Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1819-11-12

their .eliOw-ciileuS, have heard tho carseut
reports aud opinions which have so generally
been expressed respecting the cOSs of the
building Intended for the Bank OF the United
States in Philadelphia and the injuries which
haNe been sustained by the state or local Banks
from oppressive demands for spe Gle ma e upon
them by the parent Bank aud its offices. As
these reports aud opinions are founded in err
Tor, the committee, from the OH cial doc un,euts
will represent the facts as they really are.
lie iaud upon which the bank is TO be erect
ed, was purchased in May 1918 for I57, 900 dol
lars According TO the contracts which have
been entered into, aud the estimate of "A COM
mittee appointed by Il Board OF Directors, the
building when finished, will not cost more than
IFS 600 dollars.
In tie city of Philadelphia. the local Banks
have received from the parent bank I,t5O,972
dollars IN specie, more than they have paid TO
~ No documents which the committee have
been possessed OF, exhibit the specie transac-
tons between the Bank of the United States
and The local banks generally, but the books
OF The Institution IN thiscity show that the
balahceS due To II by the local banks amount
70 2'oo2,65S dollars, aud that the balances due
ny IL 10 tue local Banks amount to 81, 0CO dol
lars, maniiesting that the large sum of SCI.
b1o dollars remains due to the Institution for
winch II is entitled to demand specie, but
which II has torborDe to do, although, in order
10 support the credit OF the country, il has
purchased great Quantities OF spece at "A con-
siderable eNpence.
A. the degree ofconfidence which will be.
ana winch ought 10 be annexed TO the pros
poets held out in this report relative 10 the
future productivenesS of the stock must not
little depend upon the opinions entertained of
the administration of the parent bank, the
committee deem il "a part of their duty TO give
puhHciiy 10 their sentiments upon this subject
from The time of their appointment, until this
report was prepared. although they sat usually
from AN early hour in the morning, until Il late
hour IN the evening, with the exception of
intervals allowed for dinner although. dur.
lng their sittings, they were very often obliged
TO apply to the president of the hank for infor.
nation, they always found him present always
ready, al all hours, 10 comply with their
shes. * always hen applied 10, communicate
ing 10 them statements, facts and explanations
WIN "nfeserNed opeDuess, with honorable can
uor ana with luminous perspicuty. From his
conduct upon this occasion, from the means of
Judging of t.is offlcial conduct afforded i'm the
course OF lhis lnvesigation, as well as from on
pOf'nhites OF KNOWING him, eujOyed by MANY of
Tue members oil the committee, both in his pri-
sale NE u HIS public career, they speak rom
the conviction OF truth, when they declare that
they believe in their couscieuces that his add
hiniStfatlou mas been, aud will continue to be-
urn ana temperate, wise and coHciliatug
tnai ne Will pursue The sound interests of
the institution, diyested of fear, favor or at
iecuon, and II ever he be chargeable with auy
errors oil the head, from which the most en-
lishtened possess no charter of exemption.
the heart.
WM. DRAYTON, Chairman.
Bank of the United States,
Phiiadelphia, Nov. o, 1919.
ordered, That The said report be accepted
by this meeting.
Ordered, That the same be made public uu-
der the direction of the secretary
(k%iract from the miDules.)
J. CALLS. Jun. secrr