VOL. VII.]

to obtain temporary loans on such pledges, and a good business paper done at the bank and its form of the pledge was directed to be transmit-offices, where it was to have been reasonably exted; it is marked XXXII These notes had no pected that the merchants would have preferred endorsers, and the discount was in fact made transacting their business. The directors themupon the credit of the stock. For by a resolu-selves avow that they uniformly gave a preference tion of the 30th September, 1817, marked XXXIII, to stock notes over business paper; their reasons are contained in their examinations. But, when the president and cashier were authorized, in all cases, to renew those notes when they feil due the complaint is, that the bank had more capital between discount days, and by the resolution of than it could employ, it is singular that any business paper should have been rejected. In July, November 6th, 1818, marked XXXIV, the president and cashier were authorized, in all cases, 1817, that kind of paper, to the amount of about when required by the party, to substitute the 940,000 dollars, and, in August, to the amount of note and hypothecation of the person to whom about 493,500 dollars, was rejected at Philadelstock might be transferred, and on which loans phia; and, at Baltimore, in July about 407,000 dollars, and in August about 183,000 dollars were at par have been made. By the resolution of 26th August, 1817, marked rejected. These sums are not precisely accurate, XXXV, discounts to stockholders were author-but are sufficiently so for general views. Whether ized, at $125 per share, upon presenting colla-the paper was such as ought to have been rejectteral security for the $25. The provision required, the committee have no means of determining. The amounts rejected are probably not more than ing an endorser, or collateral security for the excess, above the par value, was in many instances, might be expected from a bank, doing business and to very considerable amounts, effectually on such an extensive scale, at any other time than evaded, by some of the largest borrowers becom-when it was anxious to employ its capital. Not an instance has occurred of a note secured by a ing endorsers for each other. The alleged reasons for the resolution are, that bank shares had pledge of stock being rejected. been discounted upon, at 120 dollars, by the local institutions in New York, and that it was neces sary, in order to employ the capital, which had been increased beyond the ordinary means of using it advantageously, by the redemption of 11 millions of the public debt. The practice of other banks would not, in the opinion of your committee, afford any justification of the measure: and, when that practice was to be urged as a reason, the directors ought at least to have been correctly informed of the fact. The committee addressed inquiries to the several banks in the city of New York, and, from their answers, it appears, that in two or three instances only, discounts have been made on the bank shares. That those notes never were renewed: and that in no instance has any bank there discounted on the shares of the bank of the United States above their par value. And, although pains have been taken to ascertain the fact, no evidence has been discovered of any other bank having made discounts on stock above its par value.

On the 9th of January, 1817, the board resolved, (paper mrrked XXXVI) from and after the 20th February then next, and to the 1st of July, to discount notes to those who should have revenue bonds to pay during that period. The amount done under that resolution was small, and it does not appear that such notes have, at any time, been discounted extensively.

The principal business of the bank certainly has been to discount on notes secured by a pledge of stock, under the various resolutions before recited. Their effect was to abandon all personal security, and to rely entirely on the stock pledged. A system which, your committee think, need only to be stated to ensure unqualified reprehension. Besides the objection which arises from these loans, being in their nature perpetual, after all personal security was abandoned, it appears to have been an act of self-immolation, thus to place beyond the reach of the institution, in the event of an emergency, to which it and all others are liable, so large a portion of its loans. On the 20th October last, a statement was made, exhibiting the amounts discounted on notes secured by a pledge of the bank stock, and then remaining unpaid, at the following places: at Philadelphia,$4,600,800, of which $173,450 was above the par value; at Baltimore, $2.402,435, of which it cannot be ascertained what proportion was above the par va

Much unfounded and unnecessary complaint appears to have been made by the officers of the bank against this very prudent measure. That it disappointed the expectations of those who calcu-lue, but it is believed to have exceeded $500,000; lated on receiving interest from the government at Charleston, $897,429, of which 2,000 dollars was above par; at Washington, 298,570, dollars of while they discounted on its money is very probable and very natural. And it is not surprising which but a small amount was above par; at Richthat some expedient should have been resortedmond, 209,840 dollars, and none above par. There are no accounts from the other offices, the to, in order to supply another equivalent source of profit. But there were other resources besides directors having required statements only from the stock of the bank The government stock those whose discounts on stock exceeded 100,000 was better security, and, although it was uniform-dollars. A statement has been furnished by the ly above par, the directors seem never to have bank of the amount discounted at the above thought of discounting upon it above its par va- places, and remaining unpaid at this time, marked XLII, which differs somewhat, but not materially, lue. They began by rating at 90 dollars for every from the statement in October last; by that state100, while they were discounting on their own shares at par: by a resolution passed 20th May.ment, the total amounts of discounts at the bank, and at their offices, on pledged stock, is 8,022,954 1817, marked XXXVII, the government stock was rated at par; and, soon after, bank shares were dollars; and, by the general statement on the 1st December last, the total amount of such discounts, discounted upon at 125 dollars for every 100, with at the bank and all its offices, is 8,934,712 dollars; an endorser for the excess. The committee are surprised to find so little "the difference between which sums is the amount

The redemption of the 11 millions of public debt, was effected by the application of that amount of deposits to the credit of the government, then in the vaults of the bank.

are compelled to state, that, in fact, the largest loans, on pledged stock, were made to brokers, and to individuals, who appear to have been conallstantly in market. Loans on stock, at a rate below its par value, may, unquestionably, be useful to the merchant, who would avoid the obligation imposed by requiring an endorser, and would be highly beneficial to the bank,, when restrained within moderate limits, and not made permanent.

discounted at all the other offices not above enu-
merated. The committee have compiled a state-
ment (XLHI.) which exhibits, among other things,
the total amount of discounts at the bank and
its offices, at different periods, on personal secu-
rity and on pledged stock, from which it will ap
pear that the largest amount discounted on bank
stock was in January and February, 1818, when
it was 11,244,514 dollars.

From this recital it will be apparent how large a portion of the capital of the bank was thus placed beyond its control. Although there have been some fluctuations in the amount of these discounts at different periods, yet the greatest part of them, indeed the whole, with but few exceptions, ha; e been constantly renewed from time to time as the notes fell due, in many cases for four and six months. Indeed every subsequent act of the bank has been wholly at war with the profession of these loans being temporary, held out in the recital of the resolution of 25th July, marked XXXI, and, in order to ensure the great-¦ est amount of such loans, and at the same time afford facilities to the prompt purchase and sale But the discounts at those places on stock were of stock, the directors, on the 8th August, 1817, || very small, particularly when compared with Balpassed a general resolution, authorizing the Pre-timore, where the loans were such and so long sident and Cashier to discount all stock notes that continued as to receive the animadversions of the should be offered between discount days, to a parent board. An unwillingness to injure the certain amount; and, by various resolutions, adopt- || private credit of those engaged in the above mened at different meetings until 7th September, ap- tioned transactions, where no public good is perpropriated two millions of dollars to their dispo-ceived to be probable from the disclosure, insal for that purpose. The papers referred to are duces the committee to withold the mention of marked XLIV. And on the 30th September, their names. 1817, the resolution already referred to, marked XXXIII. passed, authorizing these offices, in all cases, to renew the stock notes as they fell due between discount days.

But the loans actually made were most of them unreasonable and excessive in their amount; they were not made to the merchant and trader, but to a few persons consisting of directors, brokers, and speculators; and have been renewed and continued, almost invariably, at the option of the borrower. And when, in July last, the board decided a curtailment of its discounts, it fell in almost all cases upon the business paper, while the immense amounts loaned on stock pledges were but little affected, excepting at the offices at Richmond and Washington, where the curtailments appear to have fallen equally on all notes.

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But in respect to the directors, the committee consider their conduct intimately connected with the general management of the concerns of the bank; and, under a sense of the duty devolved upon them, they state, that many of the directors, as well those appointed by the government as those elected by the stockholders, appear to have been the most forward and the most active in trafficing in stock. The mere purchasing shares with an intention to return them, would not be improper, even in a director, if made without any view to intended future proceeding of the board of which he was a member. But the prac tice of purchasing at one time, when the stock was

Another, and probably much more censurable effect of those various resolutions and proceedings was, to keep the price of the stock constantly advancing, until it reached a point where it exploded and fell. From various sources of information, the committee have compiled a table of the prices of stock, at the different periods, when these resolutions were adopted, marked XLV. from which their effect in enhancing the price of shares is very clearly exhibited. It will appear, from that table, that the price of shares at Phila-low, and selling at another, after its price had delphia on the 20th of August, 1817, was, accord-been enhanced by the measures adopted by the ing to the public reports, 147 50 dollars accord- directors, is certainly unfair and censurable. It ing to the testimony of Mr. M'Euen, a broker, it is the perversion of a public and honorable trust, was 144 dollars; at the same place on the 30th of to the purposes of self aggrandisement, and places the same month, the price was 136 50 dollars. the directors in a situation where their own inThe resolution authorizing discounts on stock, at terests afford a strong temptation to the abuse of 125 dollars, was passed on the 26th of the same that trust. Still more reprehensible is the conmonth, vide XXXV. These facts would, in the duct of those directors who made contracts for opinion of your committee, be sufficient to con- the purchase of stock deliverable and payable at demn a system, which thus enabled a stockjobber a future period, at a low rate, and during the into sport with the property of others. Stockjob termediate time, by their own official acts, raised bing, to an immense extent, and wagers, on the the price of the stock to its highest point. The price of shares, were its inevitable consequences. committee do not deem it necessary to repeat the It gave equal facilities to the bankrupt, who had details, which will be found in the examinations not credit enough to obtain an endorser, and to of the directors and officers, herewith submitted, the capitalist. Stock could be, and was, purchas-marked LII. LI. ed, without the advance of a cent, by the pur- By comparing those examinations with the chaser, who had only to apply to the directors, prices of stock herein before referred to, the or to the president and cashier, between discount House will be enabled to perceive which of the days, for a loan on the shares about to be bought, directors have participated in this business. With and, by what is termed a simultaneous operation, respect to the public directors, considering them he obtained his discount, and, with it, paid for as public officers, responsible to the government, his stock. A rise in the market would enable and subject to the constitutional power of this him to sell his shares, pocket the difference, and louse, the committee deem it their duty to state, commence operations anew. And the committee that the President, William Jones, Esq. and

Messsrs. Pierce Butler and John Connelly, it satisfactorily appears that they were not in the least concerned in the stock jobbing transactions; and, with respect to Walter Bowne, although his resi dence in New York did not give the committee the same means of information, yet no evidence has been discovered to implicate him. Jonathan

George Williams, Esq. appear, from their own declarations, and from the testimony of a number of witnesses, to have been deeply concerned in those speculations. Mr. Jones appears to have purchased 1,555 shares at a high rate, and to have sold a large part of them at a loss. He states, that in the summer of 1817, he purchased a contract of 1000 shares, at 132 dollars per share, delivera-Smith, Esq. the Cashier of the bank, has had considerable dealings in the purchase and sale of stock, and in making and purchasing contracts for its delivery at future periods. The remark is applicable to J. W. M'Culloch, Esq. the cashier of the office at Baltimore, to a much greater extent. Although these gentlemen might have no direct

ble 2d January, 1818, and soon after another contract for 1000 shares, deliverable in November following, at 135 dollars per share, both of which, he says, were sold at 150 dollars per share, from which two contracts, it would appear, he realized 33,000 dollars. There is much ambiguity rests on these transactions, arising from the incompati-agency in the measures which were to affect the price of stock, yet the influence of their stations ought to be great; and it is to be lamented that they should have placed themselves in a situation where the exercise of that influence might be ascribed to improper causes. With respect to the other directors; their examinations will enable the house to determine how far they have mingled in these transactions.

ble statements of Mr. Jones, Mr. George Wil liams, Mr. D. A. Smith, and Mr. James W. M'Culloch. The three latter gentlemen appear to speak of the same contracts and purchases, but give accounts of them somewhat variant from that of Mr. Jones: particularly, Dennis A. Smith and James W. M'Culloch speak of one of those contracts, or of some other, as having been presented to Mr. Jones gratuitously, after the stock had risen, and it was obvious that a profit would be realized, of which Mr. Jones makes no mention. Mr. Jones states that he sold both those contracts

Besides the objection which has already been urged to the resolution of the 8th August, 1817, authorizing the president and cashier to discount notes as being connected with a series of proceedings evidently calculated to enhance the price of

to D. A. Smith: Mr. Smith says he was one of the persons who made one of these contracts a pre-stock, by affording facilities to the making prompt sent to Mr. Jones; that the stock never was trans purchases, and it is still more objectionable as ferred, and that the profit, amounting to 15,000 being a delegation of power, which, in the opidollars, was paid to Mr. Jones, in money. Al-nion of your committee, the directors had no though the precise time is not specified by Mr. right to grant. And when connected with the Jopes, yet it is obvious, from the rate at which power also given to them of indefinite and unlithe contracts were purchased, that it must have mited renewal of the stock notes, it was placing been some time anterior to the 25th of August, the great bulk of the capital of the bank entirely within their controul. The same practice appears 1817; for, at no time after that period, during the to have been almost universal at the office in Baltiyear 1817, was stock so low as 135. That the re solution of that date, authorizing discount on more; where the president and cashier as appears stock at 25 per cent. above its par value, had an by their examinations, have under the authority immediate effect on its price, will have been seen of the board of directors at that place, always from a former part of this report. The commit- discounted notes without an endorser, secured by tee do not hesitate to say, that although his moa pledge of stock. As they were not restricted by tives may have been strictly correct, and his vote the board, they appear accordingly to have exgiven without any reference to his private inter-ercised the power to a very considerable extent. est, yet his situation forbade his acting on a ques- Still more objectionable, in the opinion of your tion whose result was so important to him; or racommittee, is the practice of that office of allowther that he ought never to have placed himself ing the president and cashier to purchase or disin that situation. The high trust reposed in the count drafts and bills payable from sight to sixty President of a National Bank, by the government, days; because in those discounts the personat and by the representatives of the stockholders, security is the most important circumstance. It required that he should abstain from all concerns has been done to very large amounts, though no in which the price of stock was material. Mr. loss appears yet to have accrued. At Richmond, Jones appears to consider them as lawful private an equally improper delegation of power to the concerns; the committee deem them intimately cashier, appears to have been granted, in authoconnected with the public management of the in- rizing him to discount notes on pledged stock at stitution; of their lawfulness and propriety, it is sixty days, and afterwards, a similar authority for the House to judge. to discount at four months. After an experiment Mr. George Williams, another public director, of three weeks, the directors of that office had appears to have been deeply concerned in the the wisdom to abandon it, vide papers of Hichpurchase of stock, and in the making and pur-mond office XLVI. At the office in this city, chase of contracts for the delivery of stock to a the power has been discreetly limited, and as dislarge amount. Every witness that has been ex-creetly exercised. Two by-laws of the bank seem amined speaks of Mr. Williams' transactions in to your committee to deserve notice-one of that respect. Mr. Williams himself declined stat-them, that no discounts shall be made without ing the amounts and prices at which he purchased, the consent of three-fourths of the directors preand the committee did not think proper to insist sent; and another, that no director, without speupon his answers, as they had already obtained || cial authority, shall be permitted to inspect the satisfactory information respecting his conduct; cash account of any person with the bank. These and examined him chiefly to give him the oppor. | by-laws appear to render nugatory the provisions tunity of making such explanations as he thought of the charter authorizing the appointment by proper, of which he was advised at the time. the government of one-fifth of the whole number Vith respect to the other public directors, "of directors, and are different from the provisions

THE NATIONAL REGISTER.

[No. 4

•

The committee deem it their duty also to sub

in that respect by the former bank of the United || cilitate the operation. In the opinion of the comStates, although most of the local banks in Phila-mittee it is the greatest evil in the whole system, delphia have similar regulations. Should a state and is the origin of all others. So long as the of things exist, in which the stockholders should large stockholders can control the choice of dideem their interest hostile to that of the nation, rectors, so long can they hold and acquire imsuch provisions as those stated would render the government directors mere spectators of the pro. discounted on their shares, and, so long as they mense amounts of stock, by the proceeds of notes ceedings of the board. The committee endea vored to obtain a statement of the shares, upon election of directors. The system places the can obtain such discounts, they can control the which the instalments had not been paid, and property of the other stockholders, and of the of the persons owing them. The officers of the government, the credit of the bank, and of indibank satisfied them, that from the irregular man- ||viduals, and in a measure, that of the nation, at ner in which the accounts of the payments had the mercy of a few large stockholders, who, been made, it was impossible to obtain an accurate statement: But the fact is admitted, that the without having really contributed to the wealth dividends have been paid to some delinquent concerns. or value of the institution, have the control of its stockholders, who are few, and to whom but amittee are of opinion, that it is in the power of small amount of stock belongs. The dividends Congress to pass a supplimentary law, not conIt requires a corrective, and the comhave been uniformly paid to those stockholders, trary to, but in support of the provision charwhose notes were discounted to the full par value ter, and to give it the true and real effect oriof the stock, with the proceeds of which they ginally contemplated. And they have instructed paid their instalments, including the funded part their chairman to ask leave to report a bill preas well as the specie part. The injustice of||pared for that purpose. this proceeding towards those who had really paid their instalments according to their engage-mit to the house a resolution marked LXVIII. auments, and who received no more benefit from thorizing a discount of a note of $20,000, at 60 those payments than those stockholders who sub-|| days, and directing that it should be paid by a stituted their stock in place of specie and funded post note drawn at 60 days after date. It is statdebt, is most obvious. The stock that had reallyed by the cashier in his examination that that never been paid for, but which remained pledged post note was made payable in Philadelphia. for the very credit given it, was entitled to draw, They find a resolution of the 30th of Jan. 1817, and did draw, as much dividend as that which had XLIX, expressly authorizing the office in Baltibeen fairly and punctually paid. to be paid in post notes at 60 days after date. more to grant discounts to the amount of $100,000, There is no doubt entertained that this was done in Baltimore from its subsequently asking permission to do more, although, from the manner in which the books of that office are kept, it would be difficult to ascertain the fact cumstance which throws any doubt upon the tranaction being deemed usurious is, that instead The only cirof exacting more than lawful interest, the bank has charged and received interest on money that it never loaned. Not being a draft on another office, it cannot be considered as an exchange operation. As the parties have a remedy in the courts of justice, for any injury they have sustained, the pre-committee do not deem it necessary to recom. mend any provision on the subject.

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The root and source of all these instances of misconduct, was the illegal and reprehensible division of stock, By the first fundamental article of the charter, no person, copartnership, or body politic, shall be entitled to more than thirty votes; and yet, in violation of this provision, it will appear, from the examination of Thomas, Leiper, George Williams, Dennis A. Smith, and James W. M'Culloch, it was a common and general practice, well known to the judges of the élection and to the directors, to divide shares into small parcels, varying from one to twenty shares to a name, held in the names of persons who had no interest in them, and to vote upon the shares thus held, as attorneys for the tended proprietors. By some of the witnesses it is avowed that the object was to influence the election. Mr. Leiper, one of the judges of the first election, states that he did so himself. The effect was, that Baltimore, which had about 1-7th of the shares owned by individuals, gave more than 1-4th of all the votes that could be given.

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pledged stock, a form of pledge was adopted, Under the resolutions authorizing discounts on marked XXIII, A, and under the resolution of 25th July, another form was adopted, XXXII, both of which were used by those obtaining loans. In that place there were 1172 shares taken in mortgage, or hypothecation, yet the equitable inAlthough the latter form is in the shape of a 1172 names, by George Williams, as attorney, terest in the stock was in the bank. It might the whole of which, on examination, he owned. be questioned, whether the stockholder could At Philadelphia, nearly one third of the shares vote upon his skares which had been actually was owned, and the votes given at that place transferred to the cashier in that form. were about two ninths of the whole authorized. not appear that any objections have been made For a more particular knowledge of these divi- to such votes, but that they have been received It does sions of shares, the committee refer to the state-without scruple. It will be found difficult to ment herewith submitted, marked XLVII. They reconcile with the 9th fundamental article of the are not aware that any remarks which could be charter a resolution of the 24th June, 1817, by made by them could present the subject in a stronger light than the above statement of facts. of dollars of the public debt, as the agent of which the board resolves to purchase 2,000,000 The same persons who thus held the power of ap- the commissioners of the sinking fund, and to depointing directors, are found to have the greatest liver it to them at par. That resolution, with Ioans on stock. It is alleged that they have now consolidated the shares, but, when occasion shalling its purchase, and a statement of its cost, are the letter of the president of the bank, announc. require their division, former practice will fa-Il submitted, marked L, a, b, c. From these it

to execute the directions of the parent board in .. manner the least inconvenient to their customers.

On the subject of the facilities furnished by the bank to the government, in the transmis sion and collection of the public revenue, and its fulfilment of its engagement in discharging the duties of commissioners of loans, and agents for military pensions, the accompanying letter of the Secretary of the Treasury marked LI, shows its conduct has been satisfactory.

will appear, that the bank had sold 2,000,000 dollars of its debt, in England, with which to purchase specie. The Secretary of the Treasury claimed the right to redeem it, under the provi In considering the question, whether the charsions of the charter; and, after some negotiation, ||ter of the bank has been violated or not, the coma compromise was effected, by the bank under-mittee have thought the expressions used, mean taking to purchase two other millions in lieu of wheher in any instance the provisions of the that sold, and to deliver it at par. The idea of its charter have not been complied with? There may purchasing, as the agent of the commissioners of be many violations of a charter, which could not the sinking fund, is exploded, when it is disco-be considered, by a court of law, as producing a vered that the stock cost it 2,054,264 26, which forfeiture. The principle on that subject the comit was bound to believe at par, by which a lossmittee believe to be this-those acts of usurpawas produced of 54,264 26. It would be a novel tion of powers not granted, of misuser, and of idea, that a mere agent was to do the business of nonuser of those granted, which defeat the very his principal solely at the expense of the agent.objects of the institution, as expressed in the And it is obvious, from the whole transaction, charter itself, would produce a forfeiture; and that the purchase was really on account, and for that all other instances of abuse of the powers the benefit of the bank, to enable it to maintain granted, or of usurpation of powers, must be its faith with the purchasers of the debt sold punished and restrained either by the ordinary in England. The apology for the bank is, that process of mandamus and quo warranto, or by it was done under the sanction of a high officer of other means than a dissolution of the corporation. the government, and although the committee The committee think they are required by the feel bound to say that it was a violation of the resolution to report all instances of a violation of article before quoted yet, under all the circum-the provisions of the charter, which have come stances, considering that it was done in good faith, to their knowledge; but they do not consider they do not themselves think it such a violation themselves called upon to state which of them as requires the interposition of congress. would, in their opinion, produce a forfeiture, or any other legal consequences; and one inducement to this construction of the resolution arises from the consideration, that if they were to confine themselves only to those violations which would produce a forfeiture, and should give a mistaken or incorrect opinion, that the charter had not been violated, so as to produce a forfeiture, the house might, under a strict construction of the act, be precluded from expressing any other opinion, and from directing the proceedings contemplated by it; whereas, by reporting all instances of violation that have occurred, without reference to their technical character, the house is left free to pursue any course it may judge proper. In speaking, therefore, of violation of the provisions of the charter, the committee wish to be understood as not expressing In order to give the house full information of any opinion whether such violations would cause the state of the bank since its institution, a state- forfiture or not. They present the facts, and ment exhibiting its condition at different periods, the house will determine whether, under those marked XLIII, and various tables and statements, facts, it be or be not expedient to direct the issucompiled by the committee, or by them verified, ing a scire facias to ascertain whether the violaare submitted-among them will be found state-tions are such as to cause a dissolutiou of the corments of notes issued payable at each office, and of notes returned to the offices respectively; re- The committee then are of the opinion, that the ports of the committee of directors previous, to provisions of the charter of the bank of the Uniteach dividend; a complete list of the stockhold-ed States have been violated in the following iners of the bank, No. 1, exhibiting the names of stances: those who were such at the first dividend, with 1. In purchasing two millions of public debt, their places of residence, and the number of in order to substitute them for two other millions shares held by them respectively, at that time, of similar debt, which it had contracted to sell, and at each subsequent dividend. No. 2, ex- or had sold in Europe, and which the Secretahibiting the names of those who became stock-ry of the Treasury claimed the right of redeem. holders after the first dividend; and No. 3, ex-ing. The facts on this subject, and the views of hibiting those who became stockholders after the the transaction entertained by the committee, second dividend, together with a list of those who have been already given. held shares as attorneys for others. Other letters II. In not requiring the fulfilment of the enand miscellaneous documents, not specially refer-gagement made by the stockholders on subscrib. red to in the preceding part of this report, but ing, to pay the 2d and 3d instalments on the stock, elucidating the facts stated, will also be found. in coin and funded debt. The facts on this point Statements obtained from the offices at Rich- are fully before the house, and they establish, mond, and this city, are also submitted, which beyond all doubt, 1st, that the Directors of the will show that the affairs of those offices have Bank agreed to receive and did receive what they generally been conducted with prudence and deemed an equivalent for coin, in checks upon, ability, and that every effort was made by them and the notes of the bank and other banks sup

a

portion

There appear to have been some contentions between the parent board and some of its officers, but the committee have not deemed them sufficiently connected with any practical objects of inquiry, to justify their going into the merits of these controversies, which would be a work of much time and labor, and would not repay the trouble. And it would be unjust to make any statement without making it in detail.