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Duffie,
Reviews and Ad.
dress to legisla-
tures, and mis-
cellaneous items,

2512 06

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 prepared 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.

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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 pursued by the Board when our resolutions were submitted to them, that a more exact statement can only be obtained 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 conceal-no one could conceal this whole matter. The resolutions of the Board were on the minutes-the expenses 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 particulars of this expenditure, and we were obliged, in order to obtain them, to resort to an inspection of the vouch-vestigation in 1832, and although urged to make the 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 supports 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-reports of Messrs. Smith and McDuffie, about the Bank. pense account ever did contain, or ever ought to contain; 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 expenditures at the Branches might be in the same proportion. "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 stationary and printing.

Now the truth is, that these expenses were not confined 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.

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

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 respectable printer, in Steubenville, proposing to reprint the

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 he 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 Mr. Sergeant, and thus the receipt stands. So that thewhole agency of Mr. Sergeant was to answer 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 em3d. The next misrepresentation is this. After quot-braced expenditures calculated to operate on the elec ing the resolutions, they proceed-"In pursuance, it is tions. All expenditures of this kind, introduced into presumed, of these resolutions, the item of stationary the expense account and discovered by us, we found to and printing was increased, during the first half of the be, so far as regards the Institution in this city, emyear 1831, to the enormous sum of $29,979 92," braced under the head of stationary and printing. To Now it appears on the very face of the expense ac-it, therefore, we chiefly directed, &c. &c. 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 common stationary for the Bank.

The enormous sum in question was This consisted of the following items$1080 32

443 76

267 68 179 91 4178 37

Common Stationary,

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2886 67

Sheeting for do.

1421 94

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300 00

2121 64

788 13

10 00 $13,678 42

$29,979 92

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 currency, which could have no possible connection with elec tions; that $2,500 were for reprinting Mr. M'Duffie'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

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stationary and printing during that period, and that a large proportion of this was paid to the proprietors of 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 disbursed for the object to which the President objects; 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,' thus the mis-statement insinuated in the report, becomes and declared in the manifesto.

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

There were paid for making and printing bank notes

For printing blank forms and other necessa

ry papers,

For books and stationary,

For various miscellaneous expenses,

Making a total of

$24,591 96

1,848 08 6,053 88 653 25

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authority given him by a resolution of this Board, adopt-
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. He 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.
"Whereupon, it was, on motion,

to cause to be prepared and circulated, such documents
"Resolved, That the President is hereby authorized
and papers as may communicate to the people inform-
ation in regard to the nature and operations of the
Bank."

And finally on the 16th of August, 1833, the following resolution:

"Resolved, That the Board have confidence in the wisdom and integrity of the President, and in the propriety of the resolutions of the 30th of November, 1830, and 11th of March, 1831-and entertain a full conviction of the necessity of a renewed attention to the objects of the resolutions; and that the President be authorized and requested to continue his exertions for the promotion of said objects."

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

So that at once more than thirty-three thousand dol$33,593 76 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 report the increase of the expense of printing, but it may be presumed that neither they, nor any other authority, thorized to take whatever measures he may think pro"Resolved, That the President of this Bank be au till now, thought such a subject worthy of being pur-per for the discovery and arrest of counterfeiters of the to time in effecting that object as he may deem useful notes and drafts, and to incur such expenses from time or necessary."

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 Directors are, therefore bound by official as well as personal considerations to remove unfounded prejudices, and to repel injurious calumnies on the Institution enrusted 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 people. Accordingly the following resolutions have been adopted by the Board.

count, in executing these resolutions, from December,
The expenses incurred, as stated in the expense ac-
the President, to the present time, running through
1829, when the first assault was made on the Bank by
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

Of which, the proportion for

the defence of the Bank,

was

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

$58,265 04

$105,057 73

46,792 69

$105,057 73

This will be seen more perspicuously in the follow

On the 30th of November, 1830, "The President submitted 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 ing statement: this Institution, and suggested the expediency of making the views of the author more extensively known to the public than they can be by means of the subscription list-whereupon it was on motion,

"Resolved, That the President be authorized to take such measures in regard to the circulation of the contents 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 adjournment of Congress, and a verbal understanding with the Board, measures 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

1830

Printing and Speeches in Con- Books and
circulating re-gress, and other stationary.
ports to Con- miscellaneous
gress.

publications.

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1831

2,650 97

19,057 56

21,496 26

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22,183 74

12,098 57

2,600 00

6,493 53

$46,132 77 $46,792 69]

1833

$12,132 27

past, the Bank has been obliged to incur an expense of So that the general result is, that within four years $58,000 to defend itself against injurious misrepresentations.

This has been done with regret that it should be necessary, but with the strongest conviction of its propriety, 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-sacrificed by fal-ehoods. A | war of unexampled violence has been waged against the Bank. The Institution defends itself. Its assailants are what are called politicians; and when statements 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 period 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 Bark 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 themselves have no right to complain of the expenses they have occasioned. Their own duty in the full proportion which may be needed for defending the Institution entrusted to them, the Board of Directors will cheerfully and zealously perform.

The Committee conclude this examination by offering, as the result of their reflections, the following re

solution:

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.

WOOD. 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 7 to $7 50, and the latter from $5 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 dayRobert 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 the removal of the public funds from the Bank of the United States, under the circumstances, of the Light House on the Brandywine Shoal, as essenResolved, that this meeting consider the re-building and in the manner in which it has been effected, is a violation of the contract between the Government and tial to the safe navigation of the Delaware, and that the Bank—and that the President be instructed to pre-application be made to Government to have this ac sent a memorial to Congress, requesting that redress complished. should be afforded for the wrong which has been done to the Institution.

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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

Ordered that these proceedings be published in all 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.

for With this number closes the present volume, 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

a period of near fifty years, James Logan had the care the total gallons of Oil.

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