The Alexandria herald. [volume] (Alexandria [Va.]) 1811-1826, 1822-10-09
UNITED STATES BANK.

UNITED STATES BANK.
AT a trieDnial meeting OF the Stock |
holders of the Bank ofthc United States,
held by adjournment at their Hall in the |
city Of Philadelphia, on Tuesday the Is, |
of Octobers 1899, Thomas Eiiicotf, Esq |
I'm the Chair, and WIiliaa1 Meredith, Sec.
rotary, the following Report of the Com
miltee ofinspection and investigation, app
pointed agreeabiy to the resolution OF the
Stockholders, at the meeting held on the
cd OF Sept. 1922, having been adopted, II
was T" Resolved that the report with ITS
appendix be published in the public pa
pers; and that the president and direct
ors OF the bank of The United States do
also cause the same 10 be published in a
pamphlet form, and that copy thereof be
, held at the disposal of each stockhoider."
Your comnlttee,to whom was referred
an Examination of the condition of the
Bank, REPORT, That they have care
fully considered and diligently investigat
cd the subject confded to them. But,
before submitting any opinion or state
nent in detail, as TO Its actual situation,
they beg leave to refer to the luminous
exposition OF the President, hereto appen>
ded, containing fund of Information IN
relation to the institution in connection
with various topics of sound speculation
and practical utility, which cannot fail to
prove highly interesting to the StockholG-
fers and 10 the public; while at the same
time they illustrate the consoling truth
that the most appalling difficulties may
be surmountcd by the steady application
OF industry, integrity and talent.
In compliance with the provisions of
the 18th article of the 18th section of the
charter, your committee have ascertained
that The suspended debts at the Bank and
its various branches are
Upon personal and other than
stock securities S6,4Ol ,255 90
And upon loans secured by
pledges OF stock, S4,017,O5O 76
Together amounting 30 Sl0,4l93O6' Go
Your committee are decidedly of opin-
ION that the loss 10 the bank upon this
debt tngether With o~SrCiI GfSs, counterfeit
checks, and from all other sources, can
not exceed S3,74S,S99, loss arising
partly from the peculiar situaton of the
monied relations ofthe country, but prin-
cipaIly from misplaced confidence in
unworthy agents. But your committee
feel gratiied in saying that fund more
than sufficient has been derived from the
previous profits of the bank, and special>
iy pledged and set apart to meet this loss
besides which it possesses surplus of
97L425 dollars III CENTS arising from
balance which stood to the credit of the
proht and loss account on the ST of July
last, and from interes; which has actually
accrued, but which has not yet been paid,
upon that portion Of the suspended debts
which it is confidently believed will be
ultimately obtained
The preceding facts, with the following
analysis, your committee feel assured
will render the conviction Irresistible.
chat the bank ofthe United States has now
arrived al that point when It's capital NAV
be declared to be sound and entire, while
II possesses contingent interests of nearly
enc million of dollars, to be applied TO
such objects as the future administrators
of its affairs may deem advisable.
DIR. Bank Of the u Sta,es, TO Stock
holders for capital paid in 854,992,139 69
The sum paid, bui yet extinguish.
cd for bonus, premium on'4 millions offs
per cent. government stock, iand for bank
ing houses, provided tor and to be extin
guished by the semi annual appropriation
OF $4,000, 2,0l5602 Is
Estimate of all the losses of the bank
MP 20 the present period 5,74S,899 90
balance 97I,425 Al