be little bet » i»*r able to meet the pressure the Government payments w II I •'"use, on the Ist us October, than they vyould have been pn the 'lsf of July- lb#word»orMr Crawford, in a letter daGd 6'h i Ol April, 1319. to the President of the Rank, the Commiliek con sidrr peculiarly appropriate hereto introduce. “Palliations may prolong the existing embarrassments, and by exciting tbe hopes and tears of the community, aggravate the existing evils, but can not influence the final result *’ In ano'h r letter, dated the 9th of April 1?19. to the ssme gens t ail he says: • Banks, in order to secure specie payments, j mu»i H. prr ximate this circulation and individual deposites, to a su ij u ill vpr moriioned t the amount of specie in their vault-. Any va.ug short us ibis, will keep theta ia a pracariou* state, end , tae p«ned wneri banking •peratiuai *xx l& txfel/ aecuied upon ordinary principles. tv fi■;q dii luauiuuuu, wuU investments amounting to seveoty five millions, commanding the foreign and douie a tic exchange ot tue coumry, monopolizing the Government deposiUi, cannot, at tile moment, wbeu we are exporting our annual crop of cotton, • » mounting, by the admission ol the President oi il*e Bank. to twenty ruiliious of dollars, [ou\ really near thirty,] transfer a few millions oi its tuiid» abroad, to pay the Government dool without ’ ei.ihArrassing Us operation*, and seriously distressing traders, if there not reason to oeheve that iu buimeii has ueen too much and oo rapidly extended 1 in the late letter o me President of the Dank to the Secretary ol the Treasury, o the iVth March lasi, there is the following postscript. “As an illustration el the effect ol the measures 1 have •r.’ggesied. I may meouoo, that in the month es February last tne vJoileclor ol A«w Y rk, with a laudable anxiety to protect the public revenue, applied to the Bank to authorise an eilensioa of loans on that city, m order to assist the debtors to the bovern uienl. This wan promptly done; this 1 should desire to do.agHiri as trie payment to the Government during the next quarter wiil probably be very large ’* Upon a reference io the weekly statement of the office at New* Y u rk, irom July, IttJl, to April, 1833, before alluded to the com - miuee had no aggregate increase to loans; but, on the contrary# they find tuat there has been a reduction iu the amount, va; th* amount ou the 391.. Keb being less than on the id and the Bth da. sos the arna month, and Si4O,OOU less on the 38ih day oC Man h. thancu the 39th of t eoiuary previous. By examining the statement no 36, u will be seen that th» total amount of discounts at the Mew York branch, between tb* 4lh of October, 1831, and the 38th March, 189 Z, were actually diminished $ 108,447 17, while during the same time, the bond* paid at that port amounted to between nine and ten millions »t dollars* • The committee, in order to ascertain the precise maiirericity which the annual election of directors has been conducted, calctr* at an early period of the investigation, lor the following docu* maul, viz: “A statement ofthe number of votes given at tack annual election ot directors since that of tb 23, the whole numoe? of voles given, the oumoer given to person, and the number giv. euhy proxy, and in the latter case, by whom,” which iiuiement? was not furnished the committee, bui the statement, marked >*. 41, was luroishod. This shows the whole number of proxies tt> be 4.633, of which the president holds, ex< lusively. 1,430, and ar ft truster in conjunction with oihei.-, 1 ,t>b4, wuicti gives h-m® wslhoul intending to impugn the exercise of urn power, decidedly i urcpouderaliQg control in the election ot directors, a powav which Wets never contemplated by the charter; so iar from it that instrument, as well as subsequent laws passed by Congress* d ive studiously endeavored to prevent the very mischief which this accumulation of proxies m the hands of one person is most obviously calculated to produce. The charter has limited tim votes ol the largest stockholder, ho matter what may be ibe num ber of share*, to ihe iiuotoer of thirty, clearly with a view to pre» vcoi Id whole affairs of ihe Bank from falling into the hands of a few individuals It is too powerful an engine to be controlled by otff. man alone, Lfnd this must be apparent to the good sense of every ne; yet, notwithstanding this restriction, by iho use o£ proiie>, individu- Is, with Julie or no immediate interest, can per form what those possessing a direct and deep interest are prthib* itoo from doing. Connected with this subject, there is one which* ought no. io go unnoticed. The charter positively requires twen* ly five directors, lor some years past, as appears by the list of directors, marked Wo 43, here have been but twenty-four. i i.s» president of the Bank holding the appointment irom the Govern -1 meal and stockholders at the same time. 4he majority of the committee cannot pass mentioning 1 the subject of the sums paid for printing. By reference to u state* ment furnished the senate in March last, it will bo seen, tha| from the period of the establishment of the Bank, after the yeas 1917, up to ihe year 1839, (he Mini paid for printing, m any on® lyc.u-, has nui ex. eede.i SBO7 19, and m some years, it has beeo , reduced as low as $134 ami $163 60 Bui m 1830, the amount in swelled io the sum o $j,763 04, ami. in IU3I. io $9,187 04 lei the year 1817. the year iu which the Bank was established and went into operation, and consequent!* u giouter expense was in curred, me expense for printing was $3,326 15. vVhai circumstances occurred u. - xisted during the years 1630 »»hd *3l, to require suck at* unusual increase in this branch cl ex. pens- over the preceding years, in the ordinary course of its bn,i --’ C Ihe commiliee have been utabie to di-cove , though IheT i called for the accounts under this head ol expenditure, bul have n l yet received them. In tne same document is contained ihe. sums paid I© “attune ys.” annually, since tne ealabiisbment of the Bank. 1 his snnjeci, ow mg io their limited time, the . om» t nutlet were unable to iivesiigate. bufficicni, however, came to s ttaoir knowledge, to justify U** belief that th.; sums returned at B havio,, ueen paid to “attorneys,” embrace only what was paid to the.inu that distinct character, that the sums pud to tohei • iun an! counsellors lor the bank are not in the amount given. • The committee addressed the following inquiry to the Pr« ■idem of ihe Bank, believing that it mv Tved a fact which wt|\ 1 be use.'ul to Cougreas in its lulurc legislation on the subject oK. ’] «ts charter : '! " l) l1 Mr. Kilswiirth. or any one else of the State of Con i'nacticut, as assessor of taxes cf that Stale, write to you to giv* 1 him . iisl ol stockholders belonging; to that Stale, for the pur po»e of taxing them according to k law thereof >” The Pres.dent replied “iu December, 1839, Henry L. Kill worth, ul Hartford in Connecticut, addressed a letter tp me, requesting io be furnished with a list of the stockholders ol thft ! Bann residing m Conue ticul, for the purpose ol l-»x eg ti* .stock Tne request was declined, for reasons which will hq j pear in the correspondence hereto annexed to which tu» ;committee refer, niarkeu £fo- 43. i j The committee, in calling fo# ♦erious stetemenls, have col i lecte i a nmnbe ol useful ducuraeqls, not refernbie to my par* lic-.i ir acid, bul a* containing a Bnh« of useful inlorniatMO, they present them o the House, subjec to ibeir I'uture order f and, if found necessary ,to be appended io this report w ieo , it, together witn the papers Co whtbh it refers, shall be puff. x Sished. i. ! | The majority of the committee feel authorised to state tliai (they have not been able to give even the parent bank that in vestigation which .is extensive opeiations deserve, much 1 the branches—in some ol *hiv,h there have been snojec s lev > complaint, bul which ihey have been compelled to abandon m\' • the want of tune. The committee that inyestignted the affairs of the bank ia , 1819, when it had been but iw . years in operation, with j slftisi nc’Sinuih less extended lhatal prestoi, were *"tgag d. ns it would seem from the records of that day. from the JOti. Novem ber h> the 16th of January bes re they reported, and Hjen incv had not made at. thorough an exam q.uicd as lb - iranssMtioiiPjg * the ins-ituuon seemed to require. At ibe present iimr, u greatly enlarged business oi sir teen y ears' accumulation. H n4 j twenty five blanches- whose operations have been charge wufi , signal instances ol irregularity, the bank requires a much morff minute exaiuiuuliou than the committee have been uule to give .it. There have been many statements called for which the bust* ness ofthe bunk and the shortness ofthe time allowed !or th® ; I investigation would not admit to he furnished. The committee . J were particularly des.rous of ascertaining how far the payment 'ol the public debt, and throughout the whole terra of the Bank* affected its operations, and culled for all the resoluti ns andl I correspondence relating to that subject since 1817, but have only received such us related loth® 3 per cent. Jean, and the circulap ,of the 7lb of October last- On the subject of specie payments, domestic and foreign ?*. change, investments to public debt, by the Bunk, in 1834 * a 4 133 c, and its ability to mulie loans to the Grovcrmneui—-ibe m» duence ot the operations of the Bank upon trade—on the increat* o< the paper circulation of the Hank—its agency in or enlarging Ihe circulation of local banks, at the means of p«i> raanently isgulating our general circulation, so us to preventive injurious effects upon the trade and currency of the country ; b:4 'mailers of vital importance i,. the rc-orgam. anon ot the Bunks I concern ng which, the committee submitted a number of in ini* nes to the President of the Bunk, who has not been able, from tin* press of other indispensable June# to answer ; and which qcerie# 'jure appended to this report. Ihe investigations, however* which have been made, imperfect as they were, ful / justify U.« i committee in saying’, that Inc L u uk ought not, at present, te bp i rechartered. ji ll i,obvious, froti the,Utement, laHmittcl. ,nd the coi'res, pon .face with the t reasury concerning th«*public debt, and me fluctuations of Ihe revenue, of Government, that these hove hub-, srto essentially affected the genera) circulation and operation® , Ll,li ofthe United -Mates It would, therelcre. seem to you. committee -o be most judic ous not to act upon the question ct re-chartsring that i>istitut:oo, or of chartering any oilier na. iioiiHl Bank, until ’he public debt shall i.ave beer, paid off. ancj J | the Public r* venue shall h-«ve been adjusted to the nttkiurc of I I cur F ederal expenditures. —ar >' Destruction of Guayuma. -We karn, (says ihe ' Baltimore American,) trom Mr. J sepli Steret , ar» i rived at this port yesterday from Bonce, Porto Rieo fl s that the Town of Guayama, in that Island, was en, • tirely consumed by fire about the lliu of April. Ih® e iighi Wis distinctly seen at Punce. Letters detail, e ing the event were received at ihe latter place, 'I v/hicli staled that !he warehouses on the beach were uninjured. The brig Pedlar had sailed fi ona ■ Ponce with a cargo of lumber for Jthe relief of the ,1 sufferers. i A few days sines an aged couple, each 80 yeare £ of age, bearing all the appearance of anjecl povefo ty, went to the Refuge for die Destitute at St. Uen= t is, and begged an asylum. Previous to their atL I' mission, in compliance with the rules of the estab> , lisliment, their own clothes were taken from ihem a c and 'hey were inves'ed with the garments of the s house i but the surprise of the persons employed i in this duty may he conceived, when they discover. 1 etl that these two apparently miserable creatures ” had about them in gold and banknotes asuma h mounting to 17,000 fr. On being in'errogaied, they 1 replied dial they sought the asy nm to economize,, \ since there was nu knowing what nyght hap/ien i- The Directors, ot course, did not aid .ne news oi e these provident old folks by giving hem an asy ~ lum. This is not the leas, curious instances of the. » many we f?e every day of ths march of economy, j f'enth Paper.