The Sun.
London, England, 1841-05-01 00:00:00

$32,528,600 00
Te which may be added the sum of 400,000 or 500,000 dollars
for that part of the circulation, amounting on the 21st of De-
cember, 1840, to $9,336,000 90, "as probably lost or de-
stroyed." The Bank of the United States has thus still re-
maining from the wreck a trading capital, to be applied for
banking purposes, equal to about 3,000,0001. sterling, which
is greater than the Bank of France, and next in amount to
that of the Bank of England. This puts an end to all doubts
regarding the absolute solvency of the institution, and must re-
lieve the apprehensions of the shareholders in that respect.
Whether the actual surplus be two-and a-half or three millions,
no doubt can now exist that, after meeting all liabilities, the
Bank of the United States possesses available capital that
wilt enable it to carry on the business of banking en a scale of
great magnitude and importance. The actual worth of the
assets h now ascertained within at least half a million of their
available value • and now, when the whole truth has been
brought to light, and the most rigid investigation completed,
the result proves that the Bank has a surplus capital remaining,
which must be worth more than two millions sterling at the
very lowest computation. The loss by past mismanagement is
immense and irrecoverable, but the committee re -
commend that the corporate existence should be continued
under a different name, and its nominal charter reduced
to 14,000,000 of dollars, valuing each share at 40 dollars,
equal to 81. sterling. The principal items of" probable loss"
are upon the suspended bills, estimated at 5,044,211 dollars,
7 cents., on the active 1,206,929 dollars, 39 cents.,
on various denominations of Stare stocks, $7,069,409 06, and
on sums and balances due by offices and agencies and State
banks, $3,366,664 16. In forming their opinion and calcula-
tions, the Committee appear to have acted with energy, im-
partiality, and prudence. They observe " that the attempts
to make an estimate of probable losses was found to be attended
with considerable difficulty and embarrassment. To adopt the
hresent depressed market value of the several stocks and loans
eld by the Bankf would not be a fair criterion of their actual
worth, which (rather than their present availability), was that
at which the Committee endeavoured to arrive. Still they
have been necessarily guided, in a great measure, by the price
current of the day."
The history of the course of policy which has produced this
situation of affairs of the Bank of the United States is narrated
in striking colours by the t ommittee. The origin of all was
the refusal of Congress to renew its charter as a national insti-
tution. While it existed as such it was powerful, prosperous.
and useful. When it ceased to be so, it became inefficient and
unwieldy, too extensive for its legitimate sphere of banking ope-
rations, and by being so was induced to depart from its 'warier
business to find employment for surplus means and capital.
It thus became a huge speculative machine—a dealer in cotton,
in state stocks and loans, and ultimately embarrassed by a large
and cumbrous dead weight of unsaleable securities. The
appointment of a Committee of Exchange, composed
of three Directors, with power to make loans on
the security of the stock of the bank or other approved
security, drove the institution into the Euro, can markets at
borrowers. In March, 183:s, the loans on other than per-
sonal security was $4,797,936, while in March, 1836, these
loans had increa ed to 820,446,367. The Bank has [mar
due more money in Europe than it has on loan on its lists
of Active debt in America. It appears also that while the
loans upon stock securities rapidly increased, the bills dis-
counted on personal security seriously diminished. The
executive officers of the Bank engaged in large operation,
and speculative transactions in stocks a d cotton with funds
belonging to the Bank ; so th it the active means of the in-
stitution were monopolized in these undertakings; while it
was disabled from accommodating men engaged in busi-
ness really productive and useful to the community. The
mode in which the Committee of Exchange trans
acted their business shows that there really existed
no check whatever upon the officers, and that the funds of this
bank were almost entirely at their disposal. The whole of the
principal officers became heavily indebted to the bank by means
of loans improperly obtained, and the carious settlements fur
these irregular loans, made chiefly by the medium o. various
railroad company shares, canal shares, and other stocks, are
severely animadverted on in the Report; we must add, not
without sufficient reason ; for of the whole amount of stocks
and loans which the bank has received since its re-charter, in-
cluding those since disposed of, it appears that more than
31,000,000 dollars have been taken in settlement of debts and ad-
vances. The famous cotton speculations of Mr. Nicholas
Biddle, entered in the books under the specious head
of " advances on merchandize," are graphically detailed.
The first of these was in July, 15137, when the amount of
shipments was 2,182,998 dollars ; the second, in the autumn
of 1837, after M. Jaudon was appointed resident agent in
London ; the third transaction seems to have been in 1839 ;
and the whole transactions are estimated at 8,969,450 dol-
lars. The result of the last shipment was a loss of 962,524
dollars 13 cents. The result as to the profit and loss
of the first transaction does not clearly appear. By the
second series of shipments, there appears to have been a pro-
fit of 800,000 dollars ; and, by the final settlement of these
speculati ,ns, it seems that Mr. Biddle and Messrs. Cow-
perthwaite, the parties chiefly engaged, were indebt-
ed to the Bank in the sum of 631,390 dollars. Mr.
Biddle settled his half by delivery of Texian bonds, which the
Committee of the Board of Directors say were reluctantly ac-
cepted, "aware that the Texian Securities were much below
Wr in the market." The Messrs. Cowpertha aite and Mr.
ilder conveyed lands chiefly, and various railroad shares, for
their proportion. When the report of the Committee on ad-
vances was brought up, a resohn ion was passed, expressing their
condemnation of these things, and " that the large advances
made by the officers of the Bank in the periods of 1837, 1838,
and 1839, bring totally unauthorised and unknown to the
Board of Directors, merit and recede their just censure and
condemnation."
Th. perusal of the report conveys the strongest impression
that the Directors have been guilty of great remissness in the
discharge of their important duties, while many of them were
receiving extensive loans and accommodation on their private
account. It also shows that they devolved the whole manage-
ment and disposal of the property of the shareholders on the
Committee of Exchange, who, along with the chief officers of
the establishment, invested the flinch in ruinous speculations
totally at variance with banking principles, and that they also
became heavily indebted to the Bank for perso al advances,
which they repaid by the delivery of various denominations of
State stocks and securities, without the consent, knowledge, or
official approbation of the stated meetings of the Board of
Directors. The Committee of Exchange even kept no minutes
of their proceedings. They acted verbally, and loaned off the
property of the shareholders, in concert will the exe-
cutive officers, just as pleased their fancy. Nothing could be
more loose or unsatisfactory. We hope, however, that eco-
nomy and regularity for the future will be substituted for the
past extravagance, gross mismanagement, and neglect. Seve-
ral changes nave already taken place in tne direction, which
promise well. The salaries of the principal officers, too, have
been reduced, and Colonel Drayton, the successor of Sir.
Dunlop, as President, is a gent:eman, we hear, of high stand
ing, greatly and deservedly esteemed, who will no doubt insist
on the observance of rigid economy, retrenchm nt, reform,
and regularity in all the departmsuts. The last price of the
shares at New York was 21 to 22. The Exchange on Eng.
land 7 to %.

HERALD.—The market:has been all day in adull and declin.
ing state, without the prominence of any special cause for the
effect, which may be set down, therefore, to the generally un-
favourable aspect, first of trading affairs, and next of public
affairs, which financially can hardly be worse, and in the more
strictly political sense are evidently in the greatest confusion,
arising from the miserable struggles of the party in power to
prolong a disgraceful Ministerial existence at the expense of all
decency and consistency, and at the sacrifice of all honourable
feeling and pretension to character and dignity.
The settlement of the half-monthly account in the Foreign
Market to tk place to-day. The differences for adjustment
were of trivial magnitude, as the weight of business during the
account now ended was of small considerati n. Prices gene-
rally were on the decline to-day, and left off as follow at the
legal hour, but subsequently in bargains afterwards not regu-
larly recognizable went lower still.
A singular document appears in the Philadelphia re".pers lately
received in the shape of an address signed he •
g 0 of the prin-
cipal citizens of that city to the people
f.:; the State of Penn-
sylvania at large, urging them in v.-dry
press upon the Legislature 13:3, earnest language to im.
strong representotions the ne-
cessity of resorting to the,
(.1:
irect taxation of all classes in order
to raise the necessar;
funds for paying the interest of the State
.4. public faith inviolate abroad and at home,
debt, and preser-
and also for -providing the means to carry on the public works
And irr
rovements. This is a manly and moral proceeding,
j t,Lul as such honourable to the parties by whom originated, who
in such case, as being of the wealthier classes, must be amongst
those most largely assessed in case the recommendation were
carried into effect. This, however, may be doubtful, as, how-
ever Legisla.ures elected by the people may have freely exer-
cised taxing powers, it would be something extremely novel to
find the people taxing themselves direct, that is, praying their
unwilling representatives to tax them. This would be chang-
ing positions and functions in an extraordinary manner.

WESTMINSTER BRIDGE.

MEMORANDUM EXPLANATORY OF THE CARRIAGE-WAY 07

THE BRIDGE BING CLOSED.
When the bridge was built about a century since, but befotre
it was opened, the fifth pier from the Middlesex side (since
known as the sunken pier) sank considerably. This obliged
two of the arches to be taken down, and the opening of the
bridge was in consequence delayed for a year. To lighten the
weight over this pier, the solid filling-in was taken out, and a
discharging arch was formed to carry the roadway. This arch
springs from the haunch of the arch of the bridge on each side
of the pier, so that a large hollow or vault is formed in the pier.
As the piers were built in caissons, the removal of the sunken
pier would at that time have been a work of immense labour,
and the examination of the defect was impossible, so that the
bridge was opened with it.
The pre•ent repair of the bridge being done by coffer-dams
has enabled us to get to the bottom of the sunken pier, to dis-
cover the defect and to apply an effectual security, but pre-
vious to doing this the sunken pier had gone down several
inches more, and the arch on one side of it was so crippled by
this and by the weight of the upper or discharging arch
already described resting unequally upon it, that the arch t,f
the bridge required to be repaired, and the discharging arch re-
moved, which could only be done by getting down to it from
the road way.
To the question which has been put to me, Why not have
waited until after the end of the session before you clo'ed the
bridge ?" the reply is, that it would have dela% ed the work, in-
terfered with the contract, and incurred the liability to a heavy
additional claim for the coffer-dam.
With the contractor's (Mr. Cubitt's) exertions, I think the
bridge will be opened in about four weeks.
Great George-street, April 29.

Leaving the actual assets at 551,779,795 46 i FROM LAST NIGHT'S GAZETTE.
From which deduct the liabilities
Leaves the sum of
The Queen was this day pleased to confer the honour of
To represent the capital of $35,000,000 00 Knighthood upon Thomas Noel Harris, Esq., late Lieut,nant-
Less amount of Bank United States stock on C“lo,e1 in the Army, Knight of the Royal Order of illiLtary
hand
and of St. Anne of Russia, Knight of the Royal Hanoverian
Guelphic Order, and one of the Grooms of her Majesty's Most
Honourable Privy Chamber.

ST. JAMES'S PALACE, APRIL 28.
The Queen was this day pleased to confer the honour of
Knighthood upon William Wightman, Esq., one of the Judges
of her Majesty's Court of Queen's Bench.

ST. JAMES'S PALACE, APRIL 23.
The Queen was this day pleated to confer the honour of
Knighthood upon Isaac Morley, Esq., Mayor of Doncaster.

DOWNING-STREET, APRIL 29.
The Queen has been pleased to appoint Major-General Sir
John Harvey, K.C.8., to be Governor and Commander-in.
Chief of the Island of Newfoundland and its Dependencies.