Newspaper Page Text
SAVANNAH
GEORGIAN
*
NEW SERIES—VOL. I.
SAVSJWJiU, SJlTUltVJir MORJVIA'Q, OCTOBER 80,1823.
-
fi 0:170.
«%
SWANN AH:
FRIDAY MORNING, OCT. 25. IBM.
Nu northern mail latt mght-we sup
( ^fiose it will be in this morning. By the
Msiy, arrived yeitorduy, we received the
Charleston papers due 1»st night.
We received yesterday morning the
Charleston mail due the preceding evening
—and a budget of northern papers, com
prising several of the back mails, forward
ed by the way of Camden, to Charleston,—
Their contents have bein principally anti
cipated fiy arrival*
A number of northern papers came to
hand last night by the western mail. They
are old.
"Give us but light.”—'flu inter! the
hcomtnunicationof our correspondent “Love-
■Light,” relative to the darknesa in which
onr ways have been kept by our city au
thorities for alime past, because we believe
there has been,'to those unacquainted with
the cauBe, ground of complaint sufficient,
and because it alforda an opportunity for a
word or two of eiplanation. For the in
formation, therefore, of Love-Light, aa wel|
as of others, we would obac rve, that we un
derstand the lighting of the city has been
•uspended only until a system can be adop.
! ted in tvhich will be combined an efficient
Illumination and a judicious economy. An
ordinance was read the firBl time, at the
t last meeting of the Council, for that pur
pose. There were many objections to the
former mode of Lighting the city. The
chief tttre the extravagant waste of oil and
the imperfect illpmination produced. Then
the city furnished the nil, and sustained of
course the waste, whioh was great. The
Inode proposed, contemplates the lighting
the streets by contract, the contractor sup
plying the oil aa well as keeping the lamps
in repair.
One of the negroes who, for the part he
had taken in the late attempt at insurrec
tion in tiouth-Carolins was sentenced to
banishment from the United States', in vio
lation of the verdict of the court, was sold
ky Ilia owner to a horse dealer, with whom
he started for Beaufort and Savannah. He
Was, however, pursued and brought bad
to Charleston, vhf.n we hope he .will be
properly disposed of.
Desperate Coin'd.—Captain G'iffin, win
has arrived at New-Yurk, from New-Or-
leans,states that he met in the Mississippi,
the brig Patriot, from Port au-lTince, which
had had an engagement with a piratical
vessel off Cape Antonio. Of ten no boat ’d
the Patriot, the captain, mate, and two sea
men were killed, and three others wound
ed. They succeeded in beating i.ffthe pi
rate, and Supposed they hod killed almojl
all her crew, as they were frequently heard
to cry for quarters- The survivors of this
gallant little crew deserve the Reheat re-
ward i and it is sn example wltioli ought
not to be lost upon our merchantmen.
1,1 appears by an official communication
. of the Mayor uf New-Orleaus, that the
blacks in St. Martinsville and its vicinity
are making off in great numbers to the
Spanish provinces, in consequence of th«
freedom and equality granted by the g .
vernment of Mexico. .Seventy-five are said
to have started from Vermillion, and seve
ral had been arretted*'who were making of!'
mounted on their master’s horses.
Theatrical—We perceive by the Boston
gapers, that Mr. Finn, who recently arriv
ed at New-York, from Liverpool, has been
engaged by the Boston raauagera, Mr.
Uathews is also engaged.
Mr. Mathews continues to delight the
dtimorc audience with his unique enter.
Iments. He hod also performed Olla-
pod in the Pool Gentleman.
Mrs. Gilfeit is perloiming in Richmond
with the company of Gilfcrt and Graham.
Mr. Hilson is performing iu Boston.
A small Mirror has been lately invented
In Paris called Poly morphyscope, which
reflects not only the face of the lady who
looks into it, but, by means of paint
ing, contrived in a curious manner, shows
ber in various kinds of dress and taste, so
that she may see wbst becomes ber best,
•nd be guided accordingly in ber choice.
—
Sloe ml Contivurd—At Danville,
(N. U) on the 481 h nil. the hurricane
was felt in the destruction of trees
ehiinnie'a, ,8tc. several houses were
blown down, and others unrooted.
A violent siorm was experienced al
Cincinnati, (Ohio) on the night cl the
18lll ult. accompanied widi torrents
at tain. The next Morning the Ohio
rose six leet bysatell rapidly. The
toll bridge terms Millcieek, below
the town, was carried nwuy—its tiist
coat teas about tO.OOOjdollara.
A treaty of paace hat been condo
Col. Arbuckle, and Col. Brearly, U.
S. agent at Indian affaira, assisted in
concluding the treaty.
An officer of the U. 8. frigate Con
stellation, relates the following high
ly honorable anecdote of an AtneVican
Captain, connected with the destruc
tion nf the Captain Paclia’a ship by
the Gieek fleet.—'• When 'he Turk
ish shin was blown up, the brig Fanny,
Capt. Kiel), of Malden, found the 3d
lieutenant and another officer on the
wreck of the vessel, picked them up,
and carried them on board of a 74.
After lie had delivered them to the
commander, the Turk asked the Ame
rican captain how much money lie re
quired lor having saved Ida officers ?■
the captain replied, “ Sir, l ask no
thing—I have acted like a Civilian.’'
Then, said the Turk, “ 1 shall pray
to Mahomet for you.”—" And I shall
pray my God to inapire yut) tol act as
a Christian alsn: go thou and do like
wise,” rejoined the American.
The Board of Health of#. Orleans
report on the 16th Sept, tint within
the preceding three duys.jllie (ever
had increased.—-13 cases are given
on the I7ill fust, and 7 on tl^ft 16th.
The numher df dca h- reprjr'ed in
Pensacola fuun the 15 h August, to
the llili September, os- eighty four
—besides which, there were tipwa'd
ul fort v whose names could not be
obtained.
A most impudent imposition baa
been recently put in practice in New
Haven, (Conn.)—A man went about
the streets, soliciting subscriptions to
two works—one a * Magazine ot
Knowledge,’by Mr, Speaker Clnv t
anti the other, • The Wonders of Ns-
lure and Art,’ by Sir Walter Scott.
Pi ice gl each—50 oentx payable in
advance^ .It is said (bat several ul
the knowing ones subscribed for the
Magazine of Knowledge, anil paid the
advance money !! ! There know
ledge has fur once been paid for.
Three prisoners lately eff -cted their
escape from Lexington jail,Kentucky,
liy sawing a hole through four, thick
iron grates, which led them inlb a yaid
surrounded by a a wall 20 f^et high,
and which Ihey contrived tornscend
and then descend on the ou'lide by a
ladder formed of their blankets.
The produce which descended the
Susquehanna during the year! past, is
vniued at 1,168,944 dollars—fine mil
lion of which was of Pennsylvania.
Betrnrd of Genius.—Mrs. Wells,
nf Wethersfield, haB received an ele
gant silver medal of twenty guineas
value, from the British society ofarts,
lor her ingenuity in the iphnufaclure
ot the splendid grass buprfyt, winch
was parried to London.
American Gretna Green.—Lewis-
'on, in the stale of New Ymk, is bl
ooming a kind of G etna Green to the
Canadians lo avoid the license, fee
and publir.^'iun uf the banns. The
Nisgaia Sentinel contains a list of 18
marriages, before G. Frisbeo, E-q <d
Lewision, all from Upper Canada,
which took place during the past sum
mer.
The money expended by the tru«
tees of the Livetpuul ducks in the ar
ticle of labour only, amounts within
Ihe last six years to the extraoiilinary
sum uf 1,660,560 dollars!
Specie.—ft is mentioned in a Pms
ton paper that the ships of war Bin
ges of 80 guos, and Glasgow of 42
guns, sre expected in England fion.
India, with upwards of twenty million*
of dollars—'The Marquis ol HaMingi
was to come home, in the Glasgow.
The distresses in Ireland, it ap
nears fi'oin late English papers, have
censed.
The London Cnmmiltea fur.the re.
lief uf the Irish sefl'erers, closed their
sittings on the 5th Sept, having re
ceived spontaneous accounts linm e-
very part of Ireland, where tile dis.
tress lately prevailed, infoendng them
that owing to the exertions already
made, and the prospect (if a plentiful
crop, it was unnecessary tn forward
any further remittances to the distri
butors.
J Card— The Officers’ Quarters at
Fort Moultrie, (Sullivan’s Island.) arc
enliiely consumed by fire, which bloke
out between the hours ul 12 anil 1 P.
M. on Monday- The first indication
proceeded Irnm a light smoke which
issued from the roof,and appeared to
be the kindling nf an notward 6pnrk.
but which proved, on the prompt and
immediate measures taken by the
troops ol the garrison, to be the van of
a conflagrated ceiting.yl-'fcvery me
thod to extinguish it, was used with-
out avail j when, finally, from the
height of the wind and the dryness
of the d.iy, and after all hope of sav
ing the officers’ Quarters w -s lost, the
united efforts ot the garrison were
used in defending the building occupi
ed by the private soldiers, which
stood, nearly adjoining tbnie nf-lhe
officers, and which happily, by the
greatest exertions, were saved.' No
oilier public loss has been sustainril at
Furl Moultrie, than the Officers* Qur.
lers, which, with lli(Pexceptioti ol the
biick walla, window sashes slid blinds,
are totally destroyed.
For the distinguished exertions and
hospitality of 'lie citizen* on Sullivan’s
Island, Ihe officers feel truly grateful
fort Moultrie, Oct. 82d 182*.
EXPOSITION
Of the President of the Bank of the
- United States, to the Stockholders.
‘ (Voilidildeil.)
When I was juviied, and consented
to fill the station which I now hold,
1 was alike ignorant and unapprehen
sive «f the situ.tinn in which I have
described the Bank (truly I believe)
tn have been, i was at the moment
remotely situated from Ihe scenes ol
iti active business, and its important
transactions. I bail held, it is true,
shortly before, to oblige my friends,
a place in the board of the office al
Charleston, it which I occasionally
attended, and from What I saw there,
its well as from4he public facts con
cerning the Hank, I was saii-fn d tha'
there was a great want uf financial
talent in the milnsgrment of it. Hu*
1 had not the faintest idea that its
power had been so completely pros
trated, or that it had been thus unfor
innately manag' d nr grossly defraud,
ed. I never imagined, that when i*
n d, at so much expense and loss im
ported so ninny millions of specie,
they had been entirely exhausted, and
were not yet paid, nor that the Binli
was on the point nf stopping payment
It wos not until,the moment l was a
hnut to cnmtnmice my journey to Fin
ladelphia, that l was apprized by a
letter from a frieud, who had been a
member of the preceding board, that
he feured, in a few months, the Bank
would be obliged tn stop payment.
This was, indeed, appalling news,
When I reached Washington, I re
ceived hourly proofs of the prubulnli:
ty uf this event. In Philadelphia it
was generally expected. Mv memory
deceives me much if l found any one
in or nut of the Bank, who entertained
itaanguine belief of i's being able In
sustain its payments much longer
Go Ihe contrary, there was (I think i'
cannot be forgotten) a public and ge
neral expectation, that the nation was
ibnut to suffer the calamity id a cur
entry composed entirely ul ieredeem
able piper. The evil which Ihu-
threalcncd the cnuutiy, is tint at all Ip
be compared with a suspension uf »
sound currency in limes nf war, and
great national emergencies- The lur
mer can only be conceived by a pen
pie who have aufl -red under a paper
currency in pfufiiuiid peace. What
a train nf evils dues it produce! The
destruction of public anti private ere
dit, the national'torpor,the individual
ruin, the ilisgracclul legislation uti-l
iht- prostration of the morals of the
people, of which you may discover
within ynur own territories, some ex
ample*, will give you some, but .
f .ini idea uf the calamity which was
about to lall on the country.
On the Batik it must have brought
inevitable ruin, for if it had Isifi-d from
us own mismanagement, lo serve the
great purpose for which it was jusi
before established—that nf restoring
and preserving the soundness nf the
currency—there is no doubt that 'he
hostility which its great sndhabitu
public usefulness cannot now uppens
would have overwhelmed it. Indeed
it would have had no claim on die
sympathy or [hejustice of 'he govern
ment, and would have xufftteil a tnc
riled fate. It was not to be aecutn
plished without sacrifices; but they
have been will, and infinitely* less
than was expected.
Thus stomi the Bmk at Ihe organ
izaliun uf the present administration
I was elected and took my seat as
President of ihe Board on Ihe 6th ot
them, a select Committee appointed,
trt whom the subject of its difficulties
wss referred, and aft r very mature
deliberation that committee made a
report which was unanimously agreed
to. Tito principal me,ms nf relief pro
posed ami agreed lo were:
I. To continue the ^curtailments
previously ordered. 8. Tn forbid the
offices to the smith ami- Wtftt to is
sue their notes when lie exchanges
were against them, T| 'collect the
balances due bv local balks tn the of
flees. To claim of the government
the lime necessary to tijttialee fund-
which was obtained in Europe. Then
was at the lime this loan was project,
ed, giesl embarrassment in all the
.Concerns ofommneice, but the press
ing difficulty was a real unsotimlmtss
In the Bank circulation, which con
stituted the whole currency t f the
country. The weakness nf the.Back
of the United States, has beta expo
sed Tout of the State Btnks wiis pro
bably greater, though they were no*
subject to an many and aucl) compli
cated dangers. Tho,.revenue was tic
cumulating to the credit ol the gnv-
eminent, at various points, in paper
from tint offices where mlney tvgscol that it immediately pressed upon the
lecteil to those where it ya3 tube dis
huised, aa well aslike tioie (tintil the
difficulties of the B iqk were remov
ed,) to transfer lunds to meet (he
miles of offices p iid into the tank nr
other oflfies then those where they
were payable according toSlieir tenor,
To pn debentures in Ihe same money
in which Ihe duties on wliirh the de
bentures were secured, hadlbean paid.
To obtain a loan in Eiirnpelor a sum
not exceeding 84500,000 fir a period
not exceeding 3 years. 1
The igeasuies, simple anil obvious
as Ihey are, ami some of litem so
strangely overlooked so Imp. lilted
Ihe Bank in the shmt spice iilYotliy
(from Silt March to 17 h May) from
ihe extreme prostra'ioii wlacli has
been described, to a state oil safely,
inti even somcilegrce of power, en
abled it to cease its curtailments, ex
pi at poinla where it had at excess
ol capital, lo defy ad attacks Lipon il.
and lo suainin other insuhiiinlts
proved it was Indispensable. Wnat
would fie the situation of the Baltic
have been, if-in Udluber, ,819, up
wards ul 8 millions ol dollars had
been, in this seejiau nf the union,
where it was pay*
vaults f Although fi
that day ctmsiileragi
yet nil the specie in
|j drawn from i<a
■Imd been by
i strengthened.
Bank, all ilia
Potomac, could
k! Will it be
hem h .! nut, at
but.wax payable,
make the ppy- '
Because Ihe Go-
\1arch, 1819 Bui some lime of course
was necessary to look into the state
of the bank before measures of relief
could be projected.- Its danger, how
ever, was ton manifest, and loo pres
sing to allow much time for this pur
pose. The principal errors which pro
duced the danger were fortunately id
easy discovery, and to them "the pro
per remedy was immediately applii-tf
The southern and western offices were
immediately directed not to issue their
notes, and the Bank ceased to pur
chase and collect excfisiige on Ihe
south and west. —A special meeting
'of the Board was calli (1, which the
non-resident Directors were summon
ed to attend for 9 h of April (the nex
month) and a correspondence Willi the
Secretary ul the Treasury was cum
mrnced, entreating his fabearane-
ind his aid, to which I beg leave to
reler. To 'his officer l aliotild be on
gratelul and unjust, il I were not pub
licly to acknowledge my obligation!
and those ol the Bank, lor the epun
Irnence'iind support which he uflord
ed to both in this sLuggl*.
At the meeting ofth|“'
which wanted aid, and werel nscci-
toinod tn be solvent j above al, lo e-
talilish Ihe soundness id the c rrency
which Imd just before been eemeil
hopeless ; and in a single season til
business (the firs'j to give fix evert
dice as much capital as it could .ad
mtageously employ. There are two
f the measures thus adopted, on
which I will enter Into some detail,
lecnuse they have been misconceived
and misrepresented!
1. The curtailments. The immense
curtailments which had been mode be
fore the present administration of tin
hank was organised, have been stal
ed. The public liga been fid lobe
lieve (hit those curtailments were
node by this administration, anil
were the fruit of s policy which mi-
eindied it. Men who have sat at tin-
Board and knew the contrary, or.
which is little belter, wi'ltoul lakiut-
Ihe trouble to ascertain a fact which
W09 so easily within Weir re ich, hive
consent! d to propagate this slander.
I now stale, and defy contradic
lion, and am ready, to prove that
no curtailment hits bem ordered from
the time 1 took my seat, until this day
'hat any curtailments .illicit have
been made by the administration ol
which I have been*a member, wen
made under orders which I found in
force—That the bank at Philadelphia
continued lo curtail only 70 d.iya alln
I took mv seat, that the offices nf N.
York and Q iSton were only required
m sustain themselves, accnidiiig In
circumstances, ui|lil the scattered
lunds of the institution could lie cnl
lecteti tb give tlicin capital; unil lur
titer, dial the greatest reduction of the
discount* of the bank itself, and all tin-
offices north of Philadelphia, tngethe
at no one time exceed 'd 400 000 dol
lars, until they were reduced by a
want of demand lor money, which
was general through the nation. VV hei
ibis want of demand lor money prr
vented the pr-,fi able employment ol
die fiinds ol toe bank, the only expe
ilient lo relieve it from the losses o'
unemployed eauiinl which existed
was promptly and successfully ein
ployed, by purchasing of Ihe govern
inent of the United Slates, fi st two
Millions nf six per cent stock, redeem
able at the pleasure of the governm-nt
and afterwards four- millions ol fi
percent stock, redeemable in 1835
on terms which utre then deemed
highly advantHfieoiis to the bank, and
wnichare so still, as shall be hereafter
proved.
It is believed that a candid and dis
passionate investigation of the tacts
will show (hut, with the same means
and under the samp circumstances, ii"
change'of proceeding nr policy could 1
have increased the profi’s of Ihe B ilik
and that if the interest which fss ac
crued on the heavy amount of sus
pended debt, had not been received
(anil that it has nut been received,is
not Ihe fault of the present nilminis-
tration, which did not grant the loans
on wtiich this interest ai ciued) head.
ded to the dividends made and Ihe ac
cumulations reserved, the gsms will
be within-about a half per cent, pei
annum of the nominal profit* ol the
preceding period, in, which every
tlmig’was liazatded, and more actu
ally Inst than all that was thus nom
inally gaimd. I should have hail no
disposition to make these comparison
had they not been made necessary by
lalse statement* and representation*
of the saute fads. In looking at these
leaulls, let it also be icrnllected vrhat
different circumstance* characterises
tb-' diffirent periods.
hanks that issued it would not have
been honored J and yet ta have dis
credited it suddenly would have for
ceil the crisis nf the unsounilitrss' ot
all the Bank circulation, «l s innfpent
when it had no .recuperative faculty,
and must have ended In consequences
■like disastrous to the Rink ind the
country., On the other hand, tn have
imposed no pressure upon these banks
would have been lo cherish, perpetu
ate and increase ihe evil of ah unsound
eurrenev. Tit- course lobe pursued
hv this Bmk was ? Subject uf great
delicacy aihddifficafty. . The situation'
I the country wua exceedingly alarm
ing.
It was not simp'y the present evil
i|\at was dreaded—Ihe country was in
its money concerns in an extreme
state of exhaustion. It was drained
of its specie in the preceding year
before Ihe first instalment of the
Louisiana stock became payable. The
sntn necessary tn make this paytnent
stood to the credit of the Treasury in
the Bank, and was transferred to the
e.retli' nf Ihe holders nf this stock.
The Agent of B irii<|, Brothers fk, Co.
had, for foreign account, at one mo
ment 8.410,OilO dollars at his credit
at.the Bank ill Phifiidtlphia, and on
the same day, all the specie in the
Bank and its offices, did not amount
to ns much. It was impossible tn
have paid it,and the Bmk waa oldie
■d to enter into a contract to pay it in
England by a given lime, will: interest
In executing this contraci ir employed
the whole operations of the next sen-
sun of business in foreign exchanges,
d paid a very large amount nf in-
erest; and at the time tliia loan was
projected there remained a large bs
laneS due to Biring, Brothers Sc Co.
.m -seemint of this contract, .The
country It id been still further divened
f its metallic basis in the interim,
nd a pretence only wanting by toy
many individuals and banking insti-
unions to stop payment. To them it
night luve afforded immediate relief
ul profit, dipt to the Bank of the
United States it tnusl, as already
hewn have yanspil inevitable min,
\t every hazard it was obliged to con
inue its payments. Its ability-to do
depended on sustaining the credit
al Ihe country, ‘and restoring the
snuudessof (he currency.
if its own vaults'll id been better
epleiiithed than what they were, il
uuld nut have relied upon (hem a
lone. The ability ol this Bank tn
-ustainits credit at no time depend
solely or principally on the specie in
its own vaults; but on the general
credit ol the country, sustainedby the
usual legal and mural obligations—
stroy theae-practicaHy, and all its
power becomes feebleness. Thus it
has at any given moment, from 2« lo
30 millions ot d»1li/rs becoming due
to it within 90 days, betides veri
large bums standing in balances a-
goinst other Banks, and further sums
in Ihe notes of other Banks, Now
suppose at any moment, that a atate
of things should aiise which should
destroy the general credit ol the conn
'ry, and disable debtor*, who in their
'urn depend nn the sain* means for
their ability to pay, to comply with
the first, and tempt them to tliiregsrd
the last of theae oblig itions, what
would be then the situation uf the
B i nk of the United dtates ? Yyt tlmt
siato nf things was nn the point ol
taking place, when the loan in ques
lion was projected.
The country could bear no further
exhaustion, however small, OnfiV'it
had a season in recover. But the se,
ciAil instalment nf the Louisiana
stock, was to be paid in a few inunilts;
and the sum to be withdrawn by to
rrigners, exceeded probably all the
specie in Ihe two great cities of Phi
ladelphia and New York. The Bank
would have been bunutl to pay it, had
it received the local papet in payment
uf the hevenue; and if it had refused it,
we have seen the disaetruus conse
quenccs to which it would have led.
It was a payment which the country
could not at the time Gear, and Hv-
ability of the bank was necessarily
limited by the ability of Ihe country.
Hence, in a general view, the tieceb
sity and expediency ol the Loan.
It ha*, I understand,been said that
events lieve proved the loan w*s un
necessary, regarding merely thr cli-
rr ct obligations ol the Bank. Tnis
ia au abjection which nn mind capa
ble ol comprehending the inst policy
of a National Bunk could make, >1
the foil-going view* Jte correct. Ilut
irafc B*
offices on this aide t
not have met the dr
said that the Gove*
the 'ime this insult
a sufficient deposit V
ment ? It is frne' I
vermneni, as simlt [xiil was discover,
ed that the public t njtlil would tint bu
made to suffer, dix -Irscd the monies
winch, must It*mb,ten nod would
havofieeti rtsi>rvi'('v(tu- this purpiis- ;
and Aids the Ovik s.ud.the c.nuoiwut-
ty generally were relieved troth (he,
I'uretgo drain upon them, in the man«>
tier in which the relief was origiually
projected.
Again—•the harden nf this Inau hat
been greatly misrepresented. It-ha*
hern .supposed that ill consequence uf
till* subsequent want nt demand for
money, which prevented the Bank
Irnm fully employing its ettpi ul, there
fore the interest paid oh this lonn »»l
a Ins* tn the Bank. Tli(s might bt»
admitted, and still , the loan was not
the less necessary. A socrifice of gain
was expected and intended. But Ml®
fact is not so. 'Although there ws*
undoubtedly a lotig period (luring
which the papital of the Bank was not
fully employed, yet it happened that. •
the specific money derived from this
loan tvaf employed, anil has not ceas
ed lo bring-tn six per cent.per annum
from that day to this. Without it
tliu Bank could net have taken thn
Government loan of two millions of
dollars ia 1880, which remains yet
unpaid, nor could it liuve done ilia
profitable busineailn foreign .exchan
ges which it did in that year, tlistnhot.
d capitals as early at it. did to tha
mu them offices, which infused upon
them it new life, nor could it have so*-,
luitieil the character dr the nscfulnv-a
of a national Bank, until it should
have collected by alow and pulplul
means its scattered capital.
I have said *o. much n| the Inan, not
only because it is ad important rir-
on instance in the management uf tha
Hank, but alsngecadse itiaa measure
cfitudj connected wiilf the financial,'
ii itorj'il f The cdbhtfV, and bn wind*
turned, in e greft measure, the pre-
•ei vatinn of a aqand currency, an e-
vcnl, however unusual it is to consi
der it, probably nf more' importance \
than any other in the history ol the
country since the late peace. In sus- .
taining the Bmk a great public pur
pose was served, but it cuat not an
additional cent. Censured though it
may be, I pruudlvsay I suggested and
advised this measure, and ain well
content to beat the responsibility uf
it. The loan was for only two mil
lions of dollara, and was payable on
the 5lh of July last. One million
ihereof has been continued at 5 per
cent* interest; and 'lie other h** been
puid off at u profit which would de
fray the charge uf remitting the re
maining million, even at Jlie present
adverse rate of exchange.
During the present administration
nf the Bank, considerable sum* have
been drawn from the capital in erect
ing necessaryibuiltlinge for the use of
the institution, considerable burthens,
which were previously created, have
been discharged, nne million of dol
lars have •■•on paid on account of the
bonus Jo the Qovernmf nt lor the char*
ter, eix millions of funded debt have
been purchased, and are now held by
the Bank, thfifie million* five hundred
and fifty thousand dollars have beest
accumulated ffbr the purpose of re
pairing the losses which had been pre
viously Rustaim'd, and there now
stands to the credit of profit and lot#
tbe sum of of 8245,790 7 cents ; and
there is dua to [he Bonk, 81,279.520
54 cents, fur interest which accrued
before the 1st of July Inst, on suspen
ded debts, and which has not been re
ceived. .
The losses of the Institution were f
estimated.it the'I^St meeting of the
Stockholders, at three millions of dol
lars. They have been found to ex
ceed that sum- The estimates of the
Dividend Cujnroitlee, iu July Inst,
made the aggregate of the Inssef 83.*
M3,899. This includes all l«*>es 1®
that time from whatever cause. A
very small f portion of these losses,
you "ilJL dideover, has resulted Iriinx
die busmesmor management posterior
to March, J819. It is hoped, from
the lapse of lime, and the trying cir-/
ruiDHtaucefr which have intervened,
that the losses have received their ut.
must .amount. The groat eat pain*
have hern lak-n m probe tho state of
nil the office* to the bottom, as these-
companying documents will show.
Toe western deb's, by which are
meant tnoae due in the states nf Ohio
and Kentucky, have been a subject of
peculiar pnaivly and attention. In
ascertain th* exact state of them, the
Hoard were nut eatUQed to rely e*
the ordinary meant, but despatched