Alexandria gazette & advertiser. [volume] (Alexandria [D.C.]) 1822-1824, 1822-10-17
which the relief vas originally project

been greatly misrepresented. 1t has
been supposed that in consequence OF
the subsequent want of demand for mo-
ney, which prevented the bank from
fully employing its capital. therefore the
interest paid on this loan was . loss to
the bank. This might be admitted, and
still the loan was not the less necessary.
A sacrifice OF gain asexpected and IN
tended But the fact is not SO. Altho'
iundoubted there was long period du-
ring which the capital ofithe bank was
not fally employed, yeti SO happened,
that the specific money derived from
this loan was employed, and has not
ceased to bring in six per cent. per an
mum, from that day to this. Without
it the bank conld not have taken the
government loan rf two millions of doll
lars in 1920, which remains yet unpaid,
nor could it have done the profitable
business in foreign exchanges which 1t
did in that year, nor have distributed
capitals as early as it did to the north.
ern Offices, which infused into them
new life. nor could it have sustained
the character or the. usefulness OF Da-
tioDal bank, until it should have COLI
lected by slow and painful means It's
scattered capital, IS
| have said SO much of the loan, not
only because it is 30 important circum.
stance in the management OF the bank,
but also because it is measure closely
connected with the financial history of
the country, and on which turned, in
great measure, the preservation of
sound currency, an event, however I'M
usual it IS so to consider it, probably of
more Importance than any other in the
history of the country since the late
peace. In sustaining the bank, great.
public purpose was served, but it cost
not an additional cent. Censured tho
it may be, | proudly say 1 suggested
and advised this measure, and am well
contented to bear the responsibility Of
it. The loan was for only two millions
of dollars, and was payable on the 9Th
ofJuly last. One million thereof has
been continued at five per cent. inter
est, and the other has been paid off at
profit which would defray the charge
of RENTING the remaining million, e.
ven at the present adverse rate of ex.
change.
During the present administration of
/ the bank, considerable sums have been
drawn from the capital in erecting me-
cessary buildings for the use of the in.
stitution, considerable burthens, which
| were previously created, have been dis
charged, one million dollars have been
paid on account of the bonus to the go-
vernment for the charter, six millions
of funded debt have been purchased,
and are now held by the bank, three
millions five hundred and fifty thousand
dollars have been accumulated for the
purpose Of repairing the losses which
had been previously sustained. and
there now stands to the credit of profit
and loss the sum of p2l5, 796 7 and
there is due to the bank l,279,520 dol
lars 81 cents, for interest which accrasd
before the lst of July last, on suspend>
ed debts, and which has not been recei-
we'd.
The losses of the institution we're es.
l'timated at the last meeting ofthe stock.
Holders at three millions of dollars.
They have been found to exceed that
sum. The estimates of the dividend
committee, in July last, made the ag.
! gcegate Of the losses D3,74S,899. This
includes all losses to that time from
whatever cause. 4 very small portion
of these losses, you will discover, has
fresulted from the business or manage.
ment posterior to March, 1919, IL Is
hoped, from the lapse of time, and the
trying circumstances which have inter.
vened, that the losses have reached their
utmost amount The greatest pains
have been taken to probe the state Of
all the offices to the bottom, sa the &C
companying documents will shew. 49,
1 The western debts, by which are
meant those due in the states of Ohio
and Kentucky, have been a subject of
| peculiar anxiety and attention. To as
certain the exact state Of them, the
board we're not satisfied to rely on the
ordinary means, but dispatched the
cashier of the bank, who was UNDER
stood TO be we'll acquainted with these
states, to look into the situation Of the
Offices in kentucky and Ohio, and to
furnish an estimate Of the probable loss
which would be sustained upon them.
|. His reports which accompany this COM
Imunication, will exhibit these results.