The Madisonian. [volume] (Washington City [D.C.]) 1837-1845, 1841-05-22
PENNSYLVANIA BANK OF THE U. 5.

PENNSYLVANIA BANK OF THE u. 8.
An adjourned general meeting Of stockholders
of this institution, was held at Philadelphia on
Tuesday.
Mr.. Lppincott, chairman ofthe Investigating Com
mittee submitted Report closing with resolution,
which adopted, accepting Of the provisions Of the
" relief bill, and agreeing to under any laws
which may hereafter be passed for the regulation of
banks.
A resolution offered by Mr.. Randall was also adop-
ted authorizing the Board of Directors to give public
notice, according to law of application to the Lee
gsature for reduction Of capital and change of name
Of the Institution and another, authorizing the drec
tors to exercise their discretion as to the time and
manner ofpledgng certain assets for the payment of
the circulation and deposits of the Bank.
In reply TO question asked, to the condition of
the bank Mr.. Bayard read the following statement,
which was handed to him by the President, Colonel
Drayton.
Relatiue Position ofthe Assets and Liabilities ofths
Bank, May17, 1871.
The liabilities ofthe Bank, for Post Notes issued to
the other city Banks, amounted TO SO 07S, 444-and
were secured by an assignment Of assets amounting
to ST., III, $50. sr 3.rsn
The liabilities ofthe Bank in Europe, were $l5,-
| 1924, 7l8,7I5 tUaF 12 a H.
1t was further proposed to secure other Liabilities of
the Bank-the circulation deposites and balances due
to other banks, amounting to $5 925 by special
pledge Of assets amounting TO 1921 ,S39.
These arrangements would leave the amount of
$l7, 767, 436 in assets unpedged; and of liabilities,
~, 224, 1893, not secured by any pledge. &.
A preamble and resolutions offered by Mr.. W..
Duane were adopted. The following two were a
mong them:
Resolped, That we denounce and condemn as hos
tile to Liberty and subversve of virtue, any expendi-
ture oan if any such has been made by the late
existing Bank ofthe United States, under a former
administration for the purpose of influencing the pub
lie press, operating upon the public suffrage, or secur
the aid oflegsators or other public agents for any
| object whatever
Resolped, That for the sake of the public example,
regret that the Committee appointed by the Stock
holders in January last failedto obtain knowledge
of the particulars othe expenditures to which they
have referred in their report and that public thanks
will be merited by those who possessing that knowl
/ edge, shall disclose it. sft.s
The meeting was large and several prominent gen
temen took part in its deliberations.
The late assignment of assets to secure the post
notes issued virtual acknowledgement of bank
ruptcy If the other assets assigned to secure the
debt in Europe the circulation and deposits and other
liabilities we doubt if there will be dollar left for
the innocent stockholders Unless its property takes
an unexpected and not probable rise in value the
institution we suppose, will be compelled to wind up.
| 1t has been reckessy and corruptly managed No
say how extensive is the distress brought up
on those interested in its stock. Those who have
trbuted thus to waste the substance Of the widow and
the orphan deserve to be exposed to the censure o.
i the world We have heard much of its corruptions
the press and Of politicians Let the particulars be
disclosed 1t is an extraordinary case-such as will
never be likely to again in this country-we hops
not in the world 1t is due the innocent that thu
transactions should be made public by which such al
extent of ruin has been produced We hope every in
dependent press in the country will persist in calling
for the particulars. We understand that "blacl
list has been exhibited in the streets of Philadelphia
The publication of it in the newspapers would be NOR
beneficial Nor is the publicity of debt any relcas
ofs legal and moral effect, some have preosterous
ly attempted to make us believe