Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-05-25
DOMESTIC.
From the Philadelphia Public Led:rec.l

nS SiT s. sT rsFa.P1 aaS ss' ME h1:S
At an adjourned meeting of the stockholders Of the
u s. Bank, held in the Banking house, on Tuesday,
May 18th, 1S4 Samuel Brock, Esq, took the Chair at
10 O'Clock, and called the meeting to order
The journal of the previous meeting was read, and
approved by the meeting.
Mr. Iippncott, from a committee, presented the iol
lowing report which, after much discussion and expla
nation of the act of Assembly, accepted, and the
resolutions adopted by the meeting.
The Committee appointed at an adjourned meeting
of the Stockholders Of the Bank of the T. S, held on
the Sd of April last and which was instructed BY reso
luton adopted at adjourned meeting, held on The
I'd Of May nst TO take INTO consideration the cono
and prospects of the Bank aud also any laws pass
ed by the General Assembly of Pennsylvania touch
ing lis interests and to report such measures as The
Committee might deem expedient, respectfully report
That an act of the General Assembly Of Pennsylva-
MIA at the last session of that body was passed, emit
tied "an act to provide revenue 10 meet the demands
fthe Treasury for other purposes, which presents
two distinct propositions for consideration
The first proposition is under the seventeenth Sec
ton which contemplaes the continued corporate ea-
istence of the Bank, and provides for It's relief ron
tbe penaItv of the twelve per cent, and from the liza
blty Of forfeiture Of its charter for the non payment
of its circulation and deposits in gold or silver on de-
manG upon the condition that the Stockholders snail
consent to De subject to any general laws hereafter TO
be passed for the regulation Of the Banks OF The Com
monwealth.
The second proposition is under the eighteenth, and
subsequent sections, which provide for general as
sgnment of the property of the Bank, wtha view to
the final settlement Of It's affairs.
After taking into consideration the CONDITION and
prospects of the Bank, which requires time only 10
render its mple means available The Committee do
not hesitate to recommend the adoption OF the first
proposition They, therefore, respectfully report The
following resolution
Uhereas by the seventeenth section of act ofthe
General Assembly of the Commonwealth OF Pennsyl-
vania passed the last session Of the Assembly, one
thousand eight hundred and fortyone, entitled "An
act to provide revenue TO meet the demands OF the
Treasury and for other purposes It is provided, "tha
before the Bank Of the United States shall be en-
titled to the benefits o that section the stockholders
of the said Bank shall ~ resolution adopted at any
general adjourned meeting, held in pursuance OF the
charter, and duly certified 10 the Governor under their
corporate SEAL consent TO be subject to any general
laws to be hereafter passed for the regulation of the
Banks of the Common wealth. and whereas, it is deem
ed expedent by the stockholders Of the Bank of the
L. S.. duly convened at adjourned meeting held in
pursuance of the charter to avail themselves of the
benefits of the said seventeenth sectIon therefore,
Be 1t Resored, And it is hereby resolved by the
Stockholders of the Bank Of the U. s., convened at
adjourned meeting held in pursuance OF the charter
That for the purpose of obtaining the benefits of the
seventeenth section Of the act of the General Assem-
by of the Commonwealth of Pennsylvania, entitled,
"An act to provide revenue to meet the demands
the treasury and for other purposes, passed at the
last session of the General Assembly, the said Stock
holders do hereby consent to be to any general
laws to be hereafter passed by the General Assembly
of the of Pennsylvania for the regula
ton of the Banks Of this Commonwealth and that the
President OF the Bank be- and he is hereby authorized
and requested make known this resolution to the Co.
vernon of the Commonwealth Of Pennsy lvania accord
ing to the provision Of the said section.
JosuUA LIrriScoTr, Chairman
Bank U. s., May Is, le4l
Mr. Duane, after the above report had been read
and before its adoption, asked if any could tell him
what the law which they about recognising was,
and what would be its effect on the banks: He said
that he would not trouble the committee for informa
ton on this subject if he believed that he alone
in ignorance upon the point But there were many
members of the meeting in the same situation with
himself. The law was not generally FULLY under
stood.
Mr. Bayard said he would do what he could to en-.
tighten the gentleman, if no other would undertake
the task He then went such points of the Relief
Law as were supposed TO bear upon the Bank OF the
U. s. From all of them he argued favorable concu-
sons and not the least of which the relief afford
ed the Bank in making an assignment of its assets
and the exemption given it Of the IL per cent penalty
incurred upon its liabilities by suspension. BY the
acceptance of this law, Mr.. Bayard argued that the
corporate existence of the Bank could be continued
and as it had surplus over its debts of more than
twenty millions the opportunity of saving the insti-
tuition should not be lightly disposed Of
A stakeholder inquired if this estimate Of twenty
millions surplus was based upon the par value OF the
assets.
MIR Bayard said that he supposed in many instances
il was-but that throwing off four five millions for
losses there would still remain large surplus which
might be greatly enhanced value by future national
legislation. No one, he said, could tell with certainty
what was 10 be the future policy in reference 10 State
credit &c. and in this state of doubt the Bank should
lose no opportunity of avang itself of any favorable
current in affairs that may offer.
A stakeholder, and stranger, IN reply TO MIR. Bay
ard said that by the acceptance of the law ques-
ton the Bank relinqulshed its immunity from legisa
ton and became bound by any general banking law
for the regulation of the banks OF the commonwealth
that might hereafter be passed; and whether il was
better 10 surrender this valuable privilege for the
doubtful benefits contemplated, question Of nice
consideration, and required time for deliberation.
Mr. Bayard in reionder, said that no general bank
ing law imposing penalties upon the Bank OF the
United States could be legally enacted-because &C
cording late and elaborate decision of one of our
Courts, there three other Banks like that of the
United States, that beyond the control action
of the Legislature and they could not be made sub
ect 10 pains and penalties, any law that attempted to
impose them upon the other Banks of the Common
wealth would not be scnera-hence the United States
Bank might with IMMUNITY avail itself Of the benefits
of the Relief law-it could accept its favorable pro-
visions without surrendering any one of its present
privileges. He argued also that general banking law
for the regulation Of the Banks did no, mpy law for
the determination Of the Banks Mr.. B. ,aci,ly admit
ted that the object probably aimed by the eyisla
,ure was to bring the Bank within the pale legislative
action but if that body had failed to language TO
that effect it their own and not the Banks fault
The stockholders he contended were perfectly safe in
accepting the law.
Mr.. argued that although the other three
banks alluded TO might escape from any penalties here
after imposed by not making themselves party to
the contract-by not accepting it, such an escape
would be left for this Bank after formal and public