Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1834-12-20
REPORT ON THE BANK.

Mr. TYLER, in behalf of the Committee OF FL
nance, yesterday presented to the Senate Re
port on the subject of the Bank OF the United
States. 1t was read at the Clerks table, chiefly
by Mr. Tyler, and occupied in the reading, near
ly three hours. 1t will be found 10 be highly
interesting paper, and we shall seize the earliest
opportunity to display it in our columns.
Meanwhile, having listened to the reading OF
the Report, we anticipate ting readers perusal
of the whole Of it by brief sketch OF IFS con-
tents as they struck Our ears.
The Committee of Finance, il will be remem-
bered were instructed to sit during the recess
for the purpose of examining into the condition
of the Bank. For this purpose, they repaired TO
Philadelphia on the 18Th ofSeptember, and pro-
ceeded forthwith TO perform the duty with which
they were charged. In pursuit of their object,
the report says, every facility was afforded them
by the officers Of the Institution. No hesitation
or reluctance was manifested 10 furnish any
book or paper which they wished to examine
Every avenue of Information was thrown wide
open To them; and, if there be any defect or
failure in the Developments which the Commit
tee present, il must be considered the fault OF the
Committee alone The inquiries Of the Com
mittee were not prosecuted back further than
the year 1920, when the celebrated Report oil
Committee was made in the House of Represen-
tatives, and acted upon by that body. This ac-
ton by the House, seemed to preclude reinves-
tigation of transactions anterior TO that date
and the Committee confined themselves, there
fore, to the allegations against the management
of the Bank which have been subsequently made
The first charge into which the Committee IN
quired was that ofviolatons OF the charter, ana
other abuses in the Constitution and functions
of the Exchange Committee. To this charge
they felt il to be the duty Of the Committee 10
paw more attention, because il was formally en-
rolled in the Report of the Secretary OF the Urea
sury, Mr. fancy. among his reasons for remov-
ing the deposites of public moneys from the
Bank. Proceeding thus from high otncer OF
the Government, the Committee considered thls
charge to demand the fullest investigation
They examined it accordingly, and took testi-
mony of the Government Directors, as well as
Officers Of the Bank, as to the rise, progress,
and operations ofths Committee. In the whole
matter the Committee discovered any thing but
cause for censure Of the government OF the
Bank, concluding on the contrary, that the OPP
erations fthe Exchange Committee have been
legal, advantageous 10 the Bank, and convent.
ent to the public.
The next allegation against the Bank which
the Committee examined was that Of the sub
stitution of Branch Drafts for the notes OF the
Bank; in regard to which charge also the Com
mitee acquit the Bank of all censure.
The next charge which they examine is that
which touches the payment of the three per cent.
stock, which the Committee examined with the
greatest care, because of its having been So
lemnly preferred by the President the United
States. in his published address 10 his cabinet on
the occasion ofhis avowng his determination TO
remove the depoSites. as violation oil the char-
ter &C. The Committee were equally unsuc-
cessful, in this branch of their investigation, IN
detecting any violation Of the charter, or dere-
LECTION Of duty on the part of the Bank.
The next point investigated by the Committee
was the safety Of the public money in the Bank,
and the general solvency of the institution. In
the course of their examination on this point,
the committee make the following statement of
the actual liabilities and resources of the Bank,
which, as it may be OF use to both our mercan-
tile and our political readers, We have with some
care transcribed at large
LIABILITIES ON NOVEMBER 1sT, 1884
Notes in circulation, 15:e6S,731 90
Deposite to the credit of the
Treasury, 429'46o w
Do. Public Offices, 1887, 16s &c
Private Deposites, 6,74l.752 "a
Capital Stock, 35,OOO000 90
Total liabilities Of the Bank
1st November, 1884, $59,977,ll7 81
RESOURCES
To meet the above, the Bank has the follow
ing resources, viz:
Discounts. 1885,, 1928 "a
Mortgages. 1881 90
Domestic Bills, ll,OS6,373 07
Foreign Bills, 2,727,7s2 ii
Real estate, 3O24,7 IS
Due from State Banks 427, 1O2 SO
Specie, l5,9lo,o4o 81
Total Of resources, S67,93l,51l SO
Showinga surplus of resources
over liabilities of 1884 1893 40
BY referring to the documents it will be seen
that last July, the total of the ascertained and
estimated losses were set down at Sc, 005,315 II
Viz:
On banking houses 300, $50 81
On other real estate 150,S20 81
On suspended debt l,744.427 Is
Desperate debts and
losses on real estate
already charged 3,s06,70z so ]
-- 6,oo5,3l5 II
And that the surplus funds Of the
bank provided to cover its los
ses, are, contingent funds 500, 1855 II /
Fund for extinguishing the cost
of banking houses e76,O 19 50 |
balance of pro-