Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1831-09-07
BANK OF THE UNITED STATES

Secretary. A comprehensive and luminous re-
port was submitted in writing bv Nicholas Bid.
die, ESQ the President. in behalf of the Drec-
tors Of the Bank. shelving, in a mastery man
ner, the condition, the character, and the i'm
pOrtance of this great national institution. This
able and instructive document will, no doubt,
be published. After it was heard, the follow
ing Resolution was moved by Horace Binney,
Esq. and the gentlemen who were according
~ appointed Committee, made in the afternoon,
the annexed Report, which was adopted without
dissent. Gae.
Resolred, That the communication made BY the
Board of Directors TO this meeting, be referred to
Committee of seven to report thereon; and that
the same Committee be authorized to report upon
such other matters as they NAV deem to be inter-
esting to the Stockholders.
The Committee appointed were:-H. Bnnev,
Robert Ralston, r. l.. Colt, Paul Beck, Manuel
Eyre, Joseph Hemph,ll, James Ronaldson.
The Committee TO whom was referred the COM
munication from the Board of Directors
REPORT:
That they have verified by comparison with
the tabular statements of the Bank the material
facts reported in this interesting paper and find
them 10 be correct The reasoning by which the
board of Directors has dcduced from them the
connection between the Bank and the present
prosperity Of our country, ard has sustained the
principles which have regulated the administra-
ton Of its concerns for many years, requires no
comment. All who read the communication,
which, it is presumed, will be given to the pub
hc, viii discern for themselves not merely the
actual prosperity Of this Institution, greater aud
faht III at huf tba
manner in which its great public and private
trusts have been performed.-its public trust to-
wards the Government aud the People Of the
United States, and its immediate private ,trust
towards the Stockholders, and those who have
confded to it their funds and their credit. The
per(ect harmony of these interests under the op-
erations Of Bank organized as the Dank of the
United States, has Deen by law, and administer
ed as it now is, is believed to be demonstrated;
and it would be mere waste and superHuty IN
the Committee to attempt to add either to the
cogency or the variety OF the considerations, by
which the Board Of Directors has completed the
demonstration. The Committee will not howev-
or deny themselves the satisfaction Of submitting
TO the Stockholders a few of the differences,
which the communication, taken in connexion
with the past aud known history Of the United
States aud the Bank. appears to justify.
lst. That the Bank at ITS origin, and at great
cost and sacrifice, egectuaRy promoted the resto-
ration Of specie payment: and that its able admI-
nistration for several years past, has finally eS-
tablshed currency, as universally sound with
IN the United States as can ever be expected, or
q. is essential to the general welfare: and that
this has occurred in u community whose Curren-
CIV for part Of the time has felt the influence Of
active though temporary causes OF arrangement,
and is at all times exposed to danger, by the
number and variety of its Banking Institutions.
3D.. That the Bank through the whole course OF
it's operations has efectually assisted the treasury
IN its operations in the collection and distribution
Of the public revenue; and that OF late years, 1t
mas been ssnally efficient in prevent ing the DIS
charge Of the public debt from dist urbing the
operations of commerce, or the course and value
OF pecuniary investments.
Sd. That the Bank by its iudicious mterven-
ton in the business Of domestic exchanges, has
given such facility and regularity to this indispen-
sable instrument Of internal trade, that neither
the want the cost of 1t any longers exists, to
embarrass any operation whatever.
9TH. That BY its extensive operations IN For
eisn Exchange the Bank has for several years held
in its hands, aud has at times used with striking
effect, the power of arresting all sudden and viO
lent fluctuations in this branch of commerce; and
promises by the same means greatly 20 ecOn0mise |
the use of the precious metals in the future trade
Of the United States with China and India.
5th. That these public services of the Bank ,
of the United States the peculiar result Of an
institution organized and administered as this has
been; that the organization of any bank or body
whatever, essentially different. would fail in the
attainment OF most or all of the great objects adj
verted to, and that an efficient administration is
alone necessary to develope the powers and pub
liz macs nf the Rank eyiSfinS firm
G. That while the Bank has been administered
for several years upon those principles which are
lemonstrably the best both for the public and the
stockholders, yet that adverse circumstances at !
m earlier day, and among them, chiefly, the cost
md sacrifice attending the restoration of an un- a
ound currency, by which an immense loss, that I
would otherwise have fallen upon the Treasury
nd People Of the United States, was assumed by 1