The enquirer. [volume] (Richmond, Va.) 1804-1815, 1811-12-17


n York. Read the following, and then let
these Legislatures Judge, whether an engine.
OF this sort, i'll which the British take So deeP
an interest, is entitled to their support
CIRCULAR
10 the Stockholders oCthe Bank u. States
resident M Engiand.
LONDON, MAY, 1911
No. 8. BIsHoPsC TREEr.
THE refusal ofthc Congress OF The Uni
ted States OF America TO renew the expired
Chartcr OF the National Bank, places the
European Propretors of the Stock of that In
stiJution In a situation Of much perpleyity
and difficulty. From our long conncxion
with those Proprietors, we have felt it to be
or duty to make an offer on this occ aston.
OF our advice and assistance, which has on
ly been delayed by our doubt and embarrass-
ment what TIC advise on such an occasion.
III becomes, however, necessary TO do sonlc-
thing; and that the proprietors NAV have
ali the information which we possess, not on
ly OF the facts Of this case, but of the oi.in-
ions entertained in America, We must re-
quest their perusal of the annexed Copy OF
a Letter from a House Of the first respccta-
bllty IN Philadelphia, one OF the Partners
OF which is one of the Trustees for the iioui-
dation OF the Banks concerns.
You Will perceive that the Trustees are
authorized to apply again to Congress at
their next Session for a renewal Of their
Charter; and, iii case OF failure, TO the scvc-
raj Legislatures OF the Northern States,
where the popular opinion has been more
generally in favor of the renewal. What
success may attend these applications, it is
impossible 20 conjecture but in the mean
time, IT IS essential that the European Pro-
PrietoTs should empower some person to act
Tor them, either for the renewal of the oiG
Charter, the subscription Of the old Shares
towards a new Bank, or, should both these
projects tail, TO receive and remit the pro
Ceeds OF the liquidation of the concern.
You must be aware that such power must
be attended with confidence in the parties
III America almost unlimited but for this,
undcrall the circumstances of the case, we
see no remedy. t. relieve The British Pro-
prietors, however, from part of this risk,
we have determined to submit to them the
following alternative proposals for their
choce III they Will transmit to us their
Certificates with blank Powers Of Attorney,
we will send them out TO proper persons in
America and each Proprietor, ~ sending
his Shares, viii state in his letter 10 us,
wliSther he empowers or Agent 70 act gen
orally for him to the best of his Judgment,
or merely toreceive and remit heprocccds
o. his Share OF the liquidation Of the Old
Bank or whether he cluscs to abide Sup
posing that he has Il choice by che decision
OF the majority Of chest cIholdcrs. l he char
ges We propose making tor CTR Agency WIZ
be as follows, viz -
i.--oaoud Congress renew the Old Char
ter, the Certificates shall be returned TO
the shareholders here, ard the American
Housc shall be ollowcd One Half rcr Cent.
CT the Capital for their trouble.
2.--Shcu!d the present shareholders be in
corporated into a New Bank, the Amcri-
can House shall be allowed for their
Commission, on such an operation, One
per Cent
In neither cf the above cases shall we
make any charge, excepting such as VIC may
actually incur for Hostages, exc. unless our
responsibility is desired for the American
House, which We shall consent to give for
One ilalf per C.nt.
3.--Should tic Old Bank be liIuidated, and
the Capital renncted,th American House
shall CHARGE Ohc pes Gent % which we
shall add, for receiving aud paving here,
One Halt per Cent. In this case The risk d,
both Of Agency and Of Ellis RENTED, viii,
Oh course, be Tor the Propiietors or We
shall be reaIg, Cor single Cornmission Of
Two < Hal per Cent, to make ourselves
responsible fOr bo.h risks, and for all char
Ses.
Our Agents IN AMERICA will be persons en-
G.lod 20 entire confidence, or we should not
offer our guarantee: bus we make these DIFF
fcrent p9op0salS, that the proprietors may
nave a choice, and uos bc compelled to rely
on persons not known to them. Our euaran-
tec applies, Of course, to the due application
OF any monies or securities our agents may
receive, and not for any error in Judgment IL
iecilugi IN Il case Of So much diInculty, still
less 5or any political consequences.
5hodii you, therefore, think pro9cr 10 a
Vdd Yourself OF .r agency, you will please
~ trans nit tn as the certificates CO YOU
ares, with the usu Il Power Attorney III
7ianx, stating distinctly, in YOU 'ctter to u.s.
whether yea leave 20 QUO Agcn full .power