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190

REPORT OF THE BANK OF THE UNITED STATES.

(SEPTEMBER

From this it will appear, that the purchases of bills Profit and loss,

51,897 07 of exchange, amount to more than forty four millions, the drafts issued by the Bank and the Branches on each

$53,504,196 99 other exceed forty-two millions; and the transters on account of the Government were upwards of twelve

DISTRIBUTION. millions. If to these be added the amount of bills not Funded debt,

13,020,469 27 purchased in the first instance by the Bank but collect- Loans, viz:ed ihrough its agency, the aggregate will represent an Personal security, 22,072,405 46 actual movement in the business of the Union, much Funded debt,

67,928 13 exceeding one hundred millions of dollars. This has Domestic Bills, 2,713,760 30 been conducted at a very moderate expense, and with a Debt of Smith & B. 1,357, 157 23 facility which has caused so large a displacement of Foreign Bills,

24,599 76 funds, to be almost imperceptible in any of the interests Bank Stock,

5,974,725 80 of the community. More experience and a greater Mortgages,

8,000 00 mass of operations may enable the Bank to reduce still

-32,218,876 68 further, even these slight charges; but should it be able Due by banks, &c.

1,650,869 73 only to retain them at their present rates, it will have Real estate,

587,102 38 accomplished all that is necessary or perhaps desirable. Bonus, premium, &c.

1,180,880 00 3d. The influence of these measures on the country Banking houses,

854,922 15 has been in every stage of them eminently salutury. Notes of state banks,

664,642 56 The substitution of a sound currency for a depreciated Specie,

3,346,434 22 and irresponsible circulation, which was hastening to involve in confusion, all public and private interests, is

$53,504,196 99 of itself an advantage, which can scarcely be over-estimated, conferring as it does, stability on property, and security on all the rewards of industry; while the inte.

State of the Bank August 1st, 1831. rior commerce of the whole Union is relieved from the

Capital paid in,

35,000,000 00 oppressions of a multifarious and fluctuating paper mo

The circulation,

22,399,447 52 ney, requiring at each step some new sacrifice which,

Deposits. - Public, 7,252,249 42 however, disguised, fell ultimately as a charge on the

Private, 9,115,836 47 productive industry of the country. The means, more

16,368,085 89 over, by wbich these objects have been attained, the Due to individuals in Europe,

168,372 72 restraint on the over issues of other institutions—the ex

Unclaimed dividends,

251,766 03 tensive operations in domestic and foreign exchange-the contingent fund to meet losses, 5,613,173 15 bringing of the institution into immediate contact and Discount, exchange and interest (including sympathy with the real business of all parts of the coun

foreign exchange,)

614,685 07 try, are in themselves direct and positive benefits to the

Profit and loss,

1,750,048 51 community. They forın too the natural occupation of a Bank of the United States, which divested of all local in

$82,165,578 89 fluences and interests, finds its appropriate sphere in facilitating the commerce of the States with each other

DISTRIPUTION. and with foreign nations. Accordingly, it may be as- Funded debt,

3,497,681 06 sumed with safety, that there has never been in the his. Loans.tory of this country, any period when its monied con. Personal security, 41,585,298 70 cerns were more steady and equal—its interior trade

Funded debt,

19,700 00 transacted with more economy and convenience, and the

Domestic bills, 14,409,479 72 necessary fluctuations incident to its foreign commerce Foreign do.

121,214 60 less sensibly felt, than during the last eight years. This

Bank stock,

779,458 07 term is sufficiently long and various to test the efficacy

Mortrages,

140,936 63 of the system. It embraced a period, when, in addition

Bills chargeable to con. to its habitual causes of Auctuation the monied system

tingent fund, 3,452,976 16 was disturbed by the reimbursement of many millions

-60,509,083 88 of the public debt, a great portion of which was to be Real estate,

2,491,892 99 remitted to Europe, and more especially it included Due from sundry offices and banks,

621,523 08 the year 1825, one of the most critical in our „own Expenses, &c.

259,383 50 history, and probably the most disastrous to the bank. Banking houses,

1,160,455 54 ing system of England.

Notes of state banks,

2,080,442 33 4th. Having explained the effects of this system on Specie,

11,545,116 51 the currency, the exchanges, the state banks, and the community, it remains to show that these purposes have

$82,165,578 89 been accomplished without any sacrifice of the interests of the Stockholders, but that the bank itself has shared The analysis of these statements will present the folin the benefits it communicates. This will be perceiv- lowing differences in the situation of the bank at these ed by contrasting the present state of the institution, respective periods: with its condition at the triennial meeting of 1822. Its

1st. In regard to the comparative activity of its busisituation at these respectivc periods was as follows: State of the Bank August 30, 1822.

In August 1822. of the whole ainount of Capital paid in,

34,992,139 63

loans amounting to The Circulation,

$32,218,876 68 5,456,891 90 There was suspended

10,426,306 56 Deposits, -Public, 3,559,792 96 Private, 3,216,699 78 Leaving as active,

$21,793,570 12 6,776,492 74 In August, 1831, of the same class of loans Due to sundry offices and banks, and to individuais in Europe,

amounting to

$56,793,985 49 1,964,898 36 ) There was suspended Unclaimed dividends,

3,633,750 84 129,741 28 Contingent Fund to meet losses, 3,743,899 00 Leaving an active,

$53,160,235 65 Discount, exchange, & interest, since July, 388,237 01 In August, 1822, of the loans of

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ness:

32,218,876 68

1831.)

MEDICAL FIGHT.

191

There were on benk stock,

5,974,725 80 But in any event, the Board of Directors have the satis.

faction of knowing that their exertions have thus far
In August, 1831, out of the loans of $56,793,936 49 rendered the bank not unproductive of benefit to the
There were on bank stock,

779,458 07 country ; and that if any unforseen causes should here.

after present or diminish the beneficial operations of
In regard to the exchanges:

the institution, it shall not fail from any want of zealous
The amount of domestic bills purchased,

devotion to the great interests which they have been ap-
in 1822, was

7,475,640 00 pointed to administer.
That purchased within the year ending

By order of the Board,
July 1st, 1831, was
40,571,556 35

N. BIDDLE, Pres't.

cover.

2d. In regard to its resources and investments, there

MEDICAL FIGHT.
will be seen,
1st. That the bonus and premium on the loan of 1821

As a matter of curiosity we copy the following cor-
amounting then to $1,180, 380, has been extinguished. respondence. It is probably the first attempt to settle

2d. That there is an increase of the contingent fund to medical questions in this mode which has occurred in
repair lossess of

$1,869,274 15

our state or perhaps the United States; although we
making that fund exceed by $309,000, the loss it is to

recollect two or three instances in which it has been
3d. An increase of the surplus fund, of $1,698,102 93 resorted to on theological points. “Who shall decide
4th. An increase of the capital, of 7,860 37 when Doctors disagree!”
5th. An increase of the circulation of 16,942,555 62
6th. An increase of the deposits, of 9,591,493 15

From the Brownsville Intelligencer.
7th, An increase of the investments as follows: A very interesting debate, on the principles of medi.
Loans,

$28,290,207 20 cine, took place on Saturday evening last, after the
Real estate,

1,904,796 61 Lecture of Doctor Steele, between this gentleman and
In banking houses,

325,533 39 Dr. David Porter. By the following correspondence it
In state bank and other debts. 3,052,579 34 will be seen that the discussion is to be renewed on
In specie

8,198,682 29 Saturday next, at 2 o'clock P. M. in the Town-Hall.

Erom the importance of the subject to be discussed,

$41,771,792 83 and the acknowledged abilities of the combatants, they
And a decrease of the funded debt, of 9,522,788 21 will no doubt be favored with a very large and respect-

able auditory.
Making the actual increase
$32,249,004 62

BROWNSVILLE, August 16 1831.
The third and last consideration is the comparative To David Porter M. D.-
productiveness of the nperations of the Bank at these Sir: majority of the people with whom I have
periods:

conversed, since my return home appear anxious to have
The nett profits of the year ending July

the two systems of medicine. viz:-the Old and the Bo.
1822, were

$1,469,444 91 | tanical, more critically examined and explained, I,
The nett profits of the year ending July

therefore, have no objections to meeting you at the
1831, were,

2,935,021, 19 Town Hall, or any other place, within twenty days-

then and there, to discuss the merits or demerits of our
Making an increase of

1,465,576 28 respective systems.

Yours with respect and esteem,
This state of things is calculated to justify the expec.

J. J. STEELE.
tation, that a continuance of the same prosperity will at
length indemnify the Stockholders for the privations of

August 18th, 1831.
profit to which they have been so long subjected. - Dr. J. J. Steele:- I will meet you on Monday evening
Hitherto their compensation has been comparatively in- next, at early candle light, in the Town Hall, to discuss
adequate. Owing to the large expenses incident to our former subject. In the meantime, if you would
the establishment of the bank, and to the great losses favor me with an outline of your system, or at least its
growing out of its early misfortunes, the whole amount principal points of superiority to the old system, you
of dividend, from January 1817, to July 1831, a pe. would much oblige.
riod of fourteen years and a half, has been only $72.85,

Yours, &c.
or a small fraction beyond five per cent. a year, on the

DAVID PORTER,
original subscriptions of one hundred dollars. The divi.
dend during the last three years and a half, bas amount.

BROWNSVILLE, Aug. 18, 1831
ed to 7 per

cent a year ; and it would require a continu. Dr. David Porter:-It will be impossible for me to
ance of the same dividend for eleven years and a half meet you on Monday evening as I expect to visit Wash-
more to make the annual dividend, from the establish- ington about that time-I would prefer the following
ment of the bank, equal to 6 per cent a year.

Saturday, at 2 o'clock, instead of carly candle light.
If, however, the stockholders have been less benefited To favor you with the 'principal points' of superiori.
by their investment than was anticipated, they may de. ty, or even an outline of the Reformed System, is not
rive consolation for their diminished profits, in the gen. easily done in a short note. You must already know
eral prosperity of the country at large, to which the ope. the ground which the debate will occupy:- And, in ad.
rations of the bank have contributed.

dition-I have no objections to opening the discussion.
It is, indeed, the main design of presenting these de. Hoping you will change the time of meeting to suit my
tails, to show the practicability of continuing these ad circumstances,
vantages without a sacrifice of the personal interests of

I remain yours,
the stockholders. The experiment, įfor such it un-

J.J. STEELE.
doubtedly was, of sustaining a large and sound and uni-
form currency, and of reducing the exchanges of the

August 19th, 1831.
country to the most economical limits, has been fairly Dr. Steele:-Nothing at this time occurs to prevent
and fully made upon systematic principles. It has now meeting on Saturday 27th inst. at two o'clock. 1, there-
for many years succeeded, and it may be presumed that fore, engage to meet you at that time in the Town Hall.
the same efforts will continue to produce similar results.

Yours, DAVID PORTER.

192

MISCELLANEOUS.

[SEPTEMBER

PHENOMENON.

and Mongngahela rivers. This yard occupies precisely
There have been several notices in the late papers of the site of the old French Fort Du Quesne. "On Sat-
unusual appearances in the sun and moon. A gentle urday last the first boat was launched from it. She is
inans-who recently travelled up the Susquehanna, bas of 250 tons burden, owned by Messrs. Allen, Grant and
given us this communication:

Stone, and her name happens to be the Napoleon.Pitt.
That on Thursday afternoon (the 4th Aug.) at about Gazetle.
5 o'clock, the sun assumed a violet hue. There was a
thin cloud overspreading the sky at the time, through The last number of the Downingtown (Pa.) Demo-
which the sun shone, but with a lustre so diminished, crat is issued in a half sheet, in consequence of the
that it was not the least painful to gaze upon its disk sickness of most of the members of the establishment.
with the naked eye. My attention was first attracted by
the reflcction of the sun in the river as I rode along the the last 7 years, has so much sickness been known in

— The editor remarks-—"Al no period, it is said, for
bank. I pointed it out to others, who were equally our village-almost every family has one or two, and in
struck with the phenomenon; and it was observed some instances 4 and 5 of its members confined to their
throughout a considerable extent of country, as I learn beds, of parching, burning fever-as yet, but few deaths
ed by conversing with other travellers. Violet, it is have occurred, Though there are many severe cases.-
known, is one of the seven original colours, into which the sickness appears to be chiefly confined to this
each ray of solar light is divisible; and it is the least re: neighborhood.-Phila. Gazette.
frangible of the whole number. The interposing cloud
may have been of that tensity, which was sufficient to
break, divide and turn the sun's rays as they were trans. Died-In York county, Pennsylvania, at the residence
mitted through it, precisely to the extent which was suf- of her son, N. J. Fulton, Mrs. FULTON, aged about
ficient to exhibit the violet colour to the eye of the ob- 100 years.
server,

This aged matron was born in Montgomery county.
The ruddy aspect of the sun, in the morning and near After her marriage, she lived some time in Philadelphia

,
sunset, is quite usual and is to be accounted for in a where her husband was extensively engaged in mercan-
similar manner.—Lancaster Miscellany.

tile affairs, from thence she and her husband retired to

York county, where she died,
Anthracite coal used in burning brick. — At the Brick
kiln of Wm. Everhart, Esq. in this Borough, an experi-

THE REGISTER.
ment has recently been made of using Anthracite coal,
in aid of wood, in burning brick. At right angles with

SEPTEMBER 17, 1831.
the fues, and about four feet above the top of the
arches, holes 4 inchies square and one foot apart, were
left running from the back side of the kiln to the front.

BANK OF THE UNITED STATES. - In the present num.
In these there were laid pieces of Anthracite weighing ber will be found the able and very interesting report
from balf a pound to a prund each, and the whole pur of the Directors of the Bank of the United States to
in the kiln was one ton. Ordinarily they burn about the Stockholders. Such an exposition, we should sup-
80,000. At the time of making the experiment 10,000
were added, making 90,000. The experiment was pose, ought to satisfy every reasonable mind, of the im-
bighly satisfactory. Mr. Miller, the superindent, men. mense importance of this institution to the country, the
tioned to me that he tried it reluctantly, having little government and indeed every individual of the commu-
faith that coal, so disposed, could do any good; but as nity—and that its destruction would be attended with
Mr. Everhart desired, he determined to try it. He, was

the most ruinous consequences.
agreeably disappointed; the effect was greater than he
could have imagined. The Brick he said was better The report of the stockholders approving of the
burnt than in the ordinary way. There was a saving of management of the institution, by the Directors; was
wood fully equal to the cost of coal used, and ten thou- published in our last number; page 163.
send additional brick were burnt. Thus, every month,
some new proof is produced of the value of this exclu-
siyely Pennsylvania mineral.-Village Record.

Fruitful Settlers.-In one vessel lately arrived at

this port from Havre, came 26 German or Swiss families
OUR RAIL ROAD.

-consisting of the parents, and 103 children of various
We had the pleasure of a trip, not on, but along the ages—of whom 28, or 14 pairs, are Twins; and of these
whole line of the Rail Road, on Wednesday last; and
we were not a little surprised to find the different sec-

Twins, sis pairs are the production of three families.-
tions so far under way. It really appears to us, almost The following are their ages :- 1 pair 4 years— 1 pair
impossible, that so great a proportion of work, could 10 years, (same family)—1 pair 23–1 pair 41, (anoth-
have been performed in so short a period, even with er family,)—1 pair 1 year-i pair 4 years, (3d family,)
the numerous hands now employed. Immense excava.
tions as well as embankments have already been made, —1st pair, 1 male, 1 female—2d pair, both females—3d
and the work upon the whole line with very trifling ex- pair, both males—4th, 1 male 1 female-5th and 6th
ceptions, which is let under contract, presented a scene pairs, all females. Of the 14 pairs, 5 pairs were all
of activity and bustle, altogether novel to us. We male — 5 pairs were female, and 4 pairs were male and
were informed by those who have contracts, that there

female.
was not the remotest doubt, but that the first five miles
of the road would be completed by the 1st of Decem Three other vessels from the same place had each two
ber ensuing. The grading, as was further stated, pairs, and one other vessel four pairs on board.
would be completed in probably five weeks from that
time-which would take it to nearly the middle of Oc-
tober: there would remain then, say seven weeks, to

Printed every SATURDAY MORNING by WILLIAM F. GED.
lay the rails, &c.Germantown Telegraph.

DES, No. 9 Library Street, Philadelphia; where, and at the PUB-

LICATION OFFICE, IN FRANKLIN PLACE, second door back
STEAM Boat Building.-Messrs. Epbraim and Sam- ceived. Price FIVE DOLLARS per annun, payable annually

of the Post Office, (back room) subseriptions will be thankfully re-
uel Frisbee have recently erected a yard for building by subscribers residing in or near the city, or where there is an
steam boats, at the point of confluence of the Allegheny agent. Other subscribers pay in advance.

HAZARD'S

REGISTER OF PENNSYLVANIA.

DEVOTED TO THE PRESERVATION OF EVERY KIND OF USEFUL INFORMATION RESPECTING THE STATE.

EDITED BY SAMUEL HAZARD.

VOL: VIII.-NO. 13.

PHILADELPHIA, SEPT. 24, 1831.

NO. 193

BANK OF THE UNITED STATES. my opinion, it has been the result of experience, and

prompted by a belief that such change would give Highly interesting Correspondence between Silas E. Bur- strength to the system, and not weaken or endanger it. rows, Esq. and the late ex-President Monroe.

Between such a Bank, and any arrangement which

the Government can make, the alternative must be beLetter from Mr. Burrows.

tween a Bank of the Government itself, and under its NEW YORK, Jan. 7th, 1831. exclusive control, a reliance on its own resources and My Dear Sir:-Believing myself in your estimation surplus funds, deposited in a manner to produce the one of those friends whose motives and conduct since I best effect, and a dependence on the Banks of the sev. had the honor of first becoming acquainted with you, eral States. I have no hesitation in declaring it as my cannot be mistaken, I take the liberty of trespassing on decided opinion that neither of these could accomplish your goodness to obtain information which cannot be as the great objects comtemplated, and that each of them satisfactorily received from any other source.

is liable in other respects to the most serious objections, I am sensible our country will be happy in hearing to a bank of the Government, this remark is applicable those opinions which emanate from the revolutionary in both views, and with peculiar force in the latter. If Patriot why shed his blood on the battle field, and who confined to the metropolis, it could not extend its dispresided for eight years over the destinies of our coun, counts beyond a very limited circle, nor its agency as a try, during which period every blessing was possessed deposit for the revenue received in the several statesby our happy land. Will you be so kind as to give me nor for remistances to individuals and for other objects your sentiments relative to the effect of the U. s. it would be equally limited. Such an institution reBank on our national currency, and what your opinion quires an active supervision by those for whose benefit is in relation to the renewal of its charter? The situa- it is intended. Tne regular official duties of all the De. tion in which the Government was placed without its partments in the Executive render it impossible for that aid during the last war? its general advantages in regu- Branch to perform that service without an interference lating exchange, facilitating the remittances of Governwith those duties to the injury of the public. If branch. ment and individuals from various parts of the Union, es should be established, their position might enable and generally its importance connected with the best them to remedy some of the defects stated, but they interests of our country?

would accumulate others of much greater force. The I am, &c.

interference with the constitutional and regular duties SILAS E. BURROWS, of the Executive would, in the same degree, be increasCol. JAMES Monroe,

ed. But that is comparatively a slight evil. A Bank Late President of the U. S.

thus instituted being under the control of the Execu.

tive, by the appointment of its Directors, and in all its Letter from Mr. Monroe,

operations, might in the hands of a bad administration, New York, January 20th, 1831. be wielded as an instrument to sap the foundation of the Dear Sir:-The confidence I have in your rectitude Government itself. Appeals would be made to the and patriotism, will induce me to give an explicit an. Government from every part of the Union, for its influ. swer to the general interrogatories contained in your ence in obtaining discounts, and thus a seduction might letter of the 7th, though I fear that my continued weak be practised to a great extent for the worst purposes.state of health will make it less satisfactory than it oth. The influence would be reciprocal. Those connected erwise might be, especially as I have none of the official by such a tie with the Government would be looked to documents with me which are calculated to illustrate for support at elections, who would not fail to render it. the subject.

Thus the revenue of the nation, raised by taxes on the You ask me what is my opinion of the effect which the proper object, to support their free Government, might United State Bank bas on the national currency and as be made an instrument to its overthrow. to the policy of renewing its charter? what the situation The second aliernative suggested, a reliance on the sur. of the Government without its aid during the last war? plus funds, for the accomplishment of the objects con—what its general advantages in regulating exchange, templated, it must be obvious, must fail in every in. in facilitating remittances to individuals, and its general stance. The revenue of the Government is generally importance?

limited to certain specified objects, according to an esti. When the old United States Bank was first instituted, mate for each, and to which it is appropriated. The I was one of those who voted against it in the Senate. funds raised, sometimes falls short of the object. It selI doubted the power of the Government under the Con- dom exceeds it in any considerable amount. For the stitution to make such an establishment, and was fearful want of a surplus it must be idle in the Treasury until that the influence which it would give to the Govern appropriated, and if appropriated as a provision for an ment over the monied concerns of the Union, would immergency, for war for example, it must still lie idle have a very improper effect on our free system. Tbe in the Treasury, until that event occurs, or be loaned Bank was instituted soon after the Government was out. It could not lie idle. The whole nation would revolt adopted, and at a period when the question of the rela. against it, and if loaned out, it might be impossible to tive powers of the two Governments excited great feel. obtain it when called for, and might even be lost. In ing, and divided the Congress and the Union into very this mode, the regulation of the value of the currency of jealous and violent parties. I was of that party which exchange, and of rendering service, by facilitating reconstrued the powers of the National Government mittances, would be abortive. The third alternative strictly, and sought to impose on it correspondent re. which bas been suggestsd, a reliance on the State straints

. So far as any change has since taken place in Banks, would be equally unproductive. The Govern. VOL. VIII. 25

TIIE UNION.

194

(SEPTE-SELE

ment would require no aid except in time of war when the state of the country, and the funds, when I entered immense sums would be necessary, which could be pro- the Department of War. cured only by loans, and when application should be Under such circumstances, an appeal was made to made to them, there is good cause to apprehend that the patriotism and interest of the cities, and banks with. each would endeavour to obtain the best terms it could. in them, by the Department of War, with the sanction There is no particular bond between them and the Na- 1 of the President, for loans of money necessary for their tional Government, and, impelled by their interests and own defence, for that of the maritime frontier, and the that of the Stockholders, it is natural that they should Union. For the first loan that was obtained, one milpursue that course. Should such an emergency arise as lion of dollars from the city of New York, which took menaced the overthrow of the Government, the inter- place a few days after I entered the Department, no est thereby excited might be paramount, and force the price was fixed. As the Treasury Notes were selling Banks, under the direction of the Stockholders, to for $80 in the $100, that was claimed, but not acceded unite in a common effort to save the country. But the to. It was left for subsequent adjustment, to be settled great object is to prevent such a crisis by a command of on fair principles. Several millions of dollars were ob. funds, which would enable the Government to arrest it. tained from ihe District of Columbia and principal ciIn every other object the State Banks would fail. There lies throughout the Union, and, according to my recol. being no standard to which all must adhere, no connec. lection, at par. This proves that until the Union is tion between those of the different States, and many of threatened with ruin, no loans can be obtained in emerthem with limited funds, and in embarrassed circumstan- gencies, without a National Bank, otherwise than at a ces, they would neither regulate the value of coin, of great sacrifice. These considerations led to a change exchange nor facilitate remittances.

in my opinion, and induced me to concur with the A National Bank occupies different ground. Con. President in the propriety of instituting such a bank afnected with the Government by its charter, and its cap-/ter the conclusion of the war in 1815. As to the conital, wbich consists of stock, in which the Government stitutional objection, it formed no serious obstacle. In participates in a certain degree, there is no instance in voting against it in the first instance, I was governed eswhich, on principle, there can be a difference of sentially by policy. The construction I gave to the Con. interest between them, and many powerful consider-stitution I considered a strict one:- In the latter inations by wbich the interest of the Bank must stimulate stance, it was more liberal, but, according to my judgit, to support the credit of the Government in any situ- ment, justified by its powers. ation in which it may be placed. If the credit of the

The above sketch contains my sentiments on the substock should sink, the capital of the Bank would deject of your several interrogatories, which I communicline in equal degree; the effect of which would be felt cate to you not for public view, but in a spirit of confiin all its operations, lls paper would depreciate, and a dence. Since my retirement I have sought to avoid all check be give to its circulation, it not an entire sus political controversies. Having concurred with the pension. Standing at the head of the monied opera- President in the propriety of instituting tbe latter Bank, tions of the Government, it is its intermediate agent in my opinion was not withheld, and is ! presume known, making remittances to Banks and individuals through- as ihat it remains unaltered. Should a justification of out the Union, and likewise between individuals, from my conduct for the change of sentiment in the interval which much credit and influence are gaineil, if not prof- between the institution of the first and second Bank be. it. It has the means, and may be considered as the come necessary, or any other appeal is made, to make most powerful agent in raising and sustaining the circuit a public duty to explain the cause of that change, ! lating medium on a par with specie throughout the shall not withhold it. I shall be atientive to the course Union, and of elevating the State Banks to that stands of events, and not fail to perform that duty, should eilliard, by subjecting them to the necessity of reaching er call be made on me. and adhering to it, to sustain their credit, and even their I am, dear sir, with great respect and sincere regard, existence. Let the credit of the Government sink, and yours,

JAMES MONROE. all these advantages are lost. The Bank, therefore,

Silas E. BURROWS, Esq. from a regard to interest, is bound to sustain it. The

New York Directors, except the few appointed by the Government, are elected by the stockholders, and are amenabletothem. It gives its support therefore, to the Guvern. RESOLUTIONS RELATIVE TO TIIC UNION. ment, on principles of national policy, in the support of Resolved, by the Senate and House of Representatives of which it is interested, and would disdain becoming at the Commonwealth of Pennsylvania in General Assembly instrument for any other purpose.

mel, As the sense of the Senate and House of RepresenThe view above presented is supported by experi- tatives of this commonwealth, that, the constitution of ence, and particularly by the events of the late war.- these United States, having proved itself by near half a When the war commenced, the governinent had not the century's experience, a government beyond all others

, funds which were necessary to support it, and was in capable of promoting rational liberty and the general consequence forced to resort to loans, which were withi welfare, it must be preserved. difficulty obtained from any quarter, even in a limited 2. Resolved, As the sense of the Senate and House of degree, and on unfavorable terins. I have not the offi- Representatives, that the constitution of the U. State cial documents before me, and cannot state the sources authorises acts of Congress to protect manufactures, from which any loans were obtained, nor the conditions, and that the actual prosperity of the country attests the with the decline of the public credit as the war adyan. wisdom of such acis. ced. I well remember, however, that when I was call. 3. Resolved, As the sense of the Senate and House ed by the President to the Department of War, on the of Representatives, that any diminution of the protec: 31st of August, 1814, the Certificates of the Treasury tion now afforded to iron would be impolitic and injudiwere selling at $80 in the $100, by which $20 were lost. civus legislation, It was evident that if a reliance was placed on the sale 4. Resolved, As the sense of the Senate and House of Certificates only, that a still further decline would en of Representatives, that the constitution of the United sue, and that the worst consequences might be ap- States authoris: s, and experience sanctions, the twenprehended. The country was invaded through the ty-fifth section of the Act of Congress of September whole land and maritime frontiers, and powerful squad- one thousand seven bundred and eighty-nine, and all rons were at the mouth of every bay and river leading others, empowering the federal judiciary to maintain to our principal cities, which were threatened with at the supreme laws. tack and ruin. The metropolis of our Union bad been 5. Resolved. As the sense of the Senate and House forced, and its public buildings destroyed. Such was of Representatives, that whereas the Bank of the Uni

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