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r~ v*~se-' «-m “" I • -»»-.• \ i/iit A V \ea’ ivauk. Report cf the Minority (Concluded.) the nest subject brought to (he view of the House by tin; report of the majority, ■■■'lieh it !• now divinetl iiceosguty to notice, is that of the transit ‘ions of the bank with! [ h 'injs til (I die &. Vlr. Thom-it Middle, the principal mem ber of the linn, is a distant relation of the president of the bu.k, and it was owing to this circumstance, probably, that his ac counts underwent a most prying, net to say j inquisitorial, examination. The first thing 'hat struck the attention ! of a part of the committee, as worthy of scrutiny, was the fact, that this House had obtained from the bank in Augus.a, in 1831, loans to 'he amount of upwards ot a mil - ;i i ) cf dollars, on a pledge of stocks,—-a sum which had been gradually reduced, however, to about six hundred tboueand dollars. Ou examination, it was found that this ioan had been made, at the special instance and urgent sobcitation of the directors of the bank ; and that the bank, and not Tho mas Biddle & Co. was ihe party accommo dated. The Government having thru re cently paid off several millions of its stock, which (he bank had owned, the conse quence was, (ha* a large pmtiooof the m« my capital of the institution was rendered unprodoc ive, and it became a matter ol great importance to have it invested. In this stale of things, the directors adopted a resolution, authorizing the loan of a Urge sum at less than the legal interest, upon the security of any good stocks. Il is to be here remark d, that this was that portion of the capital of the bank which had nevet been invested, and which it was not deem •d expedient to invest, in the active, busi ness of discounts. The loan to Thomas Biddle & Co. on the pledge of stocks was ana ogous to a loan *o the Government. Thentocks could on any emergency, be sold and converted into cash ; so that thi investment had, in some sort, the twofold attribute of money in the vaults of the bmk, to meet any pressing demands against it, and money, at the same time, drawing in terest. A'l the directors, who were examined on the subject, stated thut they considered this transaction more for the benefit and accommodation of the bank, than of Thus Biddle & Co ; and the president of the Bank of Pennsylvania s'ated, on oalh, that the bank over which he presided, would have been very glad to have made large loan* to Thomas Biddle &. Co, at the same time, and upon the same terms —'he board cf hrectors of that bank having authorized such loans at 4j per cent. There was one occurrence during the ex amination of the transactions of Thomas B Idl • &, Co, with the bank, which merits particul *r notice. An infirmcrand witness, by the name of Whitney, who had formerly been a di rector of the bank, was produced, who de clared upon oath, that, in July, 1824, two of the cashiers of the bank, and one of 'he discount finks, had informed him that Th "n.ia Biddle & Co. had been in the hab it . f drawing money out of the bank, on a dep'site of stock in the teller's draw r, wiiK iut paying interest : and that the pre sident of the bank bad discounted two notes, one for Thomas Biddle & Co. and one for Charles Biddle, without the author ity of the directors. This witness stated, that he went with these officers of the bank, and examined the teller’s drawer and the discount book, and found the facts which hud been stated to him verified by the ex amination. lie also stated, to give addi tional certainty to his averments, that he made a memorandum at the time, with the dates of the transaction, which memoran dum he produced to the committee.— Hav ing thus unalterably fixed the date of the transaction, as if by some fatality, he went an to say, that he immediately proceeded into (he room of Mr. Biddle, the president, -ml remonstrated with him against these irregular proceedings, and that Mr. Biddle promised him that ihey should not occur again. Mr. Biddle was present during (he ex amination of this witness. On that day, being on oath, he said, that he was utterly astonished at the testimony of the. witness, and could only oppose to it his solemn de claration, that theie was not one word of truth in it from the beginning to (he end. He added, that from the relation in which the witness stood to him, he would have sunk into the earth, sooner than he would have dared to come to him wilh such a re monstrance as lie pretended to have made, The officers of the bank, from whom the witness alleged that he derived this infor mation, were examined, and all of them positively contradicted him. They testifi ed and dem mstrated from the books, that Thomas Biddle & Co, had never obtained money, in any instance, without paying in terest, and that the two notes, which \\ hi> aey asserted to have been discounted by the president alone, had been discounted regularly by the directors. in the interval between the adjournment of the committee, that day, and its inee> ing the next, a member of the board of di rectors suggested to Mr. Biddle, that he was, about the time of this alleged traos action, in the city of Washington. On ex amining the journals of the bean and (be tterbuok.it was found by ectrie. and lel (i, that for several d° s previous to the ■"•-'’•I interview between the president and Whitney, and for several days afterwards, ihc president was absent on a visit to this city, ou the business of (he b.nk, and Gen. Cadwallader was acting as president in his place ! w« sri ylly dev - usd story, which w*. i•mended to blast the reputation of a high mini' ji j d and honorable m*n, through one o those t< i rtordinsry intcrpoaiticna, by which Pr vidtnc , Hoitif.iirres couf.ain Is the c (ntrivjioceo of to i v'-:lc cl, made to recoif upon the head of its inveu 1 or, who moot forever stand forth as a hasten ronn.ncnt of t'-e speedy and retributive justice : ’f hrav#i. The minority of the c mmiltce will avail them [selves of this occasion to say, that they had tb ■most conclusive evidence, that in ail the Iransac lion* of the bmk w.ih Thomas Biddle St do * ct Ohsr’es Biddle, the president has b-en, n<>! only tree fr rn the slightest imputation of partiality or i (favoritism, but that his conduct has been invaria lily governed by a nice and scrupulous csr.-e o i; delicacy and pruprie y. Aid this they fed au Ihorizrd to say, is die opinion of a rmj rity ol p'he committee. The follow!-,g resolution war l junanimously adopted by the Committee -. /ieiolveil, That the charge brought against ih( I president, of lend! ;g money to Th mas Hi idh , fc (do. with l it* interest, and of dr c uniting note f for that house, and for Charles Hid lie, witlmo the sanction of thy dir*x ors, are with ut foun datio i , and that there docs not exist sny groom - J for charging the president with having shown, or - |mi' ifcslcd »ny disposition to show any pat iality jto these individuals, in the';; tiansacuons with the • bank. 'j The rep rt of th 5 mj irity, adverting to tin (withdrawal of specie fr. m die south rn and w- I j lern branches, and the substitution of paper in ( .its s'esd. suggest a doubt whether this operaliot jlmsy not be biddy injurious to Ihrr pou"hern and western State#. So far from core irrin/in din l |dou it, (be minority arc of the opinion i -.xt there 5 are no portion of die U non so much beuefided I by the general operations of the hank as the i s u hwesiern and western S ates, and that th j change produced by the hank in the system and in the rates ol dnm >lic exchange, has born par r licutarly b-; tficial to th; wh le of the si udiern - and western Stale".—Connected with the ex - change operations of the bank, die (ransimsdoi I of specie from New Orleans o the northern At lant c cities, h no fling mure tha i a natural t pe niion of trade, carrying (he specie imp .pled si • New Orleans to its appropriate markets. Tim • operation is carried on by th? bank instead of be mg left to individuals, to Hie undoubted advan I tltge i f the community. M idi a view to connect itself more crtnp'ete ’ !y wilh the commercial operations of the conn ■i try, ihe bank has also deemed it expedient ti - deal freely in foreign exchange. It is obvi m that tliis branch of da buiineis Is as important ti the foreign commerce of (he country, as dealing >ii domestic exchange is to our internal com- II neroe. (1 Having heretofore had large funds in Europe, i and hiving still exlens.vc credits there, it lis> t> ueen, and still is, the poi'ey of the bank to tdf ird o h* mercantile community every faedity (or carrying on foreiv*ri eommerce. At toe south 'I vhere die staples of exportation sre produce . e t is c •"s'snlly in the market as a purctiaser o ~ ills on Europe, to the great hour ft of ih~ plan j (or ami at the r.orih, where f reign mereban . dia» is imported, it ii; as constantly in the market an a seller, to the like benefit of the importing merchant 1 u this way Ihe price of foreign hlll» kept unit rm ami strady, s -'<l those in.ju i us j, fluctuatiims sre prevented which would otherwist ■ perste av heavy taxes upon the business cfasse* if 'he community for the benefit only of private dealers in exchange. • The nta; -nty of the committee have selected ore rnn udary, a particular branch o- the - for. - gu excliange hasiness oi die hank-that which is conni eled with the trade of India and S ni'.li ’ * merieu. This subject has been a r tady explain E 'I in another form, and il vyd* h- >.'llllol6ll’ to re I mark liern that it has almost entirely arrested 0 d.rcct exportat'io 1 of specie from this coun ry to China and that it saves to this branch of ur trade the whole of the interest upon theeii • tire amount of every commercod adventure, lor ■ atdeßst six nionihs out of tweive. On the tub ra j- ct o' ilie general facilities which the bank h,i J fforded to the country, in the operations of (or iign comncrce, the minority o the c mmittee will refer ihe House to die perspicu -u exp m • tion furnished by the president, of the gem"* , operations of die institution, which is herewi It i submitted and marked A, j It will he seen from this document that durii g the recent pressure upon the commercial commu nity, produced by the excrsiive importations of the last two years, the bank furnished, since Sip ] i t. mber lust " from its own accumulations and ere- , >!ditsin Europe, the means of rent t auces in its .j own bills, to the amount of g 5 295 74 >, and psr' el with its surplus sjiecie to the am mot of five millions, making an aggregate contribution to our J commerce of g 10,295 746.” t The ex'ont to which these operations of the | hank must hfve relieved the country, are too oh vious to require comment. —Without this tempo 1 ’ rary relief —and it was temporary relief that Ihe s community required—the gresstest commercial 1 8 Ihtress would have probably ensued The cri ( r sis is now nearly passed. The pressure on • h'* 1 : nion *y market has, in a great measure, ceased; 1 J commerce hag had time to correct ita own ex icei'cst importations have been diminished, th ( •j unfcvunble slate of the foreigi exchanges no i longer exia s, specie has ceased >o fl iw from die , c un’Ty, a'ld has leg in to flow into it. Since , ll.rch last the specie in the bank has increased r more lhan a m> lion of dollars, and every thing 1 1 rapidly a-sutning a sound and healthy condition, 1 The rm.)ority, in the concluding part of tueii 1 report, intimate the opinion that the hank, fay its 8 raprudent and cacessive is uer, I s h»d a cons' I lershle agency in producing the overtrading and. excessive importations of the last year, Wh-tever show of plausibility there msy be in ’ his opinion, facts demonatra'e that it is entirely 8j ■. -roneous. It will be seen (rom the statemen Iherewi h exhibited, that th- ditcotm • il'of the bank pad not increased pcrcep inly, ?om | March, 1829, to March 1831 j but | lß t 'hey mai - | ained an almost uniform level during th- who ( 1 [of th- in ervening period. The excessive im- I p rtations however, commenced in March and • tpril 1831, hi d must have had their origin 11 .-(uses mine moiuhs anteiior. It ia apparent, 11 relore, *hnt uicie excessive importations were | n - t produced b> the excessive issues of the oank > d must hsve originated in ot'ter cauies coi • t, ccd with the s'ate of Europe. The mon orrec view ot the subject '* to consider the ex •sisive impurletions ss p.oducing a state of things vhich rendered it necessary tor the bank to ex end its discounts, *' i, h a view to relieve thr mmuoity from tie emporary pressure to whici w-s thus exposed. it *0 hapfu-ned, that at tho very lime the cour ry stood noit in need of bsnk accomni idation lie ba' k had increased means and inducemem to ex end those accoounodstions The (i. v >r> meat having pa d off, rt itbin the last 18 months den million') of iig stock, which tfai held by (hr ' bank, the director* found that it’ they did not u-i crc» j« their discounts considerably, some milliontj -f their capital mu I be idle and 11 .pi ductiv jit thus happened that the wants of th c -mriimii-j Y, th'* means of the bank, and it may i»e adds a he obligation of the directors to the stock hoi dvrs and to the community, all co i peratod to sail f » r that extension of bank accomin u’atioi.-. which, so l?.r from having produced o»?-r rading nd excessive importations, haa been ti.e m -am f c-.rr; ctir.g and mitigating the temporary evils and embarrasrr-nls which there irregularities o( rade would otherwise have unavoidably produ ctd. The minority of the committee deem it to be fheir indispensable duty to notice that part of tht report of the rmj rity wh.ch institutes a compai son between the rr-ioui ct? of the bank and the, condition of the country in 1813 . , 1 «t the pa ■)' •cut time. They cannot but regard the c mipan ' son thus presented by the report, ar unfair and • partial, rod ca'culau d to produce impressions on i the public mind »m abtolu'ely erroneous as they 1 wont 1 be positively perniciom. If it had been the design of the msj-rity to produce a scene of general embarrassment and 1 distress in the ccmmsicial community in the ab- ! settee of any natural.causes for Mich a state of things, they c aid not have adopted a more eflee- ' tual means of accompihhing such an object than < they In ve done in th.. part of their report. |> P rtuna'ely, however, for the c untry, the) 1 commercial community of the United Stales have ' too n uoh intell-g oc- to be thrown into a panic 1 by the loose, disj tinted and garbled statement*, 1 the crude sp relations, and tho random conjee I tur-e", in which a part of the committee have J bought it expedient to indulge. I! a general a • arm has not enrued, producing « run upon the ' binkr, a curtailment if discounts, and a genera! 1 cene of failure end di-lres,, particularly annum ' the government debtors in our principal import" ing cities, it is because the community under- i land the subject better than a portion of the 1 c remittee, ami have placed a proper estimate on ‘ their statements and speculations. 1 There ape no two perio Is of rur commercial 1 history so u'derly dissimilar as those which have 1 been selected for the comparison instituted bv » ' srt of the commUtce. in 1819, the I'<m-V v/aa 1 engaged in the pninhi 1 but necessary office of 1 correcting a redo'dan l and depreciated ctirrct • ’ r y, pro-'uced by po ilic-il c u os, and l aving ' acarc-.'y any connexion with the slate of trade. | At this moment, whatever may he said to the 1 contrary, our currency is in as s' und a state as ' that of any country in he world a.id this is con-; clu ively proved by the ata'e of our (■ reign ex ! change*, ami the relative value of hank paper, and coin i uir own maikets- The foreign ex-j chsnge is an infallible barometer to indicate the : .nnndners or ungoundness of our currency. A reference to the rfsto of the exchange between this c-unlry and Gr fit Britain, at this time, will' lurnish a conclusive reply to the charge bruOt-ht iigiinsl (he brnk, of having encouraged cvcnrad ing by excessive issues, and a cepreciate.l cur- 1 rency. In fact, specie is non' (lowing into the country, hy the natural course of trade, a pheno menon which is utterly inconsistent with the al eged depreciation of our currency. Af'er msk'pg a prr ial and imperfect statement of the relative resources and responsibility ot the | bank in 13)9 and at the present time, 'ho r port expresses he opinion that “ at no period in 1819,: when the bank wa ivery near suspending p»y-j ment, was it less able to extend relief to a -offer ing community, as [than?] at the present tno-1 msnt.” . N< w ihe v,ry c -mplaint urged by a part of llie ' O' mmittee against the batik is, (hat if has been I 1 too liberal in its discounts, or, in other words, that it h?s g anted too much relief to a suffering 1‘ community already , and yet it is here net down, I. t" a subject of lamentation, that the bank is not d »ble to extend this relief still further. The coun 1 try haa just been laboring under a consid rable but temporary pr ssure upon th» money market, during which ths bank, with as much liberality as 1 judgment, has put f >rth all its resources to sus ain and relesve (he commercial comum uty Ihe crisis of this pressure has already passed by |i and the necessities of the merchant tor bank ac- 1 cammed an or* are gradu.by diminishing ; and it 1 is precisely at this point that a part of the ccm c mittee, having complained that the hank went c I to far in its ace nniViodatjons when they ware rc . ssary, complain, also, that it cannot go still c further, now that the emergency is passing »w»y. * The actual resources of ihe bank will now be * dated, with s view to show its perfect ability to ' meet all its engagements. The specie in it» vault' ) on the first of the present month, was $7,890 347, being upwards of a million more than it was in * March isst. There was due (hen, from the State banks $726,198, The domestic bill* of ext hinge held I by the bank on the Ist of Way, »m un'ed to $23 052,972 ten million* of which will be paid it, ihe courts ofa month, and none of which have ? longer period to run than 90 days. These sums 1 united, make $31,669,515, a fund, the greater 1 part of which may be considered as ava’dabte foi 1 ■my p nbahle emergency of the be k, as so much 1 specie in its vaults. These domestic bids of ex change are founded upon the actual operations o 1 mr internal trade, and *re in fact drawn in ante! 1 pation of the southern and southwestern crops, 1 which regularly arrive in the northern and eastern cities in time to pay (hem They are uniformly and promptly pa d at thjir maiuntyi without an' exception of a renewed accommodation from the hat k, as in the case of disc muted notes. In addi tion to the stir?, already stated, the bank has g od note* discounted on payment, and other security, amounting to §17,375,078, and real esiaie and foreign bills, amounting to $3,012,825. The whole of thesvsdab e resources of the bank will he thus seen to amount to $8f,057,428, at [least one half of which could, on any emergency, bee.inverted into „ssh, in the course of a few months. On the other hand, the whole amount f the rerpons bihties of the b-nk including the c rculation, foreign debt and pub' c and private deposits, amount to only 43,685,801. So that, instead of being reduced to the frigb • nl prcdicumeut ot having only “an aggregate ui S 9 64i 0< 0 to meet an aggregate reap ns baity of |sl2 i 41,000,” which the author of the repo* - ! .ikM well set down with two notes of admiration, ithe bnk has undoubted resources amounting to) Sl2 057,438, to meet a responaibilily of $43,685 ! 601 I In 'he actual s'ate of the country it is visionary in the extreme to imagine 'he bank is in tl r slight est rang r o-being reduced to the necessity ot suspending payment. ’* The whole amount of i'i| c rrulation is now on y $22,000 000. and this i. lie only portion of its responsibility which can he roperly taken into the e-Minute, in the v fw now uirior consideration. The deposilcs, except it >. riods when a! commercial confidence is Inst, so ■ar from t ei' g properly regarded as a deb tor j which the bank should make pr. visu nas for its, nrculation, are universally considered by all banks, ' i a fund upon the faith of which tluy m y safely ! sue their paper to an equal amount, W sti ver! nay be the amount of the depoaites, at any g v**n j me, it is a fair calculation, founded on ac ual ex >erierce, that it will be equally as great at any fu -1 urc lime. »f (It s were not the tho government de I positej, about .which so mu: 1 , baa been taitl, woult tba fn > value to h; ba ik- but, on the contrary ! 1 v ry errat incumbrance. Up u thi, whole, then, ihe bank is not only fu 1 . y able to meet a’l its engagements but ia in a state >1 (he highest pro pti'y. A'.ul it is but bare jus :cu 1,, i h to remark that its general operations i-vc been conducted with singular judgment and bility. In thos». very particular* which n part nl he committee h ve ap.'ecteu as topics of disappro bation ai .) ce.niuto. Ihe nnia,)fi:y of the c mmi t-e will barely ad vert tu s me of the other topics introduced into thr 1 report. Ii is a'l-.g.-d (bat tlm bank ha* given an undue esterainn (o iu bra ch a, mud by a me proc?.*s of reason!, g. d./Scult to comprehend, it seems to be jiofetr'd, ‘hit the alleged excess pf the circulating ;:n dium, is owing, in part, i-> that cause. It is mT. ficient to rernsrlt, on ihia point, 'h<t the greatest inaprovemnu which has been mule in the admin i-tration of the bank, and that which giver it its true federal character, has been (ffecteii by the stabliahment of branches wherever the '.ommerce i the c untry required them; ar.J by the system of exchange op rations, which these branches !'-ve enabled the bark to carry into :fFtct. T .e whole business of dealing in domestic bills nf exchange, so essential to the interna! commerce of the coun'ry, has b en a m i&t entirely buugbt abeut wi bin the last tigiit yeera. In June, 1819, the bank did ret own a i-gle dollar of domestic bi h'i and i () ember, 1824, u owned only to the amount nl $1 .78 980; whereas it now owns to the mrnuit o $23.052,9'2, The opinion ot Mr. (Jheves, in 1819, is adverted to in the report, to pa ve the impolicy of mcreaa i g the number of branchesa d the fact ir, ats'ed that a largo proportion of the leases sustained by the hank hsv bees owing to the mi;management of the branches. I he opinion of Mr. Ghe /es waa feunded on that peculiar stete of things v/ljich etiisted at that time. He tell the d ffisulty o controlling these branch es of which, as he stated, the '‘directoia were fr< quently g v med by individual and local inter eats and feelings—urd he came into the adminis tration at a time when immense losses bad been snooted hy their mal administration. Put it is very important to remark—what the report doe not bring to view—that almost all the d : spr-’p -r --tionale losses incurred hy the branches were pro vtcus to 1819 —and that, sir.ee the extension of he ibrsrehet of which the report complains, they have not sustained greater losses, in proportion, tnan ihe mother b„i k— while nine tenths ol thec>m mere 1 facilities afforded to ;hc country, and n ne 'tenths of the profi s secured ’or the stockholders, have resulted iron-, th*? eperstion* of the branches, j The report makes reference to the obligation ot [the Bank to transfer the funds of (he Government jf° s,i y point where (hey may bt wanted for dis bnrsement, a d seems to have made the er'raor (l nary dire r-ry, that this opera ion is no tnirden at ail, but an ac'ual benefit to the bauk For the |sati»)action of those who might be sceptical, the [words of the report will be given. “ i’he_l»rgest portion of ‘he revenue, particular ly from imports, as is univtt ally is collec ted in (he Atlantic cities nor.b of the Poiottiac. j These cities brii g the great marls of supply to ; nearly the who’e of the United States, ami places Itn which remittances centre from a’m >st ev,?ry par’ of (he country, cr ales a demand for funds ■ U»o i them From nearly, every quart r, constantly and generady at a prtnuu n, I'bi.refove, no far as the bank is called upon to transfer funds from those cities to oilier pi: ces, it becomes a matter of profit, am! not of exp ns to it—und he greater the distance, the greater the premium —and the targe ,lhe amount they required to be transferred by the I Governmen \ ard the greater the distance, the great er the profit and the advantage to the hank,” I; tn-i views oi the report be correct, the ba k is certainly an invaluable ins'ilution, Ii has not only anndii'ated lime and apace but it bas done something more. I: has produced such a «’ale of the ex 'hanyej, that it is much easier for a man ir. New Y rk, to pay a thousand dollars in St. Louis tt mi to pjy it in Wi 1 streets and in which, con eqilently, the N*w York debtor actually nukes a pn fit by bei-'g requ red to pay bi* debt a thous •nd miles - o. paying it at his own dooi ! If this be a correct vi w of the subject, it is u>• doubtediy one of Ihe greatest of the modern dis caveties in finance and commerce. Hut the minority are still incredulous. They cannot understandJiow it is possible for th' bank to make a profit by transferring funds, wbeu it is ex ressly stipulated that they shall transfer them for nothing. Nor can they well conceive how the loss which the bank sustain* by the operation of transferring funds for the government, can be less than th ? dilierence between the "nothing,” which i receives from the government, and the profit which it would derive from the same operation, if performed or individuals. If 'he government collected its r venues in spe oie at New York, nd hid occasion to expend it at St. Louis, it would certainly cost it something to transport the sp-cie from the one place to the other. If, in the «b»et-ce of a Federal bank it collected its revenues in Ihe hMU oF.Siate banks a* it wou'd be obliged to do. the operation of rana'eniug these funds to distant pieces would involve a null greater expense. But under the existing system, the bank is responsible for the safe custody of the govcri msnt funds, and for Macing them wherever th- y msy be required, without any expense whiiever to the govern ment. If, then the bank hes ngt “aided the fiscal op e-ration of the government,” as the report seems to intimate, a uniform currency and a revenue safely Sept, and universal y transferred at tht risk of the hsnk and wi'hout expense to the government, affords no aid to its fi lancial opera tiens. The report, adverting to a letter from the president of the bank, of the 26th March last, in which be informs the Secretary of the Treasury, that the collector of New York had requested th? ‘‘bank to authorize sh extension of loans in tba' city, in order to assist the dtb'ors of the Govern ment,” and that thi* had been promptly dont, ives a view of the discount: of the office at that p'aci c Icu ated to make the impression that nc extension °f loans had taken place. This is an error I! proceeds from confounding note* dis counted wiih bllla of exchange purchased by tlu (bank. It will be seen by the week y statement jof Ihe New-Vork b iard, that amount of notes dis ) counted on the first of September, 1831, wa $1 103 134 a>’d 'hat on the 21st ol MitcH, 1832, s -ew days before the date of die President's letter the >mom-t wts $4,834 517, ezmbiiißgan -net-ease o' $731,782, in a little more than six months. I lithe amount of domestic bits falling dua at a - distance, during the same period, were iarget than the amount purchased by the bank—thi ■ act hsa nothing to do with the extent of the ar , c'mmpdation afforded by the bar k to the mcr I chants of Nrw-Y rk The true measure of th* ! rccommodadon is th* amount of domestic note j disc 'unted, and not 'be amount of tho notea uni jud to that of the domes ic bills purchased. That the bank Isa relieved the cemmercia j community of New Yoi k, during the recent pres are, is a sc well und-rsto -d and practically fsl by (he merch*"ts th-re i and it will be difficult ti •"sen them out of the «s>nv,ction« of thci r ow: -4 jMfxperience by artificial n*lemen'B ard con- M|}ectur»l inferences. Upon a itvjcw of the ’’’ I wnole ground occupied in the examination they , ! ,ve nude; the ni mnty are of the opinion that no *ff,ur,i of the bank have been administered by f n preddent an ! ffr-clrrs with very great sbio *• V| * n ’J With pel fcl fi 'e?ity to all their obligations a to ih- stockholders, to the Government, end tr» [. (he country They regard the bat It as an instilu 'l don indispensable to the preserv ion ol a sound ■ currency, end to the (iotn-ial operations ut the; Government, arc! sh. u!d consider the refusal of! •-■ingress to renew the charter as a great national i ral«, m;ty, I hey will add, in cinclusion, (hat they s>«. qua ly decided in 'he opinion that Gotgrcta i is called upon by the rdost weighty and urgent; considerations to decide this important question" ' during the present se:sion. The uncertainty which prevails on this fnbject, is ca cti ated to ex i t ft * very pernicious ii fiuence ever the industry* enip'prisr, & trade of the country. If the charter* ' *be hank is not to be renewed ;if the (renter.-* ; dous operation of withdrawing from the. communi ty iTty millions of back accommodations, and > twenty-two m llions of its circuiting medium* i must take place, it is full time that it • licit d b« jdistitinctly known, that the shock of th a open i tiou may be mitigated by timely firrangrmtti is on tjihepartof (be bank; and that the orrinanity tjmay have time to provide the necessary substi , jtutes. Contidering (he immense extent of (hts : | operations of this institution, the time which it» charter has yet to run will be tcarcely sufficient; 11 for winding up its affa rs | To the report of the Majority is appended at ! number of questions proposed to the presi dent of the bank by a member of the committee I on the genera! subject of banking and currency. ' \»»he questions alone throw very little lighten • heae mattes, (be answers are herewith submit ted for the information of the House, I GEO MtcOUFFIR, J Q ADAMS, JOHN G. Wa THOUGH. FJIOM THE SOUTHERN BANKER. i . Alessrs, Editors: Having recently re ’ furned from the Cherokee nation, J feel it my duty to give such intelligence an may be .of interest to the public. ;S I learned from a native; that when the i Delegation returns from Washington City, '.it is contemplated that Ihe principal part of the Indians, would hold a meeting (oagitate the propriety of yielding to the wishes of the General Government; and he gives it also : as his opinion, that there will be a treaty es -1 fected during the present summer. I ascet ic tained while so the nation, that many of the -persons who have opposed the views and in- K :forests ot Georgia, have heretofore obtained e valuable reservations in Hall and Haber ;sham, and sold them, and are now comfor-- _:tably settled on the most desirable spots i:V the nation. I heard of one individual wht* j has been favoured with two reservations, ona a in Swuth Carolina, and one- in Georgia, hnd l was moreover permitted to give in and draw js valuable prize in one of Georgia’s Land r ;Lottories. This man is now living on a. t'beautiful farm in the Cherokee country,, t (w iling no doubt) to take another reserva tion! or teceive a comfortable portion of fhe< r e ,money that may be finally paid by the Go vernment for the Indian country. One thing, perhaps unko wn to many, I would mention e E have been informed and my information. ■ proceeds from a source that »nuv be conti 'jdently relied on, that Seme individual* claiming the tight to emigrate, has been en , gaged in purchasing (he Indian’s improve ments at a teduced price, paid too, in raer ‘jehandize at a high per ceru. and having (hem: . valued as their own improvements, theludi . ans still suffered as before, to remain oi> • Georgia land. These things not so to be. The Govern ment ought to ascertain at whose door this ‘.sin lieth. And here, Messrs. Editors, suf ijfer me to ask, how w u:d this sit upon the ; ear of our Northern enemies, who are cry ing against Georgia, "oppression and cru ’ city ?” , There appears to be no disposition on the 1 part of (he Indians to interrupt (he survey of the country, which is now rapidly pro ( gressing, some of the surveyors are nearly , half done, others have but just commenced,' . The different periods at which they enter t ed upon the discharge of their duties, will postpone the completion of the survey until ; some time in August. A SURVEY'OR„ , Cerrenpondence of the New York Daily Advertisers r ST. LOUIS, MAY 4th, 1832. Latest from the seat of Indian War. —The In* ;charts (I learn from infin.malion received per last I boat, which came down yesterday.) have assembled | on Rock River, 7or 800 strong, and are led by s i Black Hawk and (he Winnebago Prophet, The/ 2 jare principally young men, brave, bul dissolute and | wandering, from the Sacs and Foxes, Kickapoos. P i Winnebagoes and other tribes ; principally how . ever, Sacs and Foxes. The disaffected of this tribe are yearly giving trouble. The settlers on Rock e River have not, for two years, raised, any crops, n fearing their measures. It is the general opinion qjhere, that they will now make work; and since . i they heard of the movement of the troops, and i*! Illinois militia, have taken themselves to the Winne • bago Swamps on Rock River, whence it will be , very difficult to dislodge them. ,t These Indians are determined not to give up the 0 Prari du Chien murderers ; and it is said that Black n Hawk is determined to maintain possession, or rather is not to quit Illinois with life. This chief is represented . as more brave and talented than any of the others. >• His powers of oratory in council, and his in^uence * (over the unfriendly Indians) will bear competition i s with those of the Great Tecnmseh. He maintains * that he has never imdeany treaty with the govern* r . intent and that what has been done by other Chief* c i was illegal. General A'kinsun has left Rock Island for Galena ■ from thence he will march across the a country to the swamp, where they will meet the •r Illinois militia, 1100 men on horseback, who left 1 Barnstown last Monday, through Fulton, Piora, and '-Putnam counties. General A has orders to lake r the Prairie du Chien murderers, and force the In* udians to re cross the Mississippi,. and they will :«! not be left till this is done, even should he have i- great trouble in effecting it. I The north west Expedition will leave this place al for the Pocky Mountains and Colum ia River in 8 s ior 10 days. About 60 will start in this company. It (The second will not set off under two months. :o They do not contemplate, ?, return in less than t to rn years