7. No discount shall, in any case, be made by the bank at Philadelphia, or by any office, without the consent of at least four directors of the bank, or of the office, as the case may be.

8. Congress may authorize the bank to deal and trade in other things than those enumerated in the ninth fundamental article, so as to receive pledges of its own stock, and of the fanded debt of the United States, in security for loans, and to sell such pledges on a forfeiture thereof.

9. That persons holding stock, upon which any instalment shall have been paid by the proceeds of notes discounted, shall be compelled gradually, and as soon as circumstances will admit, to pay the full amount of such instalment in coin, or in coin and funded debt, according to the provisions of the charter; and no dividend of profits shall be allowed i to such stock, until the said payment is completed. 10. That the Secretary of the Treasury shall be permitted at any time, either in person, or by agent to be appointed by him, to inspect all the books, papers, correspondence, minutes, and proceedings of the board of directors of the bank, and of all its ofices, and of all their officers.

11. That Congress may extend the time for the payment of the whole, or any part of the sum of 1,500,000 dollars, required to be paid by the 20th

section of the charter.

12. That a scire facius may be issued out of any circuit court in the United States, in the case stated in the charter; and whenever it shall be issued out of any other court than the circuit court of Pennsylvania, sworn copies of the books and papers of the bank shall be received as evidence, instead of the originals.

member should do so, to move to instruct he com. mittee on the judiciary to report a bill to repeal the charter of the bank. The patient, Mr. J. said, was too far gone to be recovered; expedients were useless, as dissolution was inevitable, and it was better to meet the question at once. He, therefore, moved to lay this resolution on the table.

Mr. Spencer was as willing as any one to meet the question fully, and to give the subject a fair and ample discussion; and he thought the course he proposed to give the resolution, was the best way to afford it a full consideration, because the report was already committed, and, by referring his resolution to the same committee, the whole subject would be presented for discussion, &c. He would, however, give way to the course moved by Mr. Johnson, and consent to laying the resolution for the present on the table. Mr. S. then withdrew his motion to commit the resolution, and It was laid on the table.

British Treaty.

BY THE PRESIDENT OF THE UNITED STATES OF AMERICA.
A PROCLAMATION.

Whereas a convention between the United States of America and his majesty the king of the united kingdom of Great Britain and Ireland, was made and concluded at London, on the 20th day of October, in the year of our Lord one thousand eight hundred and eighteen, by Albert Gallatin, envoy extraordinary and minis er plenipotentiary of the United S ates to the court of France, and Richard Rush, their envoy extraordinary and minister plenipotentiary to the court of his Britannic majesty; The foregoing provisions, or any of them, may at and the right honora ble Frederick John Robinson, any time be enacted into a law or laws, by congress, treasurer of his majesty's navy and president of the and shall, therefore, become a part of the charter privy council for trade and plantations, and Henry of the bank. Goulburn, esq. one of his majesty's under secretaThe resolution having been read, and the ques-ries of state; fully au horised and empowered by tion stated whether the house would now consider their respective governments: And whereas the itsaid convention was duly ratified by his royal high

Mr. Spencer, with the view of removing any ob- ness the prince regent, in the name and on behalf jection which might be felt to the consideration of of his Bri annic majesty, on the second day of Nothe motion, stated that it was not now his wish to govember, in the year of our Lord one thousand eight into a discussion of it, but only to be enabled to have hundred and eighteen; and by the president of the it referred to the committee of the whole house, Uited States, by and with the advice and consent to which had been committed the report concern-of the senate thereof, on the twenty-eighth day of ing the management of the bank. January following: And whereas the ratifications Mr. Tyler asked leave to make one remark. He of the two governments were exchanged, in the hoped the house would agree to consider the reso- city of Washington, on the thirtieth day of the prelution, that it might take the course suggested by sent month of January, by John Quincy Adams, sethe mover, and have a full and fair discussion. He wished that every member might have an opportunity of exhibiting his views, and that the house might make its final decision with all the lights to be derived from deliberate discussion and mature reflection; but he would here say, that, whenever the question on the adoption of this motion should be presented to him, he should be obliged to vote for its rejection, under the hope that the house would, in preference, direct a scire facias to be orthwith issued.

The house having agreed to consider the resolu

on,

cretary of state of the United States, on the part of the United States, and the right hon. Charles Bagot, his Britannic majesty's envoy extraordinary and minister plenipo entiary near the United States, on the part of his Britannic majesty; the articles of which convention are, word for word, as follows:

The United States of America, and his majesty the king of the United Kingdom of Great Britain and Ireland, desirous to cement the good under. standing which happily subsets between them, have, for that purpose, named their respective plenipotentiaries, that is to say: the president of the United States, on his part, has appointed Albert Galiatin, their envoy extraordinary and minis er plenipotentiary to the court of France; and

Mr. Spencer moved that it be committed to the committee of the whole house on the state of the Union, to which was referred the report of the committee appointed to investigate the manage-Richard Rush, their envoy extraordinary and ment of the bank of the United States.

Mr. Johnson, of Virginia, hoped the resolution would not be committed, but that it would be laid on the table. He hoped the question would be fully met; and it had been his intention, if no other

minister plenipotentiary to the court of his Britan nic majesty: and his majesty has appointed the right honorable Frederick John Robinson, treasu rer of his majesty's navy, and president of the committee of privy council for trade and plants

tions; and Henry Goulbur, esquire, one of his majesty's under secretary's of state: who, after having exchanged their respective full powers, found to be in due and proper form, have agreed to and concluded the following articles:

ARTICLE I.

to any part of the said country, nor shall it be taken to affect the claims of any other power or state to any part of the said country; the only object of the high contracting parties, in that respect, being to prevent disputes and differences amongst them.

ARTICLE IV.

vig-tion of all rivers within the same, be free and open, for the term of ten years from the date of the sigature of the present convention, to the vessels, citizens, and subjects, of the two powers: it being well understood, that this agreemeent is not to be Whereas differences have arisen respecting theter of the two high contracting parties may have construed to the prejudice of any claim which ciliberty claimed by the United States, for the inhabitants thereof, to take, dry, and cure fish, on certain coasts, bays, harbors, and creeks, of his Britannic majesty's dominions in America, it is agreed between the high contracting parties, that the in habitants of the said United States shall have, for-selves. ever, in common with the subjects of his Britannic majesty, the liberty to take fish of every kind, on that part of the southern coast of Newfoundland, the commerce between the territories of the United All the provisions of the convention "to regulate which extends from Cape Ray to the Resaueau States and of his Britannic majesty," concluded at islands, on the western and northern coast of New-London, on the third day of July, in the year of foundland, from the said Cape Ray to the Quirpon our Lord one thousand eight hundred and fifteen, islands, on the shores of the M gdalen Islands, with the exception of the clause which limited its and also on the coasts, bays, harbors and creeks, duration to four years, and excepting, also, so far from Mount Joly, on the southern coast of Labrador, to and through the Streights of Bellisle, and majesty respecting the island of St. Helena, are as the same was affected by the declaration of his thence northwardly indefinitely along the coast, hereby extended and continued in force for the without prejudice, however, to any of the exclu-term of ten years from the date of the signature sive rights of the Hudson Bay Company:-And that of the present convention, in the same manger as if the American fishermen shall also have liberty, all the provisions of the said convention were here. forever, to dry and cure fish in any of the unset-in specially recited. tled bays, harbors, and creeks, of the southern part of the coast of Newfoundland, hereabove described, and of the coast of Labrador; but so Whereas it was agreed by the first article of the soon as the same, or any portion thereof, shall be treaty of Ghent,that "All territory, places and pos settled, it shall not be lawful for the said fisher sessions, whatsoever, taken by either party fron men to dry or cure fish at such portion so settled the other, during the war, or which may be taken without previous agreement for such purpose, with after the signing of this treaty,excepting only the the inhabitants, proprietors, or possessors of the islands hereinafter mentioned, shall be restored ground. And the United States hereby renounce without delay, and without causing any destrucforeve, any liberty heretofore enjoyed or claimed tion, or carrying away any of the artillery or other by the inhabitants thereof, to take, dry, or cure fish, public property originally captured in the said on or within three marine miles of any of the coasts, forts or places, which shall remain therein upon the bays, creeks or harbors of his Britannic majesty's exchange of the ratifications of this treaty, or any dominions in America, not included within the slaves, or other private property;" and whereas, abovementioned limits: Provided, however, that under the aforesaid article, the United States claim the American fishermen shall be admitted to enter for their citizens, and as their private property, the such bays or harbors, for the purpose of shelter restitution of, or full compensation for, all slaves and of repairing damages therein, of purchasing who, at the date of the exchange of the ratifications wood, and of obtaining water, and for no other pur. of the said treaty, were in any territory, places, or pose whatever. But they shall be under such re-possessions, whatsoever, directed by the said treastrictions as may be necessery to prevent their tak-ty to be restored to the United States, but then ing, drying, or curing fish therein, or in any other manner whatever abusing the privileges hereby re.

served to them.

ARTICLE IT.

ARTICLE V.

still occupied by the British forces, whether such slaves were, at the date aforesaid, on shore, or on board any British vessel, lying in waters within the territory or jurisdiction of the United States; and It is agreed that a line drawn from the most whereas differences have arisen, whether, by the northwestern point of the lake of the Woods, along true intent and meaning of the aforesaid article of the forty-ninth parallel of north latitude, or if the the treaty of Ghent, the United States are entitled said point shall not be in the forty-ninth parallel of to the restoration of, or full compensation for, all north latitude, then that a line, drawn from the or any slaves, as above described, the high con. said point due north or south, as the case may be, tracting parties hereby agree to refer the said dif until the said line shall intersect the said parallel ferences to some friendly sovereign or state, to be of north latitude, and from the point of such inter-named for that purpose; and the high contracting section due west along and with the said parallel, parties further engage to consider the decision of shall be the line of demarcation between the terri- such friendly sovereign or state to be final and contories of the United States and those of his Britanclusive on all the matters referred. nic majesty, and that the said line shall form the northern boundary of the said territories of the United States, and the southern boundary of the territories of his Britannic majesty, from the lake of the Woods to the Stony mountains.

ARTICLE III.

ARTICLE VI.

duly ratified by the president of the United States, This convention, when the same shall have been by and with the advice and consent of their senate, and by his Britannic majesty, and the respective rstifications mutually exchanged, shall be binding

It is agreed, that any country, that may be claim-and obligatory on the said United States, and on ed by either party on the northwest coast of Ame-his majesty; and the ratifications shall be exchang rica, westward of the Stony mountains, shall, toge-ed in six months from this date, or sooner, if possi ther with its harbors, bays and creeks, and the nable.

unto affixed the seal of their arms. Done at London, this twentieth day of October, in the year of our Lord one thousand eight hundred and eighteen.

[L. S.]

[L. S.] [L. S.] [L. S.]

ALBERT GALLATIN.
RICHARD RUSH.

FREDERICK JOHN ROBINSON.
HENRY GOULBURN.

In witness whereof, the respective plenipoten- many causes-from fear, from envy, from coward. tiaries have signed the same, and have there-ice, from ignorance. But the red man only is unjust from feeling; he is alone open in his injustice. We may go to the graves of our fathers, and with hooks among them who were buried ten thousand moons ago, and catch better men, than some who now bear the names of great men among us, both red and white. These are my feelings, and I speak them. The young men wish to be friendly; this will be the case when justice is done us. The young men only ask that which the big men of both colors withhold from us-a fair equivalent for our services in the late war. Tell us the reason? Corn brooms and American Cheese have recently been shipped in considerable quantities, to England. Intercourse. Some idea may be formed of the immense number of persons who travel through Bedford in the course of a year, when they learn, that, during the month of October last, there passed through the gate at Stevenson's mills, westwardly, four thousand four hundred and nineteen souls, and eastwardly two thousand nine hundred and seventy nine souls!-Bedford, Pa. Gaz.

Now, therefore be it known, that I, JAMES MONROE, president of the United States, have caused the said convention to be made public, to the end that the same, and every clause and article thereof, may be observed and fulfilled, with good faith, by the United States, and the citizens thereof.

In witness whereof, I have hereunto set my [L. s.] hand, and caused the seal of the United States to be affixed.

Done at the city of Washington, this thirtieth day of January, in the year of our Lord one thousand eight hundred and nineteen, and of independence the forty-thir!. JAMES MONROE.

Thrown in to fill up a vacancy that would not admit of any more important masters in type.

IMPOR ANT DECISION.

Bank Documents.

Documents accompanying the report of the committee appointed to investigate the af fairs of the United States' bank.

I.-(Copy.)

Letter from the secretary of the treasury, to Messrs. Jones, Girard, Willing, Leiper, and Evans, commissioners

Lexington, Ky. Jan 15. The suits which were insututed by his commonwealth against the direct. ors and officers of the U. S branch bank is Lexing. TREASURY DEPARTMENT, 15th August, 1816. ton, respectively, for the recovery of the fines and GENTLEMEN-The information communicated to penalties incurred by the refusal of the branch to this department renders it probable, that in the pay the state tax, came on for trial before he ge-course of a few days the sum of $8,400,000 in gold neral cour sitting at Frankfort, on Friday last. The and silver coin, and in public debt, will have been one against the Porter of the Office was selected for actually received, on account of the subscriptions trial. After a hearing of 3 days, the cause was to the capital of the bank of the United States, exdecided in his favour. clusively of the public subscription; and it will The counsel for the office of the U. States' bank then be your duty, to no ify a time and place, withdemurred to the declaration on two grounds--first, in the city of Philadelphia, for the election of di the deficiency of the declaration, and mainly the rectors, who are to be chosen by the stockholders. unconstitutionality of the state law. The court sus-As an incident, in the performance of this du tained the demurrer, and gave an opinion that aty, it is presumed, that you will deem it proper, state has no right to impose a penalty acting un- to provide a suitable building for commencing der a law of the U. States. the business of the bank, at the place designated

An appeal was taken to the supreme court of the for holding the elec ion; and conforming to the ge commonwealth, which is to sit in April next-little neral nature of your trust, you will, no doubt, be doubt is entertained of a confirmation of the predisposed to make such other preparatory arrange. sent decision. iments as will facilitate and accelerate the opera. tions of the institu ion.

Attorney general Blair and B. Hardin appeared as prosecuting counsel-W. T. Barry, M D. Hardin and Robt. Wickliffe, as counsel for the defendant.

INDIAN SPEECH. [The following speech (says the Milledgeville Reflector) was delivered by Slafuche Barnard, at the late meeting of the Indians at Fort Hawkins.]

It is, indeed, of high importance to the people, as well as to the government, that the bank of the United States should be in an organized and active state, before the 20th of February next, when the paper of the state banks, which have not returned to metallic payments, must be rejected in the collection of the duties and taxes, and when such banks, will, unavoidably, cease to be the depositories of the public revenue.

White and red people! Who can see this world and not pity the people in it. After the world was made, our Father put his children below where In this view of the subject, I am authorised by our brothers are, and we feel unhappy on their ac- the president to recommend, that you cause to be count-not our own. I wish the white and red prepared such books, engravings, and paper, as you may become one people; that there shall be no dis-shall deem necessary for the commencement of the tinction of color or feeling. The Indian has no business of the bank, as soon as the directors shall sense but his God, and his arms are by his side: be chosen by the stockholders. If, however, an Some white men want sense, and the practice of opportunity occurs, it will be proper to consult the justice. I wish the red people may remain immers-directors, who have been appointed by the governed in their present ignorance-if they are to be ment, although not members of your board, upon brought by education and experience to go out of the measures pursued in consequence of the prethe path of justice. The white man is unjust from sent recommendation.

With the advantages of the proposed anticipa- their circulating paper, shall render it unsafe to tion, it is believed that the bank of the U. States discharge their notes in specie on demand, simulmay be in operation before the 1st of January next; taneously with the bank of the United States, it and a hope is still indulged, that the state banks does not follow that an augmentation of their stock will either conform to that event, or adopt the peof the precious metals, it is indispensable to that riod contemplated by the legislature, (the 20th operation. If this disproportion can be reduced February next,) for a general resumption of specie within its proper limit by other means, the great object of the government will be secured.

payments.

I have the honor to be, very respectfully gentle. men, your ob❜t servant, A. J. DALLAS.

Messrs. Jones, Girard, Willing, Leiper,

and Evans, commissioners.

II.
(Copy.)

Letter from the secretary of the treasury to W. Jones, esq. president of the bank of the US.

The requisite reduction of the circulating paper may be effected by the state banks, either by curtailing their discounts or by the sale of the pub. lic debt, of which they are known to be the bold

ers.

If this reduction is effected in the latter mode, no inconvenience will be suffered by the community, and no positive pecuniary loss will be sustained by the banks. If it is effected in the former mode, TREASURY DEPARTMENT, November, 29, 1816. great individual suffering must necessarily be proSIR-Your letter of the 21st instant, communi-duced. At a moment when excessive importations cating the preparatory measures which have been adopted by the board of directors of the bank of the United States, and their disposition to make every exertion in their power consistent with the interest and security of the bank, to enable this department to execute the intentions of the legis. lature, in the collection of the public revenue, after the 20th February next, has been received by due course of mail.

From this view of the subject, as well as from a general knowledge of the means with which the bank of the United States will have to commence its operations, and of the difficulties which it will have to surmount, if the state banks do not make a simultaneous effort, is manifest, that without their co-operation, a national currency, equal to the ispensable demands of the community, cannot be obtained by the 20th of February next, from the efforts of the bank and treasury, under the exist ing legal provisions.

of foreign merchandise, had involved the mercantile and manufacturing classes in the greatest dis. tress, and menaced them with impending bankraptcy, reason, humanity, and sound policy, all united against the curtailment of bank discounts. Yet, so far as the knowledge of the treasury extends, the reduction of the circulating paper has in no instance been attempted by the sale of public debt held by the banks.

Curtailment of discounts has been the only pr.

You observe that the operations of the bank must necessarily be very limited, until the second instal-cess resorted to by them, where any effort has been ment shall be received, and the principal local made to prepare for the resumption of specie paybanks evince a sincere disposition to co-operate in ments. the important and indispensable work of invigorat The disregard to individual suffering manifested ing public confidence, by resuming specie pay-by this procedure of the state banks, has been the ments. With that co-operation, the board is of result of a conviction, that when the national curopinion, that the attainment of this great object is rency shall be restored by the efforts of the goneither difficult, nor incompatible with the safety vernments and of the bank of the United States, and real interests of all the solid banks. the public debt which they hold, will be greatly increased in value. This is demonstrable from the consideration, that the curtailment of discounts, in good paper, produces a loss of about seven per cent. per annum, whilst the sale of an equal amount of public debt would produce the same effect upon the relative proportion between their specie and circulating paper, and could not reduce their profits but six per cent. In calling upon them to sell the public debt, which they hold as the proper and effectual mode of preparing to resume specie pay. ments, no sacrifice is required of them. The pub. lic debt, every where, bears a considerable premium, upon the price at which they obtained it. The determination therefore, which they have form. ed, not to resume specie payments before the 1st day of July, 1817, is an explicit declaration, that they not only will not bear any part of the sacri fice required to restore the disordered state of the currency, but that they will not forego any of the advantages to be derived from that event. If the view here presented be substantially cor. Although the precious metals have, in the inter-rect, although changes in the situation of the banks val, between that declaration and the present pe. may have taken place, favorable to the early reriod, continued to flow into the country from sumption of specie payments, yet there does not abroad, in quantities sufficient to reduce the pre-appear to be any well founded reason to expect any mium on specie by exceeding the demands for exchange in the determination which they have formportation, and for subscriptions to the bank of the ed on that subject. United States, it is not believed that the state When the friendly character of the proposition, banks have replenished their vaults from that made by the treasury to the banks on the 22d source. The influx of specie, however, cannot but of July last, and the extraordinary manner in be considered highly favorable to the resumption which it was received, is well considered, it does of specie payments. By satisfying the curren not appear probable that any inducement can be demands for specie, the inducement to run on the offered by the government, sufficiently strong to banks has been generally diminished. But admit divert them from the policy of making the highest ting what is not clearly established, that the dispossible profit upon the public debt, which they proportion between the specie in their vaults, and hold. In directly addressing their love of acquisis

As the principal banks in the middle states, in the month of August last, explicitly stated to this department, their determination not to resume specie payments before the 1st of July, 1817, there is no reason to expect thei: co-operation before that period; unless a change has, in the mean time been effected in their situation; or, unless induce ments more powerful than those presented in the treasury proposition of the 22d July last, can now be presented to them.

credit of the nation is to be exerted in producing this revolution in the state of the currency, it is but reasonable and just, that a part of the profit resulting from that exertion should ensue to the benefit of the national treasury.

tion, we can offer them nothing equivalent to the gain which they expect from an adherence to their previous determination. To appeal to their fears by refusing to receive their bills in payments to the government, if that appeal should be ineffectual, would be to visit the sins of the banks upon the The more readily to effect this object, governgreat mass of unoffending citixers, unless the go-ment paper, not bearing interest, receivable in all vernment was prepared to furnish a sufficient le-payments to the government, and which shall not gal currency to meet the indispensable demands be funded at a higher rate of interest than five per of the community. It is important, therefore, at cent. per annum, may be placed at the disposition this time, to ascertain the extent to which the of the bank of the United States, to be put in ciroperations of the bank will be able to supply a na-culation, for which the bank shall pay a stipulated tional currency, by the 20th February next, unaid interest; or, it may be issued by the bank for the ed by the state banks. Is it possible for the bank benefit of the government, upon receiving funded to supply the demand in the commercial cities, debt at the rates fixed in the act incorporating the which the collection of the revenue arising from bank; or, bank stock of any incorporated bank, to imports and tonnage, will create in the interval be the amount issued to any individual; for which sertween that period and the 1st of July next? If the vice the bank shall receive a reasonable compensaemission of bills by the bank of the United States, tion: or, a board of directors may be appointed, for during the period that the state banks refuse to the purpose of putting this paper in circulation for discount their bills in specie, must necessarily be the benefit of the government, confining their opeso extremely limited, as that a national currency to rations always to applications, where interest bearthat extent, could not be expected from that source ing securities shall be pledged by the borrower. within the first months of its operations, the go. It is probable, that this system will not interfere vernment must either furnish a national currency, with the operations of the bank, as long as that of it must suspend the collection of its revenue, institution shall not be able to put in circulation, at least partially, until the operations of the bank a sufficient amount of their bills to furnish a cir. of the United States, shall have thrown into circu-culating medium equal to the indispensable delation a sufficient quantity of its bills to furnish the mands of the community. Whenever this shall be necessary facilities for that purpose. The period effected, the issue and re-issue of government bills within which, the bank of the United States will, to cease. consistently with its security, be able to put into Should the balance of trade continue to be uncirculation bills equal to the demands of the com-favorable, or should the price of specie rise in fomunity, will, in a great measure depend upon the reign countries, the bank would find it extremely facility and cheapness with which specie can be ob- difficult, during the first year of its operations, to tained from foreign countries. If the importations sustain the continual run upon it, which such a state of foreign merchandise shall continue to exceed of things could not fail to produce. In an emerthe value of our exportations, as they have done gency of this nature, the government paper could since the peace, the balance must be paid in specie,not fail to be a powerful auxiliary to the bank, and or by the transfer to foreign hands of the bank a great advantage to the community. The sums stock, or funded debt of the nation. The former mode of settling the balance, will impose upon the bank the constant necessity of supplying the vacuum produced by the exportation of specie, and the latter will tend to procrastinate the duration of that balance. The suspension, by law, of the collection of the revenue, under existing circumstances, would be an apparent admission of the dependence of the government upon the state banks, in its fiscal transactions, which could not fail to give them a direct influence over the national currency. The public interest requires that an admission of that nature should be express It is, however, most ardently desired by the goly rejected, and that that control should not be ex-vernment, that the necessity of resorting to the ercised. issue of government paper may be avoided by the It appears probable that the deficiency in the resumption of specie payments by the state banks, circulating medium, which must be produced by on or before the 20th of February next. As an inthe rejection of the bills of the state barks, in all ducement to this measure, the government can only payments to the government, on the 20th of Feb. aid their operations by withholding from circulanext, must, for some time, be principally supplied tion as much of their paper, now in the treasury, or by government paper of some description. Justice which may hereafter be received, as the demands and sound policy forbids the continuance of the upon the treasury, during the ensuing year, will present system of treasury notes. With a large permit. As the sum, which it will be in the power surplus of revenue in the treasury, the government of the government to retain in the treasury, will be cannot continue in circulation a paper which sub-considerable, it may present a sufficient inducement jects them to the payment of interest, or which may to change their determination, not to resume spebe funded at even six per cent, as the period is cie payments before the 1st day of July next, approaching, when it is probable that that stock must rise above its nominal value.

If the government takes upon itself the principal burden of restoring the ci culating medium to specie value, it is improper that all the advantage resulting from that operation, should be exclusively enjoyed by the bank of the United States. As the

drawn from its vaults for exportation, would necessarily withdraw from circulation an equal amount of its bills, and leave a void, which could not safely be filled, but by the issue of government paper. Whatever portion of this paper should come into the hands of the bank, might be re-issued without exposing their remaining specie stock to further diminution. By limiting the amount of government paper, to be put in circulation, to the probable surplus revenue during the year 1817, its credit and value would every where be equal to gold and silver.

How far the discrediting of their paper, by refusing to receive it in discharge of duties and taxes, will influence their conduct, can only be ascertained by the experiment.

It may be proper, in closing this long letter, to inform you, that no decision has been made upon any of the points presented in it. It must be con