The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-01-04
Washington.



apparently happy and determined to remain so The
warm debates in the House produce no il-bood out
of doors
The admirable report in the "Herald" of the So
mers' case IS the only one read here tonight; it is
considered authority and has created great excite
ment Many members of Congress, particularly the
southern ones, condemn Captain Mckenzie in no
very measured terms and many say his narrative
sounds like the statements of a crazy man. do not
pretend to Judge, nor is it my province to do So
Great preparations making for grand holiday
tomorrow The Presidents House will be thrown
open; Mr.. Webster Count de Bodisco, Gen. Cass,
John G. Calhoun, Mr.. Adams, MIR. Roosevelt and
several other distinguished persons will receive COM
pany. Gen. Cass has received the visits and cordial
greetings of almost all the members of Congress and
every distinguished person in the place. Surrounded
by his charming family, he seems supremey bles-
sed. He leaves for the west in two weeks.
The General Appropriation Bill has been intro
duced tor the next year 1t provides 100000 for
the Coast Survey
see that YOU have been kind enough to defend
my reports from some attacks that have been mi de
upon them. They deserve it; for If ever any hui
man being worked hard to give good and faithful
reports of Congressional proceedings, it ismyself
Reynolds, Arnold, Wise, Cushing, Kennedy, and
Thompson are as correct as they could possibly
have been given and nearly every member in Con-
gress, including Senators who heard, have voun.
teered their appreciation of them 1t is not always
possible to command success, but l certainly shall
endeavor to deserve 1t | came here not from
choice, and it is hard to be abused for doing ones
duty to ones employer. Although know 1t is not
in good taste for individuals humble as myself to
bore the. public with their own affairs, yet allow
me, for the first and last time, to you and
your readers that will use all the poor abilities be
slowed on me to try to succeed, and il fail (Which
do not apprehend) I'll tell you what will not do:
will not turn round and abuse, wantonly and mali
clously, those who have no power to defend them
selves, who pursuing the line OF their duty, and
who possess talents as reporter superior 10 mine
And among the latter let me do justice to four gen.
| temen whom am persuaded far excel me as a re-
porter VIZ DIR. Houston, Mr. Wheeler, MIR. Sutton,
and Mr.. Finn, OF your city; and probably there
many others In the country whom do not know,
who, as reporters, far excel. w. H. A.
| A GHOST STORY OF THE UNITED STATES BANK
The stockholders of the United States Bank, held
meeting, over the ghost and skeleton Of that Sob
solete idea," on Monday, in Philadelphia See par
| ticulars in the following report =
BANK OF THE UNITED STATES.
AT annual meeting Of the Stockholders of the Bank
the United States held agreeably to the provisions of the
secondary (being the first Monday Of January ls43
Henry Corbit ESQ., was called to the chair and JOS
| X. Chandler appointed secretary.
j. Robertson Esq, President the Board of Directors
the following report which read and order
edto be printed, with the proceedings of the meeting
To THE STOCKHOLDERS THE BANK UNITED
| STATES.
Although transactions Of the Bank of the United States
since the report made the Directors the Stockholders
at their meeting January last have been very limited
and indeed oil little interest yet in compliance with the
charter they now lay before tho stockholders state
nen OF what has been DONE relation such
remained in charge OF the directors, and under their
troll subsequent 10 the creation OF the several trusts in
| lsiI
You have already been advised that the difficulties and
empaIIas."ons under which this Bank has long been
year ls4I, to create, under legal advisement, several
trusts to which the greater part ofhe effects of the Bank
| were duly assigned. This was done, mainly with the
view OF preventing the property of the Bank from being
wasted and sacrced sales under executions for
enent aud condng creditors; and also for pur
pose and the hope OF securing by the udcious manage
men of the effects assigned the payment ultimately
| all the liabilities of the institution.
Painful the adoption of these to the
Directors, was some satisfaction TO them 10 6nd that
they were approved OF by the Stockholders special
| meeting
You also advised that all the most valuable assets
toned except the securities pledged in Europe as cola
eral security for the payment of obtained there
| for the Of this instution and also bonds ano
stocks oimprovement companies considerable amount
which were not considered likely be available for
some time to come. The most of these, however, were
levied upon and sold at very reduced prices under iudg
| ments obtained against the Bank.
The securities pledged in Europe, consisted of State
Stocks and Bonds and the Stocks and Bonds OF State
| Banks and Internal Improvement Companies Had the
interest on these securities continued to be punctuav
paid it would have amounted to than adequate
pay the interest all the loans obtained by the Bank
for which the securities in question pledged and al
though part Of the principal Of these loans has become
due and remains unpaid, yet it is believed that the pune
ua payment of the interest them, would have enabled
of the payment Of the principal thereby securing to il
any in the value Of the securities which, in the
| course of few years may reasonably be expected.
Unfortunately however, several OF States as well
Banks and Improvement Companies have failed pay
The teIes, on their se and as the D
their control TO pay the interest the loans large
amount Of that interest," well part of the principa,
| now due, remains unpaid
By the general the for loans and
them by special agreement the holders OF the
curites have the right dispose them upon the failure
pay the Aterest, well as ofnon pay Of the prn-
cipal when at maturity to reimburse themselves when
| ever they may think 1t expedient to do So
The resignation last winter of the late agent of this
Bank in Europe left the Bank unrepresented there and
it was found to be impossible under the circumstances to
get awell qualified person to accept the agency Inde
pendently OF this, however, there was very little
ragement either at that time since to send agent
Europe, the Directors had it not in their powe
nish him with any funds, securities, Of any
| kind to enable him to hold out inducement to the
loan holders to enter upon negotiations TO listen any
proposals for new arrangement for the paymen OF the
interest," any part OF the Principal of the obligations
the Bank held by them Under these the
Directors to ths conclusion, that advan
age could be expected to either party from such
appointment il suitable person could have been
| found willing to accept Of it.
in this state ofhings appeared to the Directors that
it emily remained for them to represent to the loan holders
plainly and orcby the utter inability ofthe Bank
time to make any provision for the payment of the nte
rest much less oil the principals and at the same time they
fully persuaded, that 1t would be the interest of the
loan holders themselves to hold the securities until
favorable times than to throw them into the market for
sale, at time of such unparalleled depression in the
| prices Of all kinds of American securities.
| These representations accordingly made TO the
highly respectable bankers with whom the loans had
been conracted and gives the directors great satsac
ton to be able to say that they met with friendly
and liberal sp and down to the date of advces no
sales any had been made except by one
house in London and in regard to that house. been
stated that the sales made to reimburse itself for
advap tn he an ortaut cricie
its affairs and for which sales express authority prev
| ousy given.
Besides these sales proper to add that proposals had
been received from two houses in England, to whom the
Bank indebted for temporary advances to credit the
accounts respectively with the securities pledged for
their pay men at price which named. These pro-
i nnsas the Rnard of Directars.