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. XII, Part 117

Author: Hazard, Samuel, 1784-1870
Publication date: 1828
Publisher: Philadelphia : Printed by W.F. Geddes ;
Number of Pages: 438

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. XII > Part 117

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substantially owns-and by its money supports, some of the leading presses of the country, is now more clearly understood."

This whole allegation is denied.

The Bank does not now control, and never did con- trol any press whatever-the Bank does not own and never did own any press-the Bank does not now sup- port, nor did it ever support, by its money, any press. Created for the purpose of giving aid to every branch of industry, it has not presumed to proscribe the con- ductors of the press from their sharc of the accommoda- tion due to their capital and industry. Of the extent and the security of these loans the Directors claim the exclusive privilege of judging.

The course of this inquiry has now brought the Com- mittee to the second paper referred to them by the Board signed by the Government Directors. It appears from their report that the President of the United States addressed a letter to them, "directing them to examine and report upon the expense account of the Bank of the United States for the last two years," and particularly "that portion which embraced expenditures calculated to operate on the election"-which examination they state "undoubtedly presents circumstances which in our opinion warrant the belief you have been led to entertain." This assertion of a right in the President of the United States to inquire into the expenses of the Bank, with a view to ascertain whether any money was expended which might directly or indirectly interfere with his own personal election, is alike novel and un tenable. His authority, as we have seen, is limited to the power of issuing a scire facias. But in no part of the charter of the Bank, in no law of this country is there found any power in the President to interfere in the internal concerns of the institution, or to direct se- cret investigations. But that which they regard with surprise and regret is, that these Directors, having such a commission to execute from the President, never communicated the fact to their colleagues nor to the Officers of the Bank; and while these Officers were giving to them the freest and most unreserved access to all the books and papers of the Bank, and while their colleagues were sitting in perfect confidence by their sides, neither those Officers nor the Directors had the remotest suspicion of this official investigation into their conduct, begun nearly two months before un- der orders of the President-until they read it in the newspapers. When at the meeting of the Board, after its publication, the subject was introduced, one of the Government Directors in effect acknowledged that they had purposely concealed their object, lest if their col- leagues had been aware of it, they would not have per- mitted it. What the Committee deem therefore a sub- ject of just complaint, is the want of candour in thus trying their colleagues, without apprizing them that they were on trial, or giving them any chance of knowing or answering the charges made against them by the President.

The report itself bears manifest evidence of the haste with which it was prepared. Thus "we proceed- ed," say they, "to look into such of the vouchers on which they are founded as we had time and opportu- nity to do." They state that they would have sent co- pies of these vouchers, but, "the time and labour ne- cessary for this mode would have prevented our re- sorting to it at present." When the truth is, that a few hours of tranquil industry would have enabled them to copy every word of these vouchers.

Again they say, "we were obliged to depend on our own partial inquiries." The errors of this hasty and partial enquiry the Committee will now proceed to no- tice.

1st. The first impression attempted to be made is that, whatever is here stated are discoveries of things hitherto concealed, and which now see the light in con- sequence of their exertions. Thus they speak of the expenditures "discovered by us," and of their "inves- tigations," that they requested a particular statement

414

DEPOSITS-BANK OF THE UNITED STATES.

EDECEMBER

from the Board, which "request was not complied with," and that they were " obliged to depend on their own partial inquiries." And, finally, they say with an air of despondency " we must infer from the course pur- sued by the Board when our resolutions were submitted to them, that a more exact statement can only be ob- tained by an agent directly authorised by the Execu- tive." Nothing can be more erroneous than such an impression. No one concealed-no one desired to con- ceal-no one could conceal this whole matter. The resolutions of the Board were on the minutes-the ex- penses under them were all recorded in a book, the vouchers all referred to by number in that book; and all of them-minutes-expense book and vouchers were always to be seen and examined by the Directors, -so that the whole process of discovery was to ask for the books and vouchers, and to receive them. In the same spirit, they remark that, "the expense account, as made up in the book which was submitted to us, contained very little information relative to the particu- lars of this expenditure, and we were obliged, in order to obtain them, to resort to an inspection of the vouch- ers." What did these Directors expect in an expense book? This book contains the name of the party, the sum paid, and the number of the voucher which sup- ports it; and the voucher is at hand to verify it. If they meant that each item of each account should be copied into this expense book, they mean that which no ex- pense account ever did contain, or ever ought to con- tain; and the objection shows only the spirit in which the inquiry was conducted.

2d. Another effort is to make it appear that these expenditures were exclusively at the Bank in Philadel- phia, leaving of course the inference open, that the ex- penditures at the Branches might be in the same pro- portion. "All expenditures of this kind, say the Com. mittee, introduced into the expense account, and dis- covered by us, we found to be, so far as regards the institution in this city, embraced under the head of sta- tionary and printing.'

Now the truth is, that these expenses were not con- fined to Philadelphia, but embraced all the United States. The expense book showed, and the vouchers proved, that these expenditures were made in various and remote parts of the Union-a fact too apparent to escape immediate observation.

3d. The next misrepresentation is this. After quot- ing the resolutions, they proceed-"In pursuance, it is presumed, of these resolutions, the item of stationary and printing was increased, during the first half of the year 1831, to the enormous sum of $29,979 92."

Now it appears on the very face of the expense ac- count, that the increase to this enormous sum, so far from having been occasioned by these resolutions, was caused by the purchase of large quantities of paper and engravings for bank notes, and by the supply of com- mon stationary for the Bank.

The enormous sum in question was

$29,979 92

This consisted of the following items- Common Stationary, $1080 32

Printing black forms and rules,

443 76

Books,

267 68

Newspapers,

4178 37

Paper,

300 00

Silk for making paper,

2886 67

Sheeting for do.

1421 94

Silks for do.

2121 64

Silks for do.

788 13

Subscription to the Coffee House,

10 00

$13,678 42

Printing and circu- lating Mr. Gal- latin's book on

Banking, $3941 23

Do. Smith and Mc-

Duffie, 2512 06

Reviews and Ad- dress to legisla- tures, and mis- cellaneous items, 9848 21

$16,301 50 $29,979 92

So that this enormous increase was occasioned in a great degree by having a new set of bank notes pre- pared and engraved, amounting to $11,696 75-and moreover, nearly one half of this enormous increase has no relation to the expenses to which it is meant to ascribe it.

4th. The next is, that among the expenditures noted is one of $1447 75, for printing "agreeably to order and letter from John Sergeant, Esq." The gratuitous introduction of the name of this gentleman is obviously designed to connect his agency with some political purpose. But there is not the slightest foundation for it.

The fact itself was known to the Committee of In- vestigation in 1832, and although urged to make the same use of it as is now attempted, they had too much sense of justice to employ it. Early in the year 1831, while Mr. Sergeant was a member of the Board of Di- rectors, he received a letter from Mr. Wilson,a respec- table printer, în Steubenville, proposing to reprint the reports of Messrs. Smith and McDuffie, about the Bank. Mr. Sergeant presented the letter to the officer of the Bank, who was charged by the Board with the multipli- cation of these reports. and was requested by him to apprize Mr. Wilson, that be might print a certain number of copies. He did so. In sending his account, as he had not communicated with any officer of the Bank, he referred to his authority to do the work, as having come through Vr. Sergeant, and thus the receipt stands. So that thewhole agency of Mr. Sergeant was to an- swer an application to him as a Director, from a printer, to print some reports of committees of Congress, and other documents on the concerns of the Bank.

5th. The next is, the effort to make it appear that all the expenses reported, had been made to influence public elections. This is not expressly asserted, but it is so stated as inevitably to convey that impression. Thus they say, "We deemed it expedient at present to confine our investigations to that portion which em- braced expenditures calculated to operate on the elec- tions. All expenditures of this kind, introduced into the expense account and discovered by us, we found to be, so far as regards the Institution in this city, em- braced under the head of stationary and printing. To it, therefore, we chiefly directed, &c. &c.

Then follows a list of expenses all of which it is in- tended to represent as calculated to influence elections. Thus in the case just cited, they proclaim the enor- mous sum of $29,979 92, which they presume to have been expended in pursuance of the resolutions, and of course as having a bearing on elections. Now we have just seen, that of this whole $29,000, more than $13,- 000 were for bank notes and miscellaneous stationary; that $3,941 23 was for Mr. Gallatin's book on curren- cy, which could have no possible connection with elec- tions; that $2,500 were for reprinting Mr. M'Duffic's and General Smith's reports, which Congress itself had reprinted in unusual numbers, and that of the whole remaining sum of $10,000 for miscellaneous expenses, none could be spent on elections, from the simple fact that in this first half year of 1831, no elections of any kind in which the Bank could, by any possibility, have an interest, were impending for eighteen months to come, or even in remote agitation; yet this report would convey, to the majority of readers, the belief that the whole of the $29,000 were lavished upon elections.

But the most signal error is reserved for the last.

They say "it appears by the expense account of the Bank for the years 1831 and 1832, that upwards of $80,000 were expended and charged under the head of

179 91

Engraving bank notes,

115

DEPOSIT'S-BANK OF THE UNITED STATES.

1833.]

stationary and printing during that period, and that a ! authority given him by a resolution of this Board, adopt- large proportion of this was paid to the proprietors of ed on the 30th day of November last, caused a large edition of Mr. Gallatin's Essay on Banks and Currency, to be published and circulated in like manner, at the expense of the Bank. Ile suggested, at the same time, the expediency and propriety of extending still more widely a knowledge of the concerns of this Institution, by means of the republication of other valuable articles, which had issued from the daily and periodical press. newspapers and periodical journals; and for the print- ing, distribution and postage of immense numbers of pamphlets and newspapers," &c. Now it is true that the expense of printing and stationary for those two years was upwards of $80,000, but by using the vague phrases of a "large portion" and "immense numbers,' the impression conveyed to the mind is, that the whole, or nearly the whole, of this amount must have been dis- "Whereupon, it was, on motion, bursed for the object to which the President objects; "Resolved, That the President is hereby authorized to cause to be prepared and circulated, such documents and papers as may communicate to the people inform- ation in regard to the nature and operations of the Bank." and accordingly the President, in his paper, states in so many words, that "the expenditures purporting to have been made under authority of these resolutions, during the years 1831 and 1832, were about $80,000," and thus the mis-statement insinuated in the report, becomes declared in the manifesto.

Now these Directors must have perceived that of these $80,000,

There were paid for making and printing bank notes $24,591 96

For printing blank forms and other necessa-

ry papers, 1,848 08

For books and stationary, 6,053 88

For various miscellaneous expenses, 653 25

Making a total of $33,593 76 So that at once more than thirty-three thousand dol- lars of the eighty thousand are shown to have no con. nection whatever with the matter of this reproach.

It is moreover to be observed that the Committee of investigation of 1832, examined the subject-had this very expense book before them-remark in their re- port the increase of the expense of printing, but it may be presumed that neither they, nor any other authority, till now, thought such a subject worthy of being pur- sued.

Having thus exposed the errors of this report, the Committee will briefly state the facts in regard to these disbursements.

'the course adopted by the Bank has been simple, plain, and avowed. It is this:

'The Bank of the United States, like every other Bank, derives much of its advantages from its credit, and Its general reputation for solvency; and the Di- reetors are, therefore bound by official as well as per- sonal considerations to remove unfounded prejudices, and to repel injurious calumnies on the Institution en- rusted to their care.

Soon after the first message to Congress, issued by the signer of the present paper, it became necessary to counteract the schemes for the destruction of the Bank by the diffusion of intelligence among the peo- ple. Accordingly the following resolutions have been adopted by the Board.

On the 30th of November, 1830, "The President sub- mitted to the Board a copy of an article on Banks and Currency, just published in the American Quarterly Review of this city, containing a favourable notice of this Institution, and suggested the expediency of mak- ing the views of the author more extensively known to the public than they can be by means of the sub- scription list-whereupon it was on motion,

"Resolved, That the President be authorized to take such measures in regard to the circulation of the con- tents of the said article, either in the whole or in part, as he may deem most for the interest of the Bank."

On the 11th of March, 1831, "The President stated to the Board, that in consequence of the general desire expressed by the Directors at one of their meetings of the last year, subsequent to the adjourninent of Con- gress, and a verbal understanding with the Board, mea- sures had been taken by him in the course of that year, for printing numerous copies of the Reports of General Smith and Mr. M'Duffie, on the subject of this Bank, and for widely disseminating their contents through the United States; and that he had since, by virtue of the

And finally on the 16th of August, 1833, the follow- ing resolution :

"Resolved, That the Board have confidence in the wisdom and integrity of the President, and in the pro- priety of the resolutions of the 30th of November, 1830, and 11th of March, 1831-and entertain a full convic- tion of the necessity of a renewed attention to the ob- jects of the resolutions; and that the President be au- thorized and requested to continue his exertions for the promotion of said objects."

The resolutions of 1830 and 1831, were passed open- ly and unanimously by the Board, the two Government Directors who attended concurring in them; and they have been carried into effect without the least reserve or secrecy. The form of the resolution was the same as that adopted on a kindred subject-the arrest of counterfeiters-a short time previous, on the 25th of October, 1830.

"Resolved, That the President of this Bank be au- thorized to take whatever measures he may think pro- per for the discovery and arrest of counterfeiters of the notes and drafts, and to incur such expenses from time to time in effecting that object as he may deem useful or necessary."

The expenses incurred, as stated in the expense ac- count, in executing these resolutions, from December, 1829, when the first assault was made on the Bank by the President, to the present time, running through the years 1829, 1830, 1831, 1832, and 1833, amount to $58,265 05, making an average for the last four years of $14,583 76 a year.

During that period, the total expenses un- der the head of printing and stationary, amounted to $105,057 73

Of which, the proportion for the defence of the Bank,

was $58,265 04

And for the miscellaneous ex- penses of books and station-

ary, 46,792 69

-- $105,057 73

This will be seen more perspicuously in the follow - ing statement:

Printing and Speeches in Con- circulating re- ports to Con- gress.

gress, and other miscellaneous publications.

Books and stationary.

1830

$5,085 67

2,291 47|

6,704 33

1831

2,650 97

19,057 56

21,496 26

1832

4,395 63

22,183 74

12,098 57

1833

2,600 00

6,493 53

$12,132 27

$46,132 77| $46,792 69

So that the general result is, that within four years past, the Bank has been obliged to incur an expense of $5 8,000 to defend itself against injurious misrepresen- ta tions.

416

MISCELLANEOUS.

[DECEMBER

This has been done with regret that it should be ne. cessary, but with the strongest conviction of its propri- ety, and without the slightest wish either to disavow or to conceal it. On the contrary, the Bank asserts its clear right to defend itself equally against those who circulate false statements, and those who circulate false notes. Its sole object, in either case, is self defence. It cannot suffer itself to be calumniated down, and the interests confided to its care sacrifiecd by falsehoods. A war of unexample | violence has been waged against the Bank. The Institution defends itself. Its assail- ants are what are called politicians; and when state- ments which they cannot answer, are presented to the country, they reproach the Bank with interfering in politics. As these assaults, too, are made at the peri- od of public elections, the answers of the Bank must of course follow at the same time ;- and thus, because these politicians assail the Bank on the eve of elections, unless the Institution stands mute, it is charged with inter fering in politics, and influencing elections. The Bank has never interfered in the slightest degree in politics, and never influenced elections; but it will not be deter- red by the menaces or clamors of politicians, from exe- cuting its duty in defending itself. Of the time and manner and degree and expense connected with this service, the Board of Directors claim to be the sole and exclusive judges. Whether the defence is too costly, is for the Stockholders, whose interests are sustained by it, to decide; but certainly, the assailants them- selves have no right to complain of the expenses they have occasioned. Their own duty in the full propor- tion which may be needed for defending the Institution entrusted to them, the Board of Directors will cheerful- ly and zealously perform.

The Committee conclude this examination by offer- ing, as the result of their reflections, the following re- solution :-

Resolved, That the removal of the public funds from the Bank of the United States, under the circumstances, and in the manner in which it has been effected, is a violation of the contract between the Government and the Bank-and that the President be instructed to pre- sent a memorial to Congress, requesting that redress should be afforded for the wrong which has been done to the Institution.

From the Commercial Herald.

COMMERCE OF PHILADELPHIA,-The following table shows the number of arrivals at this port, from the 1st of April to the 20th Nov., inclusive, embracing a pe- riod of nearly eight months. From this statement it appears that the average number of arrivals has been upwards of three hundred a month.

MONTHS.

{ Ships.

Barques.

Brigs.

Scho'rs

Sloops.

Total.

April,

220

313

May,

230

333

June,

229

330

July,

84.

252

407

August,

167

272

September,

209

318

October,

183

284

November, (to 20th)

103

162

Total,

71 23

451 1593

281 |2419

From the Germantown Telegraph.

THE INDIAN NAME OF LOGAN .- The Indian name, Logan, so celebrated in the American annals, appears to have been derived from James Logan, who bequeath. ed the Loganian Library to the citizens of Philadelphia, and who lived so long in the vicinity of this town. For a period of near fifty years, James Logan had the care | the total gallons of Oil.

and management of the Indians. In a letter which we have seen of his, to the Penn family, he says that in all other things he had been saving and economical, except in his intercourse with the Indians; in that he had been highly generous and liberal, believing that justice and policy equally demanded it, One of the chiefs named Wingohocking, proposed to Logan an exchange of names in the Indian fashion; this being agreed to, the Indian took the name of Logan, and the name of the chief, Wingohocking, was given to the creek running through the Stenton grounds, and which runs on the north side of this town. This is said and believed to be the origin of the Indian name Logan! W.

Woon .- It is rather a singular fact, that the present prices of wood, in Philadelphia, are at lower average rates, than they are in this place. In the city, hickory sells from $6 50 to $7, and oak at from $4 50 to $5. In this place, the former sells at from x7 to $7 50, and the latter from $6 to $6 25. It is also unaccountable, that marketable produce, generally, is disposed of at higher average rates here, than in the regular city markets .- Germantown Telegraph.

PHILADELPHIA, Dec. 11, 1833.

At a meeting of the Underwriters and Merchants of Philadelphia, held at the Coffee House, this day-

Robert Waln, Esq. was called to the Chair, and G. Ralston, acted as Secretary.

On motion, it was

Resolved, That this meeting consider a Trigonomet- rical Survey of the River and Bay of Delaware, as far out as eight miles from the Cape, would be of great ad- vantage to the Commerce of this and the adjoining States, and that application be made to the United States Government for a survey as early as convenient.

Also-

Resolved, that this meeting consider the re-bu lding of the Light House on the Brandywine Shoal, as essen- tial to the safe navigation of the Delaware, and that application be made to Government to have this ac- complished,

Ordered that these proceedings be published il the City papers.

ROBERT WALN, Chairman. GERARD RALSTON, Secretary.

CAPACITY OF CANAL BOATS .- A considerable increase has taken place of late in the size of canal boats. A boat carrying fifty-four tons of coal descended our canal last week. The average capacity of our canal boats built a few years ago did not exceed thirty tons, and there are some which carried no more than twenty-five tons; but here in the instance mentioned is an increase of nineteen tons. Now if the capacity of this boat should be made the standard in the construction of the boats hereafter, we conceive that an important benefit would result to all parties interested,boat owners, boatmen and shippers .- Miner's Journal.

THE REGISTER.

PHILADELPHIA, DEC. 28, 1833.

With this number closes the present volume, for which, the Index will be delivered with an early num- ber of the next.

The Law abolishing Lotteries in this State, takes ef- fect from and after the 31st instant.

The weather is mild for the season.

ERRATUM .- On page 408, for ,300, read 19,300, as

THE BOUND TO PLEASE Heckman Bin

INC

AUG. 66 N. MANCHESTER, INDIANA

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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. XII, Part 117

Author: Hazard, Samuel, 1784-1870 Publication date: 1828 Publisher: Philadelphia : Printed by W.F. Geddes ; Number of Pages: 438

Author: Hazard, Samuel, 1784-1870
Publication date: 1828
Publisher: Philadelphia : Printed by W.F. Geddes ;
Number of Pages: 438