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' UNITED STATES’ BANK HOUSE OF REP RE SEN PI FIVES, Mahch, 14, 1832. Heiotved, That n Solrci Comrrittpe b*i appointed lu iosp«ci the and to einrnmc into the proivedtngß of the Hunk of ;he Unit'd tytnire-, to report thereon, and to report whelhi; t|i« tiMviaiuns of Mi charter hava b*** n vi>»lal* d oi not , that k, r 5.«.1 committee t»c !«*»•* to rnc-t.n the • iljr ot I*’ liuia. ou \ thall make their final rl oi« or before the Jit t •ny of Apr i U”ft ; Ih.il they at; all fin e power to send (of person- fc:n. ■, i nr s, and to employ the r-quin e clerk*-, tfir 1,1 I v/hicb shall he audited and -* dby the CommiU«« •! Ac iiouot*. and paid out of the fund of the liouit. REPORT OF THE MAJORITY. .Mr. CLAYTON, on beiialf of ilio majority of the' committee appointed on the 14th of Mtircli, 18J2, to imped the hooka and examine into the pro ceeding* of the Hank ot the United Sts'®*, made the following HEl’Oltr In obedience to the foregoing resolution, the committee appointed under th» same, nrocceded to the city of Philadelphia, anti commenced the inspection of the books, and the examination of the proceedings of she M ink, on tlte 23d of Marrh last ; and after the most attentive and laborious investiga tion which their limited time would allow, the majority have prepared the following Rep irt, which they beg leave to submit to the House of B.epi esentalivcs : They believe that, as the House wished information rnnrc for the purpose ot enltght ening their minds, and assisting their judg ments as to the expediency <>l again renew ing its charter, than to abridge if of the small remnant of lime left for its operation, a liberal construction of the resolution would not be deemed a departure from their trusi ; consequently they have directed their inqui ries to two general objects : Ist. Whether ihe provisions of the char - ter had been violated, 2d. Whether there have been any cir cumstances of mismanagement against which future legislation might guard, or which 1 should destroy its claims to further conli 1 dcncei On the ft st point, following (he example of a former committee making a similar in vestigation, they will submit to the House without expressing any opinion, such case* as have been subjects of imputaii <n again*' the Bank. These cases they conceive to he six ii number, and are as follows : I*l. In relation to usury. 3d. In relation to the issuing of branch orders, as a circulation. 31. The selling coin, and particularly American coin. 4 l ‘h. The sale-of stock obtained from Go vernmeut un ler special ads of Congress. 5 h Making donations lor roads and ca unis, t nd other objects. 6tn. H .il<l iig houses to rent or sell, and eroding other structures in aid of dial ob ret. On the first ground, (he President of th u Mink refer* u* to a statement marked G. a'd miys it will “ex 'ain the only cases to which this desciip i'< might be considered applicable, two f them being cases in which tile board repaid toe amount considered ovei ch u’ged ; and in regard to the third, no application has been made for any change in (lie form 'if (be original loan. See Said statement, marked N >. 1. To a question asked the President, whe her any cases of disguised loans, on do nmvic bills of exchange, had come to the knowledge of (he parent bank, in which the branches had received usurious interest '( He replied he had never heard of any. but made a further statement, marked No. 3, inj which he states -hat the usual custom is to charge upon domestic bills ol exchange the| rate of interest and the rate of exchange, i and if the sums united should exceed *ix per cent, it is not usury , ami gives an ex planalion in said statement. O i the second ground, the committee, will submit document No. 3, and its inclo-l sure*. in which the cause and origin of branch drafts will be fully seen. The Pre*| sident states “ the inability of -he Bank to, furnish the amount of circulating medium,j which it was created to supply, became ap parent at an early period. In a year altiTj its organization, tho directors presented a memorial to Congress, dated 9 h January, 1818. requesting that an alteration might be made m tho charter, so as to authorize the president a/ul cashiers of the several tranches, ’■> sign tho notes issued t>y those branches ” See copy of the, memorial marked 3 15 in which it is stated “ thai, in ur.inuch as tho - act to incorporate the sub scribers to tiie Bank of the United States, J requires that the bills or notes which may jo issued by order of the said corporation shall be signed by the president, and coun tersigned by the principal cashier, it has teen found impracticable (•< supply, in any eaosrinble degree, (he required circulation from tiie Bank and its numerous offices i t discount and dt p 'site,” it is, therefore, ask ed of Congr°ss to permi- the presidents and cashiem of Branch links to sign and is sue bills, The application wis not grant ed. the president states “ the subject was resumed by another memorial, dated Nov. 34 i\, See copy of the meinon.il maiked i, M. in which it is B-afPrl, " under the charter it has bet n u mbted whether the hink nas power 'o authorize 'ho issuing of notes not signed by the presided-, & coun tersigned by die cashier. I’he labor and the time necessary to sign notes f >r the B ink and all its branches, aie much greater ihan either of those officers can bestow upon thai object ; and hence the Bank has boon una ble to put in circulation a sufficient amount of notes of the smaller denominations, which the public must want, and which art best calculated <o seive the interest of the s Bank.” It then requests that power be < given to the parent Bank to appoint one or > more persons to noies ot the smaller ' denomination, which was not acted upon. 'l’he president states the “ application was again renewed, and a select committee! of the House ol Representatives reported in; favor of allowing die, appointment of signers, jon the 27th ot Feb. 1825; but there was 1 no action of the House upon it.” And he nf-rs us to " pamphlet, vol. viii No, 11” On tht first of December, 1826, the Pre- ' ijsldent was instructed to endeavor to pro I , cure the necessary char ge. —He says, “ he,J reported on the 27th of F bruary, 1827, < r that no action on the subject would take ! place at that session of Congress, and, ac- i .cnrdingly, the matter was referred to the Committee on the Offices.” See Doc. 3.c. On the 6 h of Apiil, 1827, the following 1 communication was made to the board of ' directors : “ The committee on die offices, 1 to whom was referred, on the 23d ot Keb.d last, the report of the president of the Bmk, ( staling the unsuccessful result of the ap if plication to Congress for an alteration of 1 the charter, which would au honze die sig- • natuie of notes by other persons than the president and cashier, report thai, in vuri-d ous parts of the Union, but more especially, f in the southern ami wes'ern sections, there j - is a constant and unceasing demand at th>;] a offices for the smaller denominations ol) 8 notes which it is impossible to supply ” ' They therefore suggest that the " discount > offices should be inst'ucted to draw checks - on the cashier of the Bank lor smaller sums ' than ihey have, hidierto been in the halm of 1 furnishing. In order to save the labor of t preparing such checks at the offices, as well; for the gri ater security ot tne Bank and I -he community, it has been deemed best to I ■prepare the blank to me of a uniform 'p t pearanee, and to distribute them linn iird parent Bank. Such hums have been ac cordingly devised, and are now submitted'! to (tie board with t»e recomm edition ol j he committee, that the experiment lie tri- i >*tl, anti, if found usifui to the communi y, be permanently adopted.” Sue D>c 3. c. j The document maiked 4 I), is a corns-' pondencC between the P siden- of th* j Bank and the Secretary of Ihe Treasury,' n the character of ihese bank dial s, which] 1 has already been printed and submitted to Congress. The paper marked 5, E, contains in structions, to the branch biiiks fcl the issuel of branch orders: On (he 2l*t of April,! 1827, tiie Cashier of the parent Bank writes' a ciicular to the respective branches, in I forming them, among other things, that (lieJ directors have “ deem -d it best that blank forms of an tmif rm appearance should bej prepared who skill aed care at the pireut|l bank, and thence distributed to such of the] 1 ] southern and western offices as seem to stand most in need of them, or to be able] ] best to.employ them usefu'ly E’u.losed l| seed y u a specimen of (tie 5 and g, 10 ' | blank drafts adopted. After being num-r bereti, registered, and appropriated here to!' I certain offices, a supply of them will be for-' warded as soon as p -ssiljlp, with instructions] to the cashier of each offi e u» h ve every j 1 four hundred draf s in succession, a> d as] , they may be wanted fid d in the order oil , some one officer of tin branch, by whom] 1 they must b endorsed frog hwise, and a- 1 bout, the middle of the draf', payable to * bearer, before 'hey be signed by th Presi- 1 dent and Cashier. Wnen competed, they) are lobe furnished to Ihe customers of the 1 Bank, or other persons who may wish mjl procure them. The entries respect)’g 1 |them, bolh here am! at the branches, are I intended for convenience sake . to be analo |* gnus to these of branch notes. Tiieir reV jeeipt under the denomination of branch!^ ■ drafts, is to be similarly acknowledged bi * jthe casliier, and in duplicate through the ! ‘respective Presidents. They are besides ! to be reported on the week'y stale of the office, as branch draft paper, received, used,! and on hand. i . And whenever they may be in transitu 1 .between the offices, must be so noticed at ! ; the foot of the statement, like other pack ■ ages.” I On the 7th of J muary, 1831, a resolu-' ‘ tiun passed the board to issue drafts of the I denomination of twenty dollars, These branch orders, when discharged by the pa ■ rent bank, are again re-is*up(l by that b.v k when it his no small noies of hs own. The piper marked 6 F, contains a statement of 1 the amount of branch dusts issued, on • liepd, in circulation, and the offices from s whence issued. Bv this table ii will be ‘ perceived that 10 781,635 dollars have is-‘ * soeil ; S 37 1,54 4 dollars are on liand ; and I 7,410.090 Hollars are in circulation. ■j. I,|ie foregoing is a succinct history of the 1 I issue of branch drafts. Whether it can bei justified under the charter of the Ba' k, the committee will leave to the better judgment s ! of Uongress. j ’I The third case is the selling coin, and' 'particularly American coin. The attention r of the committee was drawn to '.hi* suhj ct 1 by the Genera! Government hail, on one to pay -he Bmk two per cent, on ■-ien thousand Spanish dollars, which it wanted for the benefit ol Ihe Navy in S m'li 1 j America. To an interrogatory pul to he- r ' President on this subject, he replied," The Bank is authoriz’d to deal in bullion, I ]■ buys and sells bullion. All foreign coin-! Tare bullion. I'hcir being a 'egal tender: ’] ilocs not make th-. m the less b 1 1 lion, and the 1 Bank having bought them at a premium, sell* them at a premium. The obligation I of trie Bank is, to pay ibe claims on it in « coin, American coin or legalized coin ; and ■ if the foreign coin is worth, iutiinsically, 01 ' commercially, more than the American i coin, the difference in value must he worth 1 ihe difference in specie, and there seems nop reason whj the Bank should sell its bullion | any more than its bills of t xchange, at less' l ' than their value.” He then refers the com I mittee to a correspondence marked No. 4. i Although the Bank acted under legal tul- I vice, it may he well questioned whether i foreign coin is bullion. Ihe Constitution i gives to Congress the right to regulate its i own and foreign coin ; when, therefore, the j latter has a value prefixed to it hy law and I is suffered to be used, with that regulated value, in like manner with our own coin, it wouni seem not to have lost Ihe name and j character of coin, and is made hj force of t law what it would be, if carried through the j 1 mint and subjected to the condition, of mirii own coin ; and, therefore, to deal in it ss a I commodity, is calculated to disturb its le-'t gal value, and render at least that portion < ot Ihe metallic currency uncertain and flue l tuating. If, however, the committee have taken a s wrong view of (his subject, so far as foreign i coin is concerned, it seems by the statement < of the President of die bank, to be virtually t admitted (hat our own coin is not bullion, and, therefore, does not come within the 1 objects of trade allowed the bank by the ' 9 h fundamental rule ot ihe charter. By re- ' ference to the statement of specie sold by 1 the batik, marked N>. 24. it will be found 1 that the sum of 884,734 44 of American 1 gold coin has been parted with. J Ihe 4 h case is, selling stock obtained 1 from government under special act* of Con- 1 gtess. They have thought it their duty to 1 present the subject to the consideration ol Congress. It n* necessary here to observe, that the charter must n ve. intended some meaning in prohibiting he bmk from dealing ini st- cks. There is perhaps.no subject so| fruitful in speculations as stocks, and none j which is so flac'ua ing and bab'e tube in ■ flumced by ihe sligh esl causes, of en pro-j jducing ruin or imm nsc for ones in the most j sudden manner. To prevent such a great; | moneyed institution then as the bank, tromj in this article which its vast means could raise and depress at pleasure, seems Ito have been a wise provision in the char*) | ter. The right of the bmk to acquireor 1 issll stocks, is a special one ; it must Oe done ■ Ib y virtue •f a law of Congress. The char ier itsi'll provided 'hat a part of its capital [might be paid in the stock of the Govern |mtnt, and such s oi k, particularly, might be disposed of. But the committee sug igests wne'her this will applv to other stocks obtained by virtue of a subsequent, law ol ( Congress, unless mat law specially confers the power to dispose of it. In two impor tant loans ob* aided from the government since the charter was granted, the bark has parted with a valuable stock ; and these i cases will illustrate the point new submit- , t-d 'o Congress. While the committee re I for to the transactions of ihe bank in the |funded debt of 'he United States, for the , I purpose above mentioned, they also have in [view the presenfa’ion of the subject, to show ( 'not only (he manner of disposing of tha■ ( stock, but whether it was not contrary tu , the express, understanding with the govern meat a s the time of ob aining the stocks. For the loan of 84,000,000 of 5 per cen'. made in 1821, and the 565 000.000 if per cen s, ni.de in December, 1824, then , w'.s strong individual competition, at a premium tor a part or the whole, against the bank ; y t Ihe bmk hid a preference | over the individual offers, upon the princi ( pie that, it would be more advantageous tn give it to the bank at a reduced rate, anti ; participate as a partner, than to give it to i individuals at a premium. This was coo* , firmed at the treasury, , , The president of the bunk, in a letter da'ed 15th December, 182 4, which will b found among the documentary testimony, ; after saying he had taken the whole of the ! 85,000,000 loan at par, says, " and sincep we have laken the loan at par, on the dm-: 1 jtinctgr mid of our having the means of do j 1 mg it, it would be advisable, in every point 1 ol view, not to sell any of the Florida loan' in B s on.” By a statement ot the amount | ot tu .tied debt sold by the bank, marked No. 6 it will be seen that, as early as Jane and July, 1825, tire year after it was taken, the bank began to sell (his stock, and con-1 tinued to do so, sometimes at a premium' and some’imes at a loss, up to the 27th day of Nov, 1826, on which d<y they had dis-, posed of ail but g 93 925 92, and that too at a loss of 84,443 34, no'withstanding of fers were made hy individuals for a large j amount, at a premium, and rejected hy (he government, upon, the principle before stat ed. The same document shows that (here ;was, be ween February, 1829, and October lot 'he same year, sold ol the 85 000 ofio Florida, loan, 81 742 261, at a loss ot 17,- ,66l 09 dollars. For this loan, the commit ; tee are not aware of there being any offers ’| by individuals at a premium. The same document shows, that, between F brnary, 1826, a d February, ’32, the whole ot the 4 000 000 dollars loan of 5 per cents, of 1821 ii"* disposed of at a premium ol 8(36,789 25. The premium paid tor which, at the lime it was taken, was provided so m a si mi a nual appropriation of 860,'00, jin the report d the Ist of July, 1321, be fore advened tn. By tins** operations, it will be obviously perceived, that, if the bank is allowed to sell stocks acquired by special agreements with the government, it can secure, by speculations, all the ad vantage which the government might possess, in putting up its loans In the highes bidder. It not only destroys competition, but takes the loan of the government from other in dividuals, who would have given a premium j for it, and which the g"vernment refuses, because it expects to derive a greater profit in another way, but in which it may be de tested, hy an immediate sale of the loan, and which, if the nght to sell by the bank is acknowledged, might have been made di rectly to those very individuals who had ju>t offered a premium. In relation to the four million loan ol 5 per cents, of 1821, Mr. Cheves, in his report on the Ist Oct., 1822, says ; “The four million loan of five per cen's. are longer irredeemable than any other stock of the government of the United States, and hence pn bably this stock is more valuable 'nan any other stock of the United States.” He also says, “the more Hie hank can retain of this stock, the better for Ihe institution.” In the whole of which the committee most fully concur; for, it may be mentioned with feelings of pride, that such is the high credit ol the government,: its stock is belter than specie, and would be to the bank, in any emergency, precisely the same. The committee proceed to mention (he fifth case, which is making donations fori roads, canals, and other objects, the amount of which is, 4 620 dollars, as will appear by document No. 7. Two of the largest of these items, amounting to three thousand dollars, are for turnpike roads, made, 100, after (he General Government had declined Ito make appropriations {or similar objects. * The question would naturally arise, whe ther (he public funds in the Bank, (lor institution is expressly founded upon the principle that it is necessary to, and con atitu'es a part of the Treasury of the Unit led States,) can be appropriated to objects 'indirectly, by the officers of that tn»n u jtion, when the Government directly refuses 'to expend its revenues on the ven same ub jects. The committee h. ve looked in vain jfor any authority in the charter to give away 'the money of the stockholder, ll (he char | ter contains the powers by .which ihe Bai k is to act, and they are to be strictly ed, there is then no grant to make gratui ties for any object whatever. ( The consequences of'he exercise of such a.right might be fraught with very great in jury so the stockholders ; certainly of dan gerous interference in the rival trade of different sections of the country, and of pernicious influence upon the operations ol Government. . .. - - The committee approach ths last ground, which is the building houses to rent or sell, and erecting other structures in aid of that object. They will merely present the fact and the law, and leave the House to place their own construction upon the case. By an extract from the minutes of the Board of Directors, communicated to the Senate on the 12'h day of March lest, the following ficts appear, viz : •• The committee on the offices, tn whom was, this day, referred a letter to the Presi dent fr m George VV Junes, agent, dated May 23d, recommend ng tn ihe Bmk the construction of two canal begins, and the erection of warehouses around oi c of them acceding to the plan submitted by him, ‘ecommend to the Board the adopiion of t he following 'esolution s .<*, “ Resolved, That tha B iard .approve of the forma ion of 'wo canal beam* at Cin cinnati, proposed by Mr. Jones .‘one of them to be on square number fifty-five (55,) and the other one to be on the square of ground between Walnut and Vine streets, and Canal, and St. Clair nr Court streets ; and tha' he be authorized to erect forthwith! u>ai(houses on the margin of this Ust men tioned basin, not exceeding six in number, either in one block or as he may deem most expedient for the interest of the Ba k.” These six warehouses were bnilt. It is also understood, says the same extract, that several other houses have been built by the agent at Cincinnati; but, as they were erect ed in part hy contributions in labor and materials, by deb ors to (he Bank who had no other means of payment, and, in part, by direct disbursements, no accurate statement of either their number or cost is on file. The agmt ha* besn instructed to specify these details, order to complete this return. In reference to tha foregoing, the com mittee believe it enough, merely to quote the following provision of the chai ter, to wit. “ The land, tenements, and hereditaments, which it shall be lawful for the said cor pora'ion tn hold, shall be only such as shall be requisite fur iis immediate accommoda tion, in relation to the convenient transaction ol iis business, and such as shall have beer. bona fid r mortgaged to it, byway of securi ty, or conveyed to n in satisfaction of debts previously coniractcd in tnc course of its dealings oi purchased at 'sales upon judg merits which shall have been obtained for such debts.” lliis closes the view of the committee on the subject of the violations of the charter. In considering Hie second general head aa tn any circumstances of mismanagement of the Bank, your committee have tolly ap prcciat*'d the delicate character of some of the du'ies assigned them, and the high ie ♦ The President furnished this statement without explaining’ ihe ground# of these donations, no explanation having been particularly|required of him. hi# possible that ti.e improve morns were in the neighborhood of tho real estate of-iht* Bank, ana are made upon the ground that said danefc'eei mortage the valeeel that -«al relate tponslbilily of the office of inspecting the books, and examining into the proceeding* .of 'he Bn k of he Uni'ed Slates. In discharging that trust, they have not felt themselves al lift - 1 erfy to inquire into the private concerns of any individuals, of «ny denomination, unless the public interest **.. involved iu their , transactions with the President and Directors otlht Bank, 'i n-i ' inve ligal on was ordered by the House under peculiar c ire urn Btan< es, and in anticipation of a debate on the rone v»l of a ct-ar. ter to a National Bank, whose annual operations amount to two o-three hundred millions of money, whose influence • xtenus to» the remotest pans of the Union, and whose connec ion with th* 1 Federal Government gives it a public character. Impressed ; with the importance of the great variety of interests involved, your committee have executed the office assigned them, by in qujring, generally, into the proceedings of the Bank, noi only ( for the purpose of ascertaining whether its powrrs had been vn>* lated nr abused, to the injury of the private and public interest* of the country, but, with a view to obtain information forihe use of the House, and to suggest, should C ongress dctermin to con tinue a N ational Bank, such modifications ns the proceedings oC 1 th: existing institution would seem to have rendered necessary. ~ Adhering to these rules, the committee behevedit entirely within their province to inquire whether the influence of the Bank, acknowledged I y all to be ot vast control, and, if impro* perly directed, of dangerous tendency, had insinuated itself eith i er into the management of the press or the direction of the Gov ernment This < ouW only be done by an examination ol th?f transactions of the Bank with editors and public functionaries. And here the committee wish if to be disti.r tly understood, thivj they do not pretend to act up the absurd idea, that editors or ofgJ cers are excluded from the right common to the rest of the citi zens, of borrowing money when and where they please, frorm banks or individuals, without being answerable, in the slighted degree, to any person whatever But while this admission is de - manded by the clear right* of the parlies to whom it* relates* •■twill noti be denied, that if they obtain more favors haci the rest of their fellow citizens, it is. at least, a just cause o\ complaints against the Hank, and however they may be innocen 1 ': of any improper or sinister connection with that institution, it dues not, by any means, disprove the fact, that some ether influent ** may have been intended to operate upon their minds, wholly uo suspected by them at the lime It, therefore, it should appear. ■ that these individuals received larger loans than those who arej* jits usual customers, that (hey receive these loans without these * curity usually required under circumstances not knewn in any ether case, it would seem to the committee, that instead eta com-* plaint.from those whose transactions with the Bank have thus ibsen investigated, the grievance is entirely on the other side. •\V bather such rases do exist, the committee will leave to tho better judgment of the House to decide, open the facts which i they hove collected, and now respectfully submit. ( It bad been repeatedly alleged that the Bank had employed its funds for the purpose of subsidizing the press, and the charge was reiterated during the debate upon the resolution authorizing this inquiry. The attention of your committee wa. particularly ’ drawn to thm subject, at an early period of their examination, by h communication from an editor of a New-York pape , who ba4 been accused to a member of the committee, through the Presi dent of the Bank. The evidence relating to this case will bo », found in papers marked Nos. 8 and 9. and in which are presented 1 : the following facts: Un the 2Gth >f March, 1831, aMr Silas K. I Burrows applied to the Fre sideot of the Bank, and informed him* in the language of the President, that "he was desirous of bs • . friending Mr. '*oah, and assisting him in the purchase of a shares in a newspaper; and he asked if the Bank would discount it.o notes of these parties, adding that, although as a merchant he di<ft not wish lo appear as a borrower, or to put his name on paper J t noi mercantile, yet he would, al any time, do so, whenev* i i 9 , might be necessary to secure the Bank- Ido not recollsct ( say® the witn- ss) whether he then mentioned the lime which the would have to run The committee being authorized to discount xnv paper the -«ecurity of which they might approve, agreed to jdo them As Mr. Burro ws was going out of tow n, 1 (the Presi* • - dent and witness] gave him the money out ol my own I unde, an 4 th<; notes were afterwards put into n.y possession. They remain* •dwith me a long lime, as I had no occasion to use the funds, nod < was it till the clone of the year that my attention was called ta • them by the cirtum-lance that •» new Hoard of Director'*, and A 0 w Committees ol exchange would soon be appointed: the sum* committee which made the loan should consummate it r | I had seen, also, in the public prints, many reproaches ngainsfl the Bank lor lending money to printers and editors, -on I wau unwilling that any loan made by the Bank should seem lo be e» * private lean from one of its officers. Having no use for the money - would have been perfectly convenient lo lei the loan remain 1 »»» A w is, but I thought it right that every thing done by the Barkt - should always he distinctly known and avowed, and therefore gave the notes to be C■ a rmnn of the C ommittee, Mr. Th m<iQ V Co P e * who entered them on the books/’ This is the account} 1 given by the President himself of the transaction in its origin, j i lie money, £‘13,000. was advanced on the 26th of March, lh& ' notes bear date on the Ist of April thereafter, and were ten in number, for fifteen hundred dollars each, with the interest added on as they respectively became due, which was on the Ist of A* I pril and October of the years 1832, ’33.’34. ’35, ‘?0, and amount» t ed, with the interest thus added, to $17,973 At the time they " we,e entered on the books of the ll» k. on the 2d of January Inst, ( tho Prestdent received the money for them. These notes wer<3 placed on the books of the Bank at this t me, audit will baseco on the 3d of March they were wi hdrawn.as will uppear hereafter, i C»i the Glh of August last, after the foregoing transaction had ta * ken place, J. IV. V\ ebb and M. VI. Noah made an application t’ 10 for a loan of £20,000, accompanied 'by a letter from a gentleman formerly a Hire tar of the Hunk f the U. States, to the J resident of the Bank, in the following words; “I cheerfully I fir ward t fie enclosed us requested, t .-ee no reason against this application De-ng treated as a fair business 11 ansae lion.** J ibis w-s accompanied with sundry letters of Webb and Nosh, and the depositions of persons in their seri ice ns to theitf solvency «■ d ability to pay the loan requested, all of which will *b® found rnaiked No. 9, This loan, al six months, was granted# , w,l “ no other security hut that which is just mentioned, and wan . the largest loan made on that day On the 16th of December fo]« , .owing, another application wgimade, by these same parlies, foif - 1 * u '* n dollars, which was granted, lor siX|(nooths y th« J exchange committee, without any additional security orreebm- I sten -ation At this lime there was a considerable pressure in tins ! money market, and many notes of the citizens of Philadelphia ’ I ~ sro r *j.j ecte d* It was cue among the largest loans oa that day, k 1 hess loans, »< gether with the loan made in March io Burrow £ 1 amounted o the sum of-52.975 dollars, which consisted ol notec , drawn and endorsed by the editors only. ihe C ommittee will n< w submit the facts in relation to tha • 7n * noer in which his oan ban been disposed of, first premising lhai the resolution for inquiring into t?ie affairs of the Bank was introduced into the House on or about the 17lb f February. , h® loan of August was r» duced 2.000 dollars at its maturity, on thfe J) hos February last. On the 2d of March lust. Mr. Sri las K, Burrows obtained from the exchange comm ttee discounts to (he amount of thirty, two thousand four hundred and forty six dollars,, ' b' log the largest sum loaned on that day, anil while many nolea of citizens of Philadelphia were rejected. That the notes foe* 17.975 dollars, payable in 1832, *33. 34. *35. and 36, w. re pa,4 and withdrawn by himon the 2d of March, without the knowledge i °f «bb and Noah;as they state. On the 14th of the iHme month, Burrows obtained another discount Irom the Bank, o£ £>4,150, »■ nd on the Isth of the same month the note of \V ebb &j Noah lor £15,000, loaned themonth*- |6th of December p evi* ously, and not due till Jun* next, was paid off by two drafts from ’ ebb obtained at the United States Branch B-*nk atN. Fork, acoompHnjcd with the following remarks contained in a letter to thi Preg'.denf of the Bank, dated New-V ork, March 1 lih. 1832, and found in No. 9, viz; "Although the loans to us by the Bunks j of the U nited States are purely'of a business character, and made ■ j upon statement? showing the necessity of lha accommodation to i oor establi hinenl. and of our ability to meet our payments, tbertf 1 , can be no doubt but that the enemies of th® Bank, as also our poa lltical opponents, will endeavor to give a false coloring to th® I whole transaction. 'J he loan, though strictly defensible, is q | large one, and li>e amount may give rise to the charge cf indie • [oration on the part of the Directors This it is not only our duty j but our desire, to prevent, i‘ possible; and therefore, with some I • little inconvenience to ourselves, we have made arrangements tc r 1 n ' ),e dollars in the course cf a fe w days.’ ’ ■j \ue evidence of the President of the Bank explains the char* j acter of these various Joans, and th® circumstances which in* I duced him to be satisfied with the security, and lo make theso advances, which together with all the testimony and correspond | on this subject, will be found in the papers marked No 9. II * n that evidence it is stated, by the testimony of Webb ancl 11 Noah, that they knew nothing of the first £ls 000 loan mad- by r the I resident t the Bank I® Burrows; that Burrows made thero .believe the 15,000 dollars were loaned to Noah by his fut..er, [|an« that he had bis father present to|i arry on that transaction# and for which loan Noah allowed Burrows 2 1 2 pt*r cent, amtl 1 . did not receive it all for ome months after giving his notes; tha) . the notes were discounted by the Bank, in their names, without : their knowledge, and paid off in the same way. It will appi-at? 1 by the testimony of vlr. iVebb, that the paper of which he is tho | editor, made two publications in the latter part of 1829, favora* • blu to the establishment of branches; that shortly thereafter iS • commenced its opposition to the Bank, and was, for •ixteen , "wnlha, warmly opposed to it; and that, on or about the Olh o£ - April, iB3l, itctianged itscourse in favor of the Bank. Connect , t,?i * with this fact, is an admission on (ho part of one of the edi tors, that before the first loan was negotiated he held a convex , jation with a gentleman, throngh whom the loan was then negc* tinting [who the committee know to be Burrow/,] in which fie# Burrows, urged the editors, one of whom, Webb, had expresses! j 1 himself in favor of « modified recharter, to advocate an uncoz* dilional renewal, “but expressed great satisfaction at learning that [one] was in favor of a charter under any circumstances/ * I The committee will state they were anxious to obtain the tes« timony of Burrows, but were unable to do it A subpoena wa# 1 issued for him and lent to New-Vo;k. to which the marshal re* turned he was not lo be found. It was then sent to Washington city, and the Sergeant-at Arms made the same return Tho 9 marshal of Pennsylvania whs directed, by the chairman, to make and continue a search for the witness in Philadelphia, havin'* I heard of his expected arrival i.i that place; that lha marsnal re^ , ported to the chairman that he ascertained that the witness had arrived in that place, on i hursday, the sth instant; but he w.if f not able to serve the process because he could -ot be found. (KEMAINDF.K IN OUR NKXJ ] ’ The following Card is copied frora the Baltimore Patriot - A Curd. — The gentleman vrhn put self to so much trouble las' evening at the Museum, as to cut off one of the skirts of f raj coa', is hereby informed, that by return . ing the tobacco (which he took to he a pock-- xe' book) and mj handkerchief, he can hava *. the remaining part ot the coat by applying : to d. W. M. through the Patriot or Post’ • Office,