USA > Pennsylvania > The Register of Pennsylvania : devoted to the preservation of facts and documents and every other kind of useful information respecting the state of Pennsylvania, Vol. IX > Part 9
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The commissioners have prepared an estimate of the probable deficiency of the interest fund on the 1st Fe- bruary and 1st August next, which exhibits an aggregate of $197,234 88. Estimates of this description, how- cver, cannot be made with any great degree of certain- ty, and appropriations to cover them should contain some provision to guard against contingencies. Canal tolls, especially are as yet a very uncertain source of revenue. In the report of 7th February last they were. estimated at $75,000; and the receipts of the first quar- ter, amounting to about $20,000, make it evident this estimate would have been realized, if not exceeded, if extensive injury had not been done to the canal by excessive freshets. This year the tolls are estimated at $150,000, of which $75,000 will probably be received in time to be applied towards the payment of interest on the 1st August next, unless indeed, some extraordi- nary accidents should happen to the canal, against which the commissioners can make no calculation. It is however presumed that this estimate is within the bounds of probability, as we have a navigable line of canal exceeding that of last year, by nearly one hun- dred and eighty miles, all of which received permanent and complete repairs during last summer.
ESTIMATE.
Balance in state treasury on 1st Dec. 1831, $80,005 86 Add probable excess of revenue over ex-
penditures for Dec. 1831, and Jan. 1832,196,810 59
Estimated balance in treasury on 31st Jan- uary, 1832, 276,816 45 Interest on canal loans, payable on 1st Fe- bruary, 1832, viz.
On loan of 1826,
7,500 00
1827, 25,000 00
March,
1828, 50,000 00
December, 1828, 20,000 00
April, 1829, 55,000 00
December, 1829, 5,062 50
March, 1830, 100,000 00
21st March,1831,estim'd. 37,500 00
30th March, 1831, 6,485 10
$306,547 60
To meet this payment, take the balance in fund on 1st Decem- ber, 1831, 94,354 78
Take out of the treasu-
ry, including revenue pledged for the pay- ment of interest, 170,953 95
-265,308 73
Estimated deficiency on 1st Feb- ruary, 1832, 41,238 87
1832.1
PROCEEDINGS OF COUNCILS.
27
Amount taken out of the treasury as above, 170,953 95 105,862 50
Deduct interest payable at the treasury, on the loans of 1821, 1824, 1825, and loans from certain banks, per act of 1st April, 1826, 45,862 50
Estimated balance in the treasury, on 1st February, 1832, 60,000 00
Add probable excess of revenue over expenditures for Febru- ary, March, April, May, June and July, 1832, 102,494 85
Probable receipt of canal tolls, 75,000 00
177,494 85
Estimated balance in the treasury, on 31st July, 1832,
237,494 85
Interest on canal loans, payable on Ist Au- gust, 1832, viz.
On loan of
1826,
7,500 00
March,
1828,
50,000 00
December,
1828,
20,000 00
April,
1829,
55,000 00
December,
1829, 5,062 50
March,
1830, 100,000 00
21st March,
1831, estim'd. 57,565 86
30th March, 1831, 7,500 00
To meet this payment, take out 327,628 36 of the treasury, including reve-
nue pledged for interest, 171,632 35
-171,632 35
Estimated deficiency on Ist Au- gust, 1832, 155,996 01
65,862 50
Deduct interest payable at the treasury as
above,
45,862 50
Estimated balance in the treasury, on Ist August, 1832, 20,000 00
The commissioners, in forming this estimate, have not calculated on any receipts from the revenue laws of last session, as it is doubtful whether any payments will be made into the treasury prior to the 1st August next, the county treasurers nor being required to pay over until the 1st September in each year. Neither have they calculated on the payment of interest on loans that may be authorized during the present session, as it is presumed a premium can be obtained, more than suffi- cient to pay such interest, for the time which the esti- mate embraces.
All of which is respectfully submitted.
SAM'L. M'KEAN, DAN'L STURGEON; A. MAHON.
Harrisburgh, December 13th, 1831.
PROCEEDINGS OF COUNCILS.
MONDAY, Jan. 9th, 1832.
The following letter from the Mayor of the city en- closing the annexed communication from the Executors of the late Stephen Girard, was received.
MAYOR'S OFFICE, Philadelphia, Jan. 9, 1832. To the President of the Select and Common Councils.
Gentlemen,-I transmit you a communication from the Executors of the late Stephen Girard, with a certi- fied copy of his will and rent roll of certain real estate, all of which have been handed me by the Executors.
Measures for the collection of rents now due, and for renting the untenanted houses may claim your early at- tention. Very respectfully, your ob't serv't,
B. W. RICHARDS.
PHILADELPHIA, Jan. 7th, 1832.
SIR-The undersigned, executors of the last will of Stephen Girard, late of this city, deceased, respectfully present to you a copy of that instrument, for the infor- mation of "the Mayor, Aldermen and citizens of Phila- delphia."
As the city of Philadelphia is entitled to receive tho rents, which became payable, after the decease of the testator, from that part of his real estate, which passed to the city under his will, the undersigned at present furnish a statement, shewing first, certain real estate in the city and liberties of Philadelphia, which passed to the city, under the will, for which rent has become due since the decease of the testator, secondly, the names of the tenants, and lustly the amount of rent due by those tenants respectively. In future communications, the undersigned will present such further information, as it may be their duty to make known, in order that the in- tentions of the testator may be faithfully carried into ex- ecution.
Aware that the action of the legislature of Pennsylva- nia will be necessary to enable the city of Philadelphia to execute some of the trusts created by the testator, and, consequently, to enjoy his munificent bounty, the undersigned embrace the earliest opportunity to present this communication, and will be glad to co-operate with the corporation of Philadelphia, in all measures calcu- lated to confer upon the community the benefits which the testator so anxiously desired they should possess. With respect, your ob't. servants,
TIMOTHY PAXSON, THOS. P. COPE, JOSEPH ROBERTS, W. J. DUANE, JOHN A. BARCLAY:
TO BENJ. W. RICHARDS, Esq. Mayor of Philadelphia;
Mr. DUANE offered the following resolution, which which was adopted by both Councils; and Messrs. Duane, Lippincott, Massey, Petit and Scott, of the Select Coun- cil, and Wetherill, Okie, Sullivan, Moss and Page, of the Common Council, were appointed the Commit- tee.
Resolved, That a committee of five members of each Councils, including the Presidents thereof respectively, be now appointed, whose duty it shall be, in conjunc- tion with the Mayor and City Solicitor, who are hereby requested to act, to consider and report, at the next stated meeting of Councils, and at succeeding meetings if needful, what measures ought to be adopted, in order that the Mayor, Aldermen and citizens of Philadelphia, may promptly and faithfully execute the trusts created by the late Stephen Girard,
At an election by the Select and Common Councils, held yesterday afternoon, the following gentlemen were elccted directors of the Public Schools for the first sec- tion of the school district of the state of Pennsylva- nia :
Benj. W. Richards John Steelc . Wm. P. Smith
Thomas Dunlap Samuel Paton
Henry M. Zollickoffer John H. Campbell
James Carstairs J. K. Hassinger
Charles E. Cathrall Wm. Duane, jr. Wm. W. Fisher Joseph Patterson Thomas G. Hollingsworth George Fox Wm. Wharton Richard Price Job. R. Tyson Wm. II. Furness Francis Cooper W'm. L. Bechtel -
Robert O'Neill
A Randall T. A. Alexander
-
Benj. Miffin Thomas Phipps Stevenson Smith Geo. M. Wharton
Charles Hedelius
J. A. Phillips Joseph Yeager Pearson Serrill James Gowan Wm. Vogdes B. S. Bonsall W'm. Staveley.
1827,
25,000 00
28
GIRARD BANK. .
JANUAIR
GIRARD BANK.
At a large and respectable meeting of the Merchants, Manufacturers, and others, of the city of Philadelphia, at the Merchants' Coffee House, on Saturday afternoon, at 3 o'clock, held in pursuance of public notice, BEN- JAMIN W. RICHARDS, Esq. Mayor of the city, was called to the Chair, and MATTHEW NEWKIRK and SAMUEL C. Fonn, were appointed Secretaries.
The object of the meeting having been stated from the Chair, the following preamble and resolutions were offered by Alexander McClurg, Esq. and unanimously adopted :-
Whereas, The death of our lamented fellow citizen, STEPHEN GIRARD, Esq. has suddenly deprived this com- · munity of an extensive capital, so judiciously employed by him in banking operations; and, whereus, the with- drawing so large a sum at once, from circulation, even at a time when money was in the greatest abundance, would subject many persons to much difficulty and great embarrassment, which is rendered more severe and op- pressive at the present time, when the demand is well known to be greater than for many years past; there- fore,
Resolved, That in the opinion of this meeting, it is of the utmost importance to Merchants, Manufacturers, and all others, interested in the trade and prosperity of this city and adjoining districts, that a Bank be esta- blished with as much promptness as may be expedient, and with a Capital fully adequate to supply the defi- ciency.
Resolved, That a Committee. to consist of twelve per- sons be appointed to draft a Memorial to the State Le- gislature, setting forth the great want of Banking Capi- tal experienced especially at the present time and re- spectfully praying them to grant a Charter, incorpora- ting a new Bank, with a capital of three millions of dollars.
Resolved, That the Bank shall be called the Girard Bank of Philadelphia,
Resolved, That the Committee appointed have full power to fill vacancies, add to their numbers, procure signatures to the Memorial, and attend to such other matters as may be necessary to carry the object of this meeting into effect.
Resolved, That the Chairman and Secretaries be add- ed to the Committee.
Resolved, That the Chairman appoint the Committee.
The following gentlemen were then appointed, in connection with the Chairman and Secretaries, to consti- tute the Committee, viz:
Benj. W. Richards, Matthew Newkirk, Samuel C. Ford,
John S. Riddle,
J. Price Wetherill,
Wm. McGlensey,
Thomas M. Pettit,
Chas. W. Churchman,
Thomas C. Rockhill,
Alexander McClurg,
Richard D. Wood,
Robert Earp,
Daniel Groves, Joseph Burden,
David S. Brown.
Resolved, That the proceedings of this meeting be signed by the Chairman and Secretaries, and published in all the daily papers of this city.
The meeting then adjourned.
B. W. RICHARDS, Chairman.
MATTHEW NEWKIRK, ? Secretaries. SAMUEL C. FORD,
The Committee,met at 7 o'clock. P. M. at the Mer- chant's Coffee House, and organized, and in pursuance of the power invested in them, in the 4th Resolution, appointed the following gentlemen to co-operate with them :-
John A. Brown,
.John W. Odenheimer, Samuel Comly,
James Schott,
J. K. Kane,
Alexander Ferguson,
A. G. Ralston, Jas M. Linnard.
W. D. Lewis, George Handy.
At a large and respectahle meeting of Merchants, Manufacturers, Mechanics, and others, (opposed to the
proceedings of -the meeting held at the Merchants' Coffee House on Saturday last, ) held at the County Court-house, on Wednesday afternoon, for the purpose of memorializing the legislature for a charter for a Bank, to be called the Girard Bank, JOHN LISLE was called to the Chair; ALEXANDER Cook and Col. JOHN THOMPSON were appointed Vice Presidents, and C. Macolester, Jr. and Miles .V. Carpenter were appointed Secretaries.
Mr. Lanssat moved the following resolutions, which were unanimously adopted.
Whereas, The late meeting at the Merchants' Coffee House was held at a time unusually early, without allow- ing the ordinary and expected delay, its proccedings were precipitated, and the various interests vitally con- cerned in its objects had not a full opportunity accord- ed them of being represented therein; and whereas the amount of three millions of dollars, designated as a capital by the said meeting-though undoubtedly re- quired by the wants of the community in various parts of our city and county-is unusually and unnecessarily large for a single institution.
Resolved, That we, the Merchants, Manufacturers, Mechanics, Traders, and others, of the city and county of Philadelphia, here assembled, agreeing in the gener- al objects of the former meeting, do nevertheless, disap- prove of the manner in which it was conducted, and are opposed to its proceedings.
And whereas, the dissolution of the Bank, lately con- ducted with so much usefulness to the public, by our lamented fellow citizen, Stephen Girard, has suddenly, and at a very momentous crisis, deprived this communi- ty of a large amount of capital that had before been ac- tively and liberally employed, and which from experi- ence is known to be indispensable to our welfare and prosperity, even under the most flourishing auspices of trade:
Resolved, That it is expedient to establish a new Bank, to be called the Girard Bank, after the name of our distinguisbed citizen; and that the said Bank should be so fixed with regard to location, as to supply the new deficienciesand wants that have just been created.
Resolved, That a committee of five be appointed for the purpose of drafting a memorial to the two Houses of Legislature, expressive of the sense of this assembly, and that the said committee be instructed to present their report to the meeting for their approbation.
A memorial, reported by a committee was unanimous- ly adopted, and a committee of fifty appointed to carry into effect the objects of the meeting.
The following gentlemen compose the committee:
Benjamin Tevis, Antony Lauseat, Thomas Cave, George Troutman, Robert Patterson, Asher M. Howell, Benjamin S. Bonsall, Thomas Lancaster, Henry Korn, John Goodin, jr. Edmund A. Souder, Samuel F. Brad- ford, John M. Chapion, David Lapsley, jr. Pearson Serrill, John B. Swett, Jesper Harding, Edwin T. Scott, John M. Barclay, Frederick Stoever, John Horn, Tho- mas J. Petriken, George Guier, John Knos, Robert Ew- ing, Sampson Tams, Mordecai D. Lewis, John Grigg, Jesse Smith, Thos. Rogers, .John L. Wolf, William Car- man, Henry Toland, Henry White, William Newell, jr. John Harding, jr. Caleb Cope, John Thoburn, John D. Goodwin, Dennis M'Credy, William Booth, James Burke, Jolın Moss, S. Destouet, Thomas Haven, Augus- tin Stevenson, William G. Alexander, James Harper, Lawrence Lewis, John L. Hodge, John Barclay, Miles N. Carpenter, Freeman Scott, Benjamin E. Carpenter. The following resolutions were then offered and adopted:
Resolved, that, in the opinion of this meeting, no banking or other business corporation, ought to be char- tered, without providing for preventing the stock from being monopolized by a few persons; and for this pur- pose, it is necessary that no one be allowed to subscribe as the attorney or agent of more than one individual.
Resolved, that the commissioners appointed to re- ceive subscriptions, ought to be sworn or affirmed to act with strict impartiality.
1532.]
GIRARD BANK.
29
Resolved, that subscriptions ought to be received not exceeding five shares to each individual, until all persons wishing that number have been accommodated. JOIN LISLE, President.
ALEXANDER COOK, Vice Presidents.
JOHN THOMPSON, n
C. MACALESTER, jr.
Secretaries.
MILES N. CARPENTER, S
MEMORIAL
To the Senate and House of Representatives of the Com- monwealth of Pennsylvonio, in General Assembly mel: The memorial of the undersigned, merchants, manufac- turers, mechanics, traders and others of the city and county of Philadelphia, .
Respectfully showeth, that the indispensable necessity to mercantile prosperity of a certain reasonable amount of capital to be employed in banking operations, is an axiom established by the experience and knowledge of this community, and the universal acceptance of all com. mercial nations:
That the amount of capital hitherto employed by Stephen Girard, which was always and at all times treated by your honourable bodies as part of the reason- able supply of this city and county for banking purpo- ses, is now about to be withdrawn from the general use of the community, and to be removed to other objects and employments; while, to add to the distress of your memorialists, they are exposed to the disastrous effects of such a commercial crisis as American trade has rare- ly witnessed:
"That the banking capital accessible to the important, numerous and valuable interests, requiring its assistance, within the limits of the city and county of Philadelphia, was well known to be inadequate to the calls of the com- munity, even when the general prosperity of trade and the extraordinary abundance of circulating medium di- minished the amount of the public want, and the great capital of Mr. Girard, which enabled him to employ three millions and a half of dollars actively and liberally in discounts increased in an immense proportion the quantity of financial supply :
Your memorialists, therefore, humbly pray your hon- ourable bodies to incorporate a new bank for the city and county of Philadelphia, with such capital as in your wisdom may be considered necessary, That the said in- stitution receive the name of "The Girard Bank of the City and County of Philadelphia," as some acknow- ledgment of the public respect for our late worthy and eminent fellow citizen, and that its location be directed for the special purpose of supplying the new wants and inconveniences that have just been created by the disso- lution of a bank, lately existing and in operation.
Your memorialists do not pray for a capital so exten- sive as that formerly employed by Mr. Girard, because, although they believe that the whole sum would not be more than adequate to the public necessities, yet they consider it more equitable-more republican-and more conducive to the welfare of the community, that the amount should be distributed among several institutions, situate in various parts of the city and county, and thus excite to a wholesome and useful competition.
And your petitioners will ever pray, &c.
TWENTY-SECOND CONGRESS
IH SENATE, Monday, Jan. 9, 1832. BANK OF THE UNITED STATES.
MR. DALLAS presented the following memorial from the President, Directors and Company, of the Bank of the United States:
To the Senate nud House of Representatives of the United States, in Congress nssembled:
The Memorial of the President, Directors, and Com- . pany of the Bank of the United States, in the name and in behalf of the stockholders of the Bank, respectfully represents-
That the charter of the Bank being about to expire, on the 4th of March 1836, your memorialists deem it their duty to invite the attention of Congress to its re- newal.
The general considerations which caused the esta- blishment of the Bank, the manner in which it has ex- ccuted the duties assigned to it, and the reasons which recommend its continuance, your memorialists forbear to discuss, since, of these subjects, your honorable bodies are more competent and appropriate judges. They will therefore merely state the views which in- duce their application at this time.
Unless the question is decided by the present Con- gress, no definitive action upon it can be expected until within two years of the expiration of the charter-a period before which, in the opinion of your memorialists, it is highly expedient, not merely in reference to the in- stitution itself, but to the more important interests of the nation, that the determination of Congress should be known. Independently of the influence which the bank was designed to possess, and which it necessarily exer- cises over the state of the currency, by which all the pecuniary transactions of the community are regulated, its own immediate operations are connected intimately; with the local business of almost every section of the United States, with the commercial interchanges be- tween the several states, and the intercourse of them all with foreign nations.
Of the value to the community, of the system which after long and anxious efforts, and at great pecuniary sacrifices, your memorialists have at length succeeded in establishing, it is not for them to speak; their more immediate purpose is to represent, as they do, most respectfully, that the continuance or destruction of that system, thus widely diffused through all the avenues of the productive industry of the country, affecting all the relations of public revenue and private income. and con- tributing to give stability to all the rewards of labor, is an object of general solicitude. If, satisfied with the practical operations of the institution, your honorable body shall deem it worthy of continuance, it seems ex- pedient to relieve the country, as soon as may consist with mature deliberation, from the uncertainty in which all private transactions, and all public improvements, dependent on the future condition of the currency, and amount of capital disposable for those objects, must ne- cessarily he involved until your decision is known. If, on the other hand, the wisdom of Congress shall deter- mine that the bank must cease to exist, it is still more important that the country should begin early to pre- pare for the expected change. and that the institution should have as much time as possible to execute the duty, always a very delicate and difficult one, of aiding the community to seek new channels of business, and, by gradual and gentle movements, to press with the least inconvenience on the great interests connected with it.
Under these impressions, they respectfully request that the charter of the bank may be renewed.
By order of the Board of Directors,
N. BIDDLE, President.
Mr. DALLAS said, that being requested to present this document to the senate, praying for a renewal of the ex- isting charter of the Bank, be begged to he indulged in making a few explanatory remarks. With unhesitating frankness,he wished it to be understood by theS enate, by the good commonwealth which it was alike his duty and his pride to represent with fidelity on that flonr, and by the people generally, that this application, at this time, had been discouraged by him. Actuated, mainly, if not ex- clusively, by a desire to preserve to the nation the prac- tical benefits of the institution; the expediency of bring- ing it forward thus early in the term of its incorporation, during a popular representation in Congress, which must cease to exist some years before that term expires and nn the eve of all the excitement incident to a great political movement, struck his mind as more than doubt- ful .- He felt deep solicitude and apprehension, lest, in the progress of enquiry, and in the developement of
30
BANK OF THE UNITED STATES.
EJANUARI
views, under present circumstances, it might be drawn into real or imagined conflict with some higher, some more favorite, some more immediate wish or purpose of the American people.
And from such a conflict, what sincere friend of this usefid establishment, would not strive to save or rescue it, by at least a temporary forbearance and delay? Nevertheless, his conscious inexperience in the forms and contingencies of legislation, inspired a distrust of his own judgment on this merely preliminary point. The determination of the parties interested, may be, nay, must be, wiser and better, and he could but feel strongly impressed by the recollection, that the legisla- ture of Pennsylvania, recently, and in effect, unanimous- ly had recommended the renewal of the charter of this Bank. He became, therefore, a willing, as he was vir- tually an instructed agent, in promoting, to the extent of his humble ability, an object which, however danger- ously timed its introduction might seem, was in itself, as be conceived, entitled to every consideration and favor.
Mr. D. concluded by moving that the memorial be read and be referred to a select committee of five in number, and that the committee have power to send for persons and papers.
The memorial having been read and the reference agreed to-
Mr. DALLAS moved that the appointment of the com- mittee be postponed till to-morrow.
Mr. BELL said he was not aware of any reason for the postponement; and as none had been assigned for it, he could perceive no propriety in the postponement. It would, also, be a thing unprecedented in the Senate; and unless some reasons were adduced in favor of the post- ponement, he should prefer that the Senate should, ac- cording to its usage, proceed at once to the appointment of the committee.
The question being put on the postponement, it was negatived. Ayes 15, noes 24.
The Senate then proceeded to ballot for the commit- tee, and the following gentlemen were chosen to com- pose it, viz: Mr. DALLAS, Mr, WEBSTER, Mr. EWING, Mr. HAYNE, and Mr. JOHNSTON.
HOUSE OF REPRESENTATIVES.
This day being, by the rules of the House, the day of the week on which petitions are to be received, a number were presented; amongst which was present- ed,
By Mr. MCDUFFIE, the memorial of the Presidentand Directors, on behalf of the Stockholders, of the Bank of the United States, asking for a renewal of their char- ter. «
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