The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-05-21

PENNSYLVANIA BANK OF THE u
An adjourned general meeting of stockholders
OF this institution, was held at Philadelphia on
Tuesday.
Mr. Lippncott, chairman ofthe investigating Com
mittee, submitted Report closing with resolution,
which was adopted, accepting fthe 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 give public
notice, according to law, Of application to the Lee
gisature for reduction Of capital and change of name
Of the Institution, and another authorizing the direc
tors to exercise their discretion to the time and
manner Of pedgng 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 handed TO him by the President Colonel
Drayton.
Relative Position ofthe Assets and Liabilities Qths
Bank, May II, l5ff.
The liabilities of the Bank, for Post Notes issued to
the other city Banks, amounted to 5,O7S, 444-and
were secured by an assignment Of assets. amounting
to 81, 772, $50.
The liabilities of,he Bank in Europe, were 49,
1863 s29-secured by deposes Of assets amounting to
1914 7l67i5
II was further proposed to other liabilities OF
the Bank-the circulation, depOcs and balances Que
TO other banks amounting to 30 925 by special
pledge assets amounting to $i2,92l $50
These arrangements would leave the amount oil
SIT 1877 436 in unpledged and Of liabilities,
81, 224 1913, not secured by any pledge
A preamble and resolutions offered by Mr.. W..
Duane were adopted The following two were a
mong them
Resolred, That we denounce and condemn as hos
tile to liberty and subversive of virtue, any exPendl-
ture oan if any such has been made by the late or
existing Bank ofthe United States under former
lie press operating upon the public suffrage, or secur-
ing the aid Of legislators or other public agents any
object whatever
Resoiped That for the sake Of the public example,
we regret that the Committee appointed by the Stock
holders in January last, failed TO obtain knowledge
the particulars ofthe expenditures to when they
have referred in their report and that public thanks
will be merited by those who, possessing that knowl-
edge, shall disclosed
The meeting large and several prominent gen
tlemen took part in its deliberations.
The late assignment Of assets to secure the post
notes issued was virtual acknowledgement Of bank
ruptcy If the other assets are assigned to secure the
dabt 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 probable rise in value the
institution, suppose will be compelled TO wind up
1t has been recklessly and corrupty managed. No
ono can 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 Of
the world We have heard much of its corruptions
Of the press and Of politicians Let the particulars be
disclosed. It is extraordinary case-such as will
be likely TO again in this country-we hope
in the world. 1t is due to the innocent that the
transactions should be made public by which such an
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 "black
list has been exhibited in the streets Of Philadelphia
The publication of it in the newspapers would be more
beneficial Nor is the publicity Of a debt any release
ofits legal and moral effect some have preposerous
ly attempted TO make US believe.