The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1841-04-28
REPORT OF THE INVESTIGAT.
= - e1 ING COMMITTEE.

The Committee appointed at meeting
of the Stockholders of the Bank OF the
United States, held January 4, ls4l,
to examine the details of the statement,
then submitted by the President, re-
spectfuly submit the following
The Committee proceeded, in the first
instance, to verify in detail, the statement
of the Assets and Liabilities of December
81, 1910. The securities and evidences
in the possession of the Bank at Philadel-
phia, were accordingly produced, and on
comparison Herewith, the same was
found to be correct. The cash was count
ed out on the second of March, and cor
responded with the Ledger Balance of
tha, day. The returns from the several
offices and agencies were read, and found
to agree with the printed statement. The
accounts of the circulation and issues of
the late and present Bank were also ex-
am;ned.
The Committee have prepared, and
herewith submit astll more detailed state
ment of the Assets and Liabilities of the
Bank, OH the twenty first day of Decem-
Der, 1910, than that heretofore presented;
exhibiting the particulars of each item OF
the original statement, in the same order
and arrangement. as is therein pursued;
omitting, however, the items "Bank United
States Stock, balance unsold," and the
amount credited as 'Bonus for Charter"
The next object proposed, was to make
valuation of the Assets. With this
view, they proceeded to rc-examine the
items of Active and Suspended Debt,
Stocks, Real Estates, Bonds and Mort
eages, Foreign Bills of Exchange, and
amounts due by State Banks. The Prcsl-
dent of the Bank was also requested to
obtain an estimate of the probable loss on
the Assets at the different Offices and
Agencies; returns from all which have ac-
cordlngly been received. The estimates
thus made are presented in a column, add
cd to the detailed statement, now submit
ted and before referred to, (Appendx A.
?, The attempt to make an estimate OF
probable losses, was found to be attended
with considerable difficulty and embar-
rassment. To adopt the present depress-
ed market value Of the several stocks, and
loans held by the Bank, would not be
fair criterion of their actual worth, which,
rather than their present availability, was
that at which the Committee endeayored
to arrive. Still they have been necessa-
rily guided, in great measure, by the
Prices Current of the day. Of the Real
Estate and Bonds and Mortgages, very
imperfect judgment could be formed,
without inquiries as to title and incum-
branccs, which the Committee had not
time to make. Many of the securities arc
of character to render it almost imprac-
ticable to form even reasonable conlec-
ture of their value. While, therefore, the
Committee bespcak for this portion of
their labors that regard which is due to an
honest effort from the best means within
their reach, to arrive at the truth. they
must be permitted to qualify it with the
remark, that it is necessarily only an ap-
proclamation, in which they cannot ask the
stockholders to place entire confd snce.-
The ability of the Institution 20 realize
any thing like a fair equivalent for it's AS
sets, will depend much upon the course of
policy it may in future pursue, and upon
circumstances, which no one can be ex-
pected to foresee. The estimate is pre-
sented, however, with less reluctance, as
from the details, now given, each stock
holder will be able to form judgment
for himself.
1t may be proper here to remark, that
it has been thought best by majority of
the Committee, not to submit the lists in
detail of the active and suspended debt.
This injury which would result to the Gre
dit OF individuals by such an exposition,
might ultimately be detrimental to the in
tcrests of the stockholders, while no bene-
fit Of sufficient Importance to counterbal-
ance such mischief, appeared to present
itself. In regard to these two lines, there
fore, the committee will content them.
selves with remarking that but small
proportion consists of regular mercantile
discounts. On the Active Debt, Deccm-
ber 81, 1910, are loans to seven incorpo-
rated or other Companies of l,2ll,l93
dollars % cents, including one of 5U2,222
dollars % cents, to the Philadelphia, Viii.
mington, and Baltimore Railroad Compa-
ny. The sum of 74O,O56 dollars 33 cents,
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