Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1821-01-04
BANK OF THE UNITED STATES.

We have seen various criticisms, edi-
torIal ami otherwise, on the Statement of
the Bank OF the United States, recently
published as having been transmitted to
Congress. One writer contends, thai, b,
adding such aud such items, and SUBJ
tracing such aud such other items, il Is
evident, That the Bank has surplus of
profit and loss sufficient TO Justify dvi-
dend at three, four, or five per cent. on
its capital stock. This another siouily
denies, and accuses the first of having
made mistake OF one or two millions
only in his calculation. Another, more
acute still, has discovered that there is an
error OF an odd million or Two in the
statement OF the Bank, by placing items
TO the wrong side of The account. This,
could il be proved, would be mistake
indeed, well worthy OF being exposed
The mistaks, however, l.. on this occH-
sion, as il has often been on Others of
more importance. in The expouhdpr, Who
Obscures by his exposition what was be
fore perfectly clear.
We do not profess to understand much
OF Banking. II is trade ut Which many
men have spent the best part of their
lives, and yei died III total ignorance of
It's fundamental principles. But, IL ap-
pears TO us, very superficial know ledge
OF these matters will enable us 10 >et iie
critics right in one particular. Their err
ror Is in considering this paper as Bank
Report. II ought not 10 be so regarded.
Tie Secretary Of The Treasury receives
regularly copies OF The statement, or bal
ance sheet, which is made up al the
, Bank of the United States, as at all other
Banks, monthly or otherwise. On the
motion OF Member OF Congress, this
statement Is sent 10 Congress, and pub
llshed. Ii is not prepared for the publ ic
eye. and not intended for IL, and there
fore contains nothing more than view
of the means of The Bauk-specie, stock,
real estate, and debts due 10 it-and of The
debts due from HE Bank, In the shape of
lis capital stock, bills ia circulation, &c.
so as 10 exlIibi, al one view the debts.and
credits of the Institution.
The statement does not exhibit the
facts which are necessary TO enable the
stockholders TO form judgment of tile
proprIeiy or imprOprIety ot making a
dividend ; because The statement is not
made out with a view TO that object -
We do not, for example, kud in HE stale
ment any estimate OF the actual losses of
The Bank Al Baltimore and elseWi here
We find, indeed, an item of pariicu
lar debt, due al Baltimore, Of S .61O, 900,
which some consider as representing d loss
Such may not be the intention of tile
statement, and YET The actual amount Of
losses AT Baltimore, Of which no ace
appears on llIe face of HAT Bank State
meut, may be even more than that sum.
IL cannot be forgotten, thai, as long ago
as November, 1919, al the General Meet
ing of the Stockholders of Tie Bdnk, The
| General Committee, in their report, after
full examination, estimated the losses
! which the Bank has hen sustained, al
three millions Of dollars. The losses
may prove TO have been less, aud n Is
| possible they msS have been moro. Tie
| recollection Of The fact OF their having
been so estimated by intelligent Judges
VIII be sufficient to convince any on,
Who reflects on the subject, that the
Bank Statement, although accurate il
every particular, would yet exhibit ne
criterion upon which TO form a Just es
Innate OF the clear profits of lie Bank
With This general view of tie subject
u IS hardly necessary TO refer 10 details
But, u may be remarked, per contra
irat there are several items Of the debi
side OF the statement, is published
which would not be properly charged
bic To u IN an account Oi prof and loss
For example there would Doe uo prophet
~ charging on one year lie bonus pal
10 ;he u. States for twenty years pryilcg
OF banking aud just ~ li.lie ~ cliafgin
upon tile present year lie cost Of III
sPl' ndd Bank building just c0mpIeir1
or Of the bulldings bought or buiii for ~
esg ct The Offices OF Discount aud ID,
pcslte. Yet these necessarily form, an