Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1817-01-18

af the directors of that Institution. TO in
form the committee whether any such ar
rangement has been adopted, and, fany,
OF what character
with that readiness, springing from the
hi9h degree OF respect TO which every
branch ut the nationa! government is en-
tiuedandw which itcannot fail to command,
proceed, sir, respectfully 10 comply with
your request; FIRST promising, that Ihave
neitiier authority nor instric tion, nor in
deed ANY animation on the subject from
the directors OF the bank ard although
have had the iicnor to be a member OF the
BOARD, 1t may now be uncertain whether
am or not still IL the direction the re-
suit at the recent election not being vet
Known, and iio wish having been express
Ell by me for tie continuance of that con-
hdeuce with which had been honoured
OH d former occasion.
The committee, therefore, will be pleas
Ell TO consider the remarks which may
follow, Us having no Overweight than may
be derived from their coming from AN in
0lytiual, whose situation perhaps eaa-
bied hun TO form a Judgment on grounds
not so open for observation to the public
at large rs 10 himself
1t las been the earnest desire of the
Directors of the Bank sfthe United States,
80 To conduct the preliminary measures
and organization OF that institution us to
ensure, asspeedily az possible, the accom-
plishment at some OF the Great ends of It's
establishment aud among them pre-emi-
nently that of aiding i'll restoring the cur
rency of the United States to IL specie me
dunn 4 III this desire the direction has al
ways been unanimous, and a single dis
sention on thus head has not, to my know
ledge, existed among its members.
One OF the earliest measures of the
Bank has been to send an agent to Eu-
rope, tor The purpose of purchasing and
Importing into rhe United States an amount
oi specir, which, when received, cannot
fallto have a favorable effect Oil the mo-
ney circulation oitne country. In this
measure and object several of the State
Banks have united and from the respec-
liability OF the agent selected for this pur-
pose, and the means and powers with
winch he Is Invested, there appears To be
no reasonable ground for apprehension of
failure IN his accomplishing the object
OF his mission.
Prior 10 my leaving Philadelphia, dec.
3l,) no discount had been made by the
Bank or any IFS branches \ resolu-
ton had been adopted by the board of
directors, on the 18th of December, oftlie
following tenor, To wit:
@HsVit'", iidt Oh the olSI instant the
board Will proceed to discount notes or
bills not having more lhan sixty DAYS to
run, aud made payable 10 the Bank of
the United States, secured by deposit
OF an equal amount of the stock Of the
Bank, or an equal amount ofpubic debt,
az iFlnety per cent. oA the par value there
OF, with power TO sell or transfer the said
stock, or debt, in default of payment.
2 when due, of the notes which NAV be
dIscountedas aforesaid (; and that tho res
pectiye boards of directors ofthe Offices of
discount and deposit at Boston, New
York and Baltimore, be authorized to dis
count III like manner, upon the same
terms and conditions, and to an extentnot
exceeding one tenth OF the amount of the
subscription to the capital of the Bank,
at their respective places"
This resolution was subsequently, mo-
dited OH the last day of my being at the
board prior TO my leaving Philadelphia,
and among the alterations, ON two points
named by myself, the one was that the
notes on which discounts might be made,
should be payable at maturity in specie,
or bills OF the Bank of the United States
and the other, that no stakeholder should
be entitled 70 adIscOunt under the resulu-
ton, unless lie paid into the bank the stock
proportion oithe second instalinent due
on his share. | believe that the resoIu-
ton was so modified as to make il apply
20 liz subscribers To the bank but do
not recolicct fiat there was any preHen-
fatIve provision, which would deprive a
stockholder, who had previously paid i'm
the specie part of his instalment, from a
vailing himself Of a discount under the
resolutlon-I think no such restriction
existed
AS the resolution the 18th Dec. was
modified, and as | do not find among nv
papers copy oft when amended, and as
was much occupied at the time in pre-
pairing TO leave the city, cannot be so
precise as would wish to be, in the com
munication | have now the honor to make
to the commlttee-ior the same reasons
cannot trust myself TO detail the motives
viii u induced the passing the resolution
as 1t was ultimately adopted, lest should
be guilty OF injustice to the views of the
gentlemen, with whom had been called
To act by giving AN opening to any unia
v!orabie impntation, TO which they could
alone be exposed by the inaccurate me-
dun tlIro' which ther sentiments would
IN that case pass. In compliance, howe
yer, with wbaaI understand TO be the
wish OF the committee, will, with their
permission, briefly state my own impress
slOns on The subject.
1t has been, and still is nv most ear
nest desire, III common with that of the
other directors, to carry this bank into
the most speedy and extensively useful
operation that its provisions will admit,
Il a a