American watchman and Delaware advertiser. [volume] (Wilmington, Del.) 1822-1828, 1822-10-11
85s,5o4,1 90

Nos ,504, l9b W
1t might be deemed prudent to abstain from es.
pressing an opinion upon the future prospects o.
the Bank, leaving each individual draw his owr
inferences from the facts exhibited; YET your c. m
mittee are unwilling to omit the expression oil what
they believe to be we'll grounded hope thai the
profits Of the Bank and its public utility will CONT
nue. 10 increase with the gradual deyelope ent OF its
resources. If the Bank has under the embarrass-
ment and perplexity in which it has been placed
not only sustained its own credit, but that of the
circulating medium of The country, with which its
interest and prosperity are indlssolubly connected
scarcely be doubted that these difficulties be-
ing surmounted, and more ample field opened for
ne exercise OF its energies, an increase OF profit
will result from corresponding extension of its
nsness. And whilst your committee have found
mpracicahle to this institution, in any other
lght, than as all establishment to effect great ma
onal objects, they have been compelled to remark
hat though those objects have been most fully at
aimed the institution itself has not received the
support which it is clearly the interest Of the nation
Ia. afford,
The past history of the Bank has proved that,
where sense Of moral obligation is wanting, the
existing laws are inadequate to deter the Agents o.
the Bank from the commission OF frauds upon its
vaults. Your committee therefore advise that the
President and Directors present to Congress re-
spectlul Memorial praying-1st, The enactment
OF efiicacious laws, that adequate punishments may
be inflicted upon such agents oil the Bank as may
be guilty of maiversation in Office. IDLY That they
ask an alteration in thatpsrt of the charter which re-
qures that all the notes of the Bank which are paya-
bic on demand shall be received in payment of debts
due the Government, lnasmuch as this requiston,
as heretofore construed has not only the tendency
to prevent the Bank from restorng TO some sec u
tons OF the country a sound circulating medium,
but it raay occur that the Bank cannot safely place
to the credit of the Government, in cash. notes at
one office, which according to the contract the
face Of them are PAYABLE at different and distant
office alone, and where only funds have been placed
Tor heir redemption
Though your committee are aware, that not only
the convenience of the public but the interest of the
require an additional emission of its
notes, and although they believe, that with rea
sonabe degree of eXeron the part OF the Cashier
these may be executed and pu; IN circulation, while
the business Of the Bank is confined to its present
limit; yet they are satisfied that considerable ex-
tension OF the ordinary business Of the institutions
would render u wholly impossible for its officers 10
perform this service; it is therefore respectfully
that Congress be prayed also to pass a
law, authorizing other cnts Of the Bank TO sign
its notes; and in the mean time the committee re-
commend that the best means in the power OF the
President and Directors be taken, to put In circu
latInn large additional amount OF notes, not ex
ceedng the denomination of 90 dollars.
Your committee have not discovered that any Sc
ous consequences have resulted to the interests of
the Bank (eXcept those which have been followed
BY public eXposure,) from want oil obedience in
distant agents they nevertheless deem it proper to-
advise, that the President and Directors OF the Pa
rent Bank keep steadily in view the absolute neces-
sity Of enforcing its orders through all the va
rious departments Of the Institutions without which,
neither harmony can be expected in its admin tra-
ton, nor security to the interests Of its stockhol
ders.
Your committee feel much qualification in being
able to state that the current expenses of the Bank
have been essentially reduced since the yeas 1919,
and while 1t might be supposed that the present
embarrassed state of the commerce of the country,
and the limited amount of interest heretofore dyid
ed upon the capital Of the Bank, are strong admo
nltlons to your agents to observe the most rigid
economy; yet inasmuch as the splendid edihce in
which you are assembled is now nearly COM
pleted they cannot but recommend that it be f.
nished provided the expense shall not exceed 5000
dollars.
In taking into view the business of the Bank as
connected with its different offices, the committee
think II right to recommend to the continued at
enton of the President and Directors the necessity
OF Withdrawing those Branches which are found to
be Improbable and transferring their funds those
Offices which shall seem to require additional ca
ptal
Your committee take great pleasure in unani-
mously declaring that the circumstances OF the bank
fully realize the anticpatons of the Stockholders as
expressed at their last meeting, in regard to the
President, who, by his talents, disintrrestedness
and assiduiy, have placed its affairs in an attitude
SO safe and prosperous, as that the burthen Of duty