The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-06-23
From the Z. s. Gazette.
U. S. BANK OF PENNSYLVANIA.

u. S. BANK OF PENNSYLVANIA.
The general demands for retrenchments on
all that are affected by the operations Of the
times, have not been overlooked in many quar-
tiers where there have not been manifested any
public evidence Of new regulations. Meantime,
we suppose that the hand Of reform is actively
engaged.
For some time past committee OF the Board
Of Directors of the United States Bank have
had under consideration the state Of that instiu-
ton, and the proper course to be adopted TO suit
its organization to the requirements of the para
lived state of commercial affairs. The commit
tee soon perceived that the number Of officers
1--WE allude to all classes of persons employed in
the Bank) was much greater than is required by
present business, and the salaries were much
higher than was necessary. This report was
carefully weighed, and resolution proposed re-
commencing that all the officers (and clerkships)
of the Bank-the Presidency excepted-should
be vacated on the 30th Of June, inst, and that
at that time new organization should take
place, to include about fve-eighths of the pre-
sent number Of officers, at salaries OF about 20
per cent less than those now paid. The sug-
geston ot this a shai5er@@1oseph Cowperthwaite.
Esq
| Yesterday morning, after the discharge of the
uSuoi buoIHtSS, TIE lOHOWlHg letter was received
from Mr.. Cowperthwaite
Bank Of the United States, lime ls. 1910.
To the President and Directors of the Bank of
The United States:
Gemiemen-Under a conviction of the pro-
priety of measure which have for some time
contemplated, and which long service, and de-
Ginning health, seem to admonish me as impera-
tive; with deep sense of the kindness and con
hdpncp lar lol -
charge of arduous and responsible duties. and
with grateful feelings towards the members of
the Board, and the officers of the Bank, | re-
specially surrender the trust YOU have honored
me with, and request you to accept this as nv
resignation as Cashier Of the Bank of the Uni
ted States.
JOSEPH COMPREHENSIVE.
As it twas known that Mr. c. had contempla-
ted resignation, the Board was at once pre-
pared to act upon it; and immediately on its re-
cepton, the Board unanimously elected Mr..
oowperthwaite Director Of the Bank--a va
cancy having occurred at the Board--an evidence
OF the kind regard in which that gentleman IS
held, after so many years service in different Of
fees Of the Bank
Mr.. Cowperthwaite, if we mistake not, came
INTO the Bank under the administration of Lang
don Cheves and has been constant in his deyo-
tlon to the business entrusted to his care. dis
charging his duties with assiduity, zeal, and abb
lily. -"
The report was laid before the Board and nc
copied, by which the reorganization Of the Off
GERS OF the bank will be rendered necessary an
the first Of July. The salary of the President.
Thomas Dunlap, Esq, is not fixed BY the Board
81 Directors, but by the vote Of the stockhold
ers, and could not, therefore, be reached before
me annual meeting in January 1871; but before
Mr.. g. approved Of the reduction in the salaries
OF other officers, he voluntarily reinquished two
thousand dollars per annum OF his own.
There has hitherto been one Cashier and
three Assistant Cashiers of the bank. The new
arrangement dispenses with the Office of three
assistants.
The appointments TO be made for the first of
July are all to be from the present officers and all
who may decline re-appointment, or not be
elected, TO be allowed to draw their salaries to
The end Of the year lS40 an arrangement emf
nently credtable 10 the institution.
This new organization will reach also the
branches, and the aggregate of saving will he
about one hundred thousand dollars peT annum
This sum is pretty good annual interest on
two millions Of dollars
Hereafter the President and Cashier will
sign the notes of the bank