US Presidency
1837

According to its own official statement, so late as the 1st of October last, nineteen months after the banking privileges given by the charter had expired, it had under its control uncanceled notes of the late Bank of the United States to the amount of $ 27,561,866, of which $ 6,175,861 were in actual circulation, $ 1,468,627 at State bank agencies, and $ 3,002,390 in transitu, thus showing that upward of ten millions and a half of the notes of the old bank were then still kept outstanding. The impropriety of this procedure is obvious, it being the duty of the trustee to cancel and not to put forth the notes of an institution whose concerns it had undertaken to wind up. If the trustee has a right to reissue these notes now, I can see no reason why it may not continue to do so after the expiration of the two years.