Alexandria gazette & daily advertiser. [volume] (Alexandria [Va.]) 1817-1822, 1822-03-11
HOUSE OF REPRESENTATIVES,.

HOUSE OF REPRESENTATIVES,.
Mr. Smith of Md. laid before the
house a statement from the Engineer
Department, on the subject Of moneys
.,ecessary to be appropriated for fortiti-
cations; and MIR. Eustis laid before the
House letters from the Secretary Of
War. on the same subject, and on that
of the brevet rank and pay of officers,
&c.
Mr. Williams of n. c.. from the com
mittee on claims, reportsda bill from
the Senate, entitled An act explanatory
of an act for the relief Of James l.. Cath
cart, with an amendment; which, on
motion of Mr.. w. was referred to com.
mittes Of the whole house.
Mr. Sergeant, from committee hero
tofore appointed, to inquire whether
the Bank of the United States has no:
been in the practice of loaning money,
&c. at greater interest than at the rate
of per cent. per annum, made the fol
lowing report thereon:
| The committee on the memorial OF the
Bank of the United States, to whom
was referred resolution, directing
them to inquire ''whsthsr tho Bank OF
the United States has not taken, and
is net in the practice of taking, more
than six per centum per annum tor
or upon its loans or diseounts"--Re.
port:
That, having inquired into tho facts
deemed to be material in relation to the
question proposed in the resolution, they
find,
/. That it is. and, from the establish
ment of the Bank of the y. States, has
been, the practice of that Bank, in cal
culatins tho discount upon note paya-
bic certain number of days after the
date, to compute the interest upon q
month of thirty days and the fractions
of such a month; thus, per cent. is
charged for sixty days.
In this respect the Bank has conform
ed to the established, and, it is believed
universal usage in the United States,
prevailing among individuals a. well as
in monied Institutions, and to the most
approved tables heretofore in use.
g. That, In charging the discount upon
a sixty days note, the Bank and ite
Branches have followed the usage Of
the place where the loan was made, al
to the number of days Including the
days of grace) for which the discount
should be computed. In general it has
been the practice in the United States
to charge the interest for sixty four days
but there are some places where the
interest is charged for only sixty three
days, and the Branches established al
such places have conformedto the prac.
tice there prevailing.
The committee do not think that there
is any thing in either Of the modes Of
computing interest adopted by the Bank
which calls for legislative interposition
and, therefore, submit the following re-
solution:
Resolved, That the committee be dis
charged from the further consideration
Of the subject:
Mr.. S. moved that tho said report be
laid on the table and printed.
| Mr. Golden opposed the motion. Ha
wished to bring the subject under the
consideration of the house without fur
Their delay. and he was unwilling tina,
any course should be taken which would
have the effect to carry over the subject
beyond the present session. Mr.. G. had
examined the orders of the day, and
found somewhat more than 100 cases
already referred to the committee Of
the whole, all which it would be diff
cult to dispose of at this session of Con-
gress He thought the facts were dis
tiRctly stated in the report. They were
clear and simple, in themselves, & they
were as susceptible of being understood
and discussed now, as at any future
time, and he hoped the subject would be
Immediately disposed Of, without farther
} PrssrastiRatisA.