Alexandria gazette & advertiser. [volume] (Alexandria [D.C.]) 1822-1824, 1822-10-12

he exercise OF Its energies "n sse 90,
&c croft will result from a.correspono-
mo- extension Of it's business Ano |
Ella yo,,r committee have found 1t
;mpractica bic to view this institution
h any other light, than an ss.aolsh
mert TO effect great national ooJec's,
,bsu have been compelled 70 remark
.hs; though those objects have oeen
. os,, fnlly attained, the institution 1t
self has not received the support which
il is clearly the interest OF the na'l0h
The past history Of the bank has
,roved that. where sense OF moral OBJ
location is wanting, the existing laws
are inadequate to deter the agents OF
the bank from the commission OF frauds
upon it's vaults. Your committee there
fore advise that the president and dl-
rectors present to congress respectful
memorial, prayipg-lst, The enactment
of eficacious laws, that adequate pun.
ishments may be inflicted upon such a.
gents of the bank 80 may be guilty of
malyersation in office. 2dly, That they
ask an alteration in that part of the
charter which requires that all the notes
of the bank which are payable on de.
mand shall be received in payment OF
debts due the government, inasmuch as
this requis;tion, as heretofore construed,
has not only the tendency to prevent
the bank from restoring to some Sec
tons of the country sound circula-
ting medium, but it may occur that the
bank cannot safely place to the credit
of the government, in cash, notes at
one office, which according to the con.
tract on the face Of them are payable
at different and distant office alone,
and where only funds have been placed
for their redemption.
Though your committee are aware,
that not only the convenience OF the
public but the interest of the institu-
ton require an additional emission OF
its notes, and although they believe,
that with reasonable degree of exer-
ton on the part of the cashier these
may be executed and put in circulation,
while the business of the bank is con.
fined to it's present limit yet they are
satisfied that considerable extension
Of the ordinary business of the instltu-
ton. would render it wholly impossible
for its officers to perform this service;
it is therefore respectfully suggested,
that congress be prayed also to pass !,
law. authorising other agents OF the
bank to sign its notes; and In the mean
time the committee recommend that
the best means in the power OF the pre-
sident and directors be taken, to put
in circulation large additional amount
of notes, not exceeding the denomina'
ton of 90 dollars. go"
Your COMMITTEE have not discovered
that any serious consequences have re-
suited to the interests of the bank lex
cept those which have been followed by
public exposure from want OF o.
bedience in distant agents they never
theless deem it proper to advise, that
the president and directors of the pa
rent bank keep steadily in view the alb
soluts necessity of enforcing its' own or
ders through all the various depart
ments fthe institution; without which
neither harmony can be expected IN ITS
administration, nor security to the IN
'terests Of it's stockholders.
Your committee feel much gratitica-
ton in being able to state that the cur
rent expenses of the bank have been
essentially reduced since the year 1879,
and while it might be supposed that the
present embarrassed state'of the com.
merce Of the country. and the limited
amount of interest heretofore divided
upon the capital of the bank, are strong
admonitions to your agents TO observe
the most rigid economyss Yet inasmuch
as the splendid edifice ID which you are
assembled is now 80 nearly completed,
they cannot but recommend that it be
finished provided the expense shall net
exceed 25, 900 dollars. H8
In taking into view the business of
the bank as connected with its different
Offices. the committee think it right to
recommend to the continued attention
of the president and directors the ne
cessity Of withdrawing those branches
which are found to be Improbable, and
transferring their funds to those offices
which shall seem to require additional
capital.
Your committee take great pleasure
in unanimously declaring that the cir
cumstances of the bank fully realize
the anticipations Of the stockholders as
axnnaaaaa Of their Ia at 1ne stinn. in re. I