Evening star. [volume] (Washington, D.C.) 1854-1972, 1873-09-27
S2,G97,3i1 20
LIABILITIES.
9,6l2,2}3 "a

The loans and advances included in the fore
going statement, to various persons upon Sc
curities, certificates of settlement and other
vouchers under the District of Columbia gov
ernment including the Board of Public Works
amount TO S36,0y1.15 and the securities, csrtit
Gates and vouchers upon which they are made,
represent in the aggregate face value OF
S45 ,030.42.
The Indebtedness of the Bank to the District
gvernment is 81 ,GJS. %.
Among the loans and discounts are three
Totes Of the Northern Pacific X. Il. company,
aggregating 500 200. and maturing October
18th, 1873. 1t has been stated TO me that this
Indebtedness will be paid at maturity have
notified the treasurer OF the company that pay
ment at maturity is required. But If this in
debtedness be wholly omitted from the value of
the loans and discounts, or If the value of said
Indebtedness be separately estimated, then
100000, which is about the amount of surplus
entered on the books of the bank, as having been
invested in the business of the bank, would, it is
estimated, cover the losses that may be sus-
tanned in realizing the rest OF the loans and dis
counts.
1t appears from the foregoing statement, that
were the indebtedness of Messrs. Jay Cooke *
Co. to the bank to be paid in full, the creditors
OF the bank could also be paid in full, and its
capital stock would be unimpaired. The pro-
portion in which the debts of the bank can ac-
tually be paid must largely depend upon the ex-
tent 10 which the Indebtedness TO it of Messrs.
jay Cooke & Co. shall be discharged. This it
lie not in my power TO estimate
Detailed exhibits of the aggregate items pre-
sented in the foregoing statement have been
prepared, anu as SUM as copies can Oe maue
they will be furnished to you, and meanwhile /
will in person submit TO you the information
therein contained.
have called upon the various banks indebted
to the First National to remit the sums due
from them, and also upon the depositors whose
accounts have been overdrawn, to make good
the deficiency.
AS soon as the currency and coin in the bank
could be counted, deposited it, TO the aggre-
gate amount of S95, 6l226, in the Treasury OF
the nited States subject to your order, in trust
for the creditors OF the bank.
The proceeds since received by me, resulting
from remittances by other banks for their in
debtedness, from payment of loans, and from
collections of other indebtedness to the bank,
have also been in the same way deposited in the
treasury of the United States, for the benefit of
the banks creditors.
The mutiIated currency belonging to the
bank might also, in my judgment, be for warded
to the Treasury.
This action has been delayed by revision of
accounts relating to mutilated currency and by
claims presented by some of the banks. from
which the currency has been received, for the
return TO them of the amount forwarded. This
question will be the subject of consultation with
you. But whether the amounts claimed shall
be returned or whether all of the currency be
forwarded to the Treasury, the First National
Will In either event be entitled to credit as an
offset to its Indebtedness, as reported above.
Blank forms have been prepared for the pre-
sentaton of claims against the bank.
IL is not necessary here to discuss questions
which may be likely TO arise in the collection of
the assets of the bank, OF the examination of
claims against It, II they arise, 1 will, as they
present themselves, avail myself of your in
structiOns and also of the advice and aid of the
law officers of the government in enforcing
edness of the bank is TO the United States.
XOur Obedient servant. Edwin Ii STANTON