Western Carolinian

              ly br xwz ro wt_w ss ' * r • '.? li w i y w y h 7i ifii^ti im-e !„ iiw whirl |,., w i,'r v ' * ■«"•'■'»'"='- ' "^ div « ..„ l ,.,., '"** '■-"■':•....' li.l-1 „.,,- m ,„ ,!„■ !„ ,', „, „„. ,',„."•:,, ,„ ! , zz he i itnmii ng fin mil ton craig i salisbury it hvw pouvtv v 0 1 v m\v it ; ' i vot vii .%> **"•"<• i x i -, , i .-*, . .. u . ',,-. hum f ' . ■ i si i i'i - ratiw ll\mf llectioo ofthe public .- ■..■,,,„. ,„ ,, ,„. for tha eem orai.j pan ii i „ point to aaothor thai mm be roti "" i «° make an and all pay ,.,„ ,:„ ncoount ol the govts nnt „ i , , ■„. i i 1 ' 1 - inter t civil i t army n poniiom or ibr ant othai purpose what over free ofall antl nn , i . c nl , ervic .„'"', ''"• ' " i t ' ' i in-nth i lw , tli.-m : mil l vu.-uli.ri zn z '*" "' ' ,, ■! , . i , , ... „,,,,, .,. " '" " '•*•'" linioly tend i i limit .,., '.',"/ " ** '' '"' ti dt i to th : '.!,„, nl'llu ' v ' ,' j ' '""*' ' "■ '" • mi .-..,, u.il pm nt ''"'", im ",'*""""-"" rev .., . k.,ri ., i .! i it f ,|„. , r . '" » "■'■"•" il will be - i i i rerom , . ,. ,'„•,,'. ''■'"', ''>' i 1 '" gu vi ii ii i t ,-■ ■„ ,,,, ,,.,. mx , pi | inl i red np.i i .., ,,,!. ,,,:,, ,',. 1 „-,,„,.. ,..„., '"" , "* " "• "'" e .* hold v half * loan > ii nut " '" ' '') "' - 1 "' 1 enlion nei :; .,- ,:- „ | ' ,.„ ' ch i rvil , |„.,| | .,, , ... ' ■■■ !'■" i "■' l.ai hi . ,. having thui perfrir l my duly in i ir uovi in ivi . , opininn nuked 1 fell i ,., . "" ' i , "'■ ■ - ■ in i or thn iii . , ,!„. uovori mom tu do ide on the " i 1 ' ' ti - b ihe com ■ ol ihe u nf ll o i ink i nnj h n i i re u p [ •'' ,'• qui lt 1 11 thin -. nflor wi i iii i iln eir i'h bunk hu it legitimate banking eun luncoa llu uuvurn oul capital with which to do ita regular bum r,',i t.i ■ mea*ura,bul lhe il ,,'■-,■,, und aceominudata tin oomn ity fioult i u ion - t be ibii lliat the \* it ,-,, il els in j i i roveiiiia it i ainki lho quator inter t'tinbleil both to avail luelfof tha ad van e*t frum ',;'• lo fjctohor of.hn.umiu i ■ pemployin il to il awn banofit nnd t-„.!.,i to b paid it july mid lhal the hie accommodation i the commercial gt.vornine.it did not foci iuelfjuitirod in i mnlty who principally oonlri'uu lo makiu the |" nt imli tl it in i - ml in , ii.ii mt in lha ii ■,,,,,,' i i i i be uvnd but hut it w uld he li - * t i.n in — ■ 1'iii.u ; pm.i',1 i mihiu ,,!■ inl iii-mi 1 .' i tl.e ihiiii would make til i ,,,,.. i • ar an illii.tniti nf ''" ' r '" rt ol ti i .• it.'ti i hsve ii ■■-• l • may i ri.tr 11 ihi i hi ib h 1 ih i i r.'nry ... i the collector ,( ht w v..,i , with u laudabla an*i»t tojrntecl .',„• i uhii rev ime itppl.eil to the bank tn aulhorlae an , tonaimi nl loan i lhal cit in on tr io i ti debtor to tin government ■ tins p pil dona el *— i ibould deeiro to do again aa-the men to ike gov , nt ii ni during ibe iirvt quarter will bo un large upon a reforance to thn weoklj tn.e ment oi the ufflce a sat \ irk lr m lu ll 1 381 to april 1888 before al uded i i the committee bnd no aggregate in . return uf loan | but n iln connlry •' - f find unit there im bean a reduction in tba amount via . lha amount ,.,, lha 88t)i feb riii.ii being in than i"i lha ud and tho lll sl \ < of 111 111111 iii mill hi l tl40,s olio lo on i no 8hth daj of man h tluin on tin sbth of i'rhriiuy previoua i examining the itotanionl no 80 it will be iann thai lha total ntimmnl of die counta at tha now york branch bt'nreeg thu 4.1 ofotgooer imi and the fl of march 18811 wore u tmllv diminlahad i u.-.l 1 17 wlulo during the eama mir i,,e i„,n is paid nt thn port atnouniad to between i un and ian miun-it nf dollar tbe committee in erdarto aaoer.am thb prao.ne manner in which the annual ,,<-<-. inm ufdireeiora lum baan connected call ii ii create ii dninnnil i tl iiiitt ,„■. , :,,., is ,. iiich » ml i npernte in .', . i li i iln i it i , and bv abridging tl facllilie t which lha .!•.!,-. t i • . ,,.,', i .,!,■ in the i i!„t f ro , '.',' lt ,,..,,, i 1 . ' i..1 1,1 i iv 1 i'l.'ll'.-i lilt t i |, u m ni of ii um anti ., • ti hank wnuid ueci ' . i nl.l i toenm . - .. '.\ ii ■ |... j ttioni i i il n im .,! of *■■> i.ll ' ul till l.l i i lull in 1 ' t mi it inn thnrol re in ll at *•■ i.'i , , ,. , i ill 1 1 punctual |, i iii.-nt ■ i i .' j , . ;„, , i j i t w rl i hr ir.i.i'iii in ji itpnnliia iho i'i .;. 1 in t . !' thr public ' obi li another qu liter i.i which nnn il n u , lr x .',', - 1 - uu i -, innonvnnit noo from i t ,'. i - on l.'.'-l 11 l.r.mllll the ,- inilltiis are obliged .,- dinenl i l i'iuw , ..., l-.sild 111 ll pr hi nl iii iho i',,n ■.',., r iract i'i coinmit.ua rami . imliove lull lhe pr urn w lr li ■ il ■.. i n , intuitu - i . it ti i . :.-, i ' i i •, i . at it.utable mainlj " /,, payablt fbr tht '■ i months i'i coiiimiltao be in i t i n|,rrhii,,ni i i inr bank i tlm united stntoi m i'liilud inhia and the of i - in baltimore \,« vork and bo if represent t vet mat ' •. 1838 ion l ',, >, , i in fie committee would preeenl another ntrikin | aiiulu i , !•• lw " the itual i 1 ,, i i if i ii i 111 . el it j i in it 1 t the ." m mentioned pe i mr cl.ovns informed tl sucratary i i hi ii t in bank would nol poj the j ..:,, t.tii.i <|. .->!". iln nillione without nr i r.iit i i l"-"i i europe andtw > mil i wero actually burrowed in europe he indulgence i the oovon nl i obtained tu thai afll ct thn bank ol i , lime , preci iely in tha mma tituutinn il hai ti.l,.-.l tin uovornmenl t.i poitp •,„ the r i.n pt , ti i ihu three par emits from l-.i ti it i t ni i october nnl hai na ■ it tt-il iln paj nn m ,, i iu quutter'i inter .' 1 u tl i itocka being subitaniially aquivnlool lotion-owing mven million ni tl 1 ii.vcrnmen 1 1 money for three months i'or performing tl dot , tl bank liai ■ li il mi im i received from iho t . ry department antl lhe country jen rail . i'or win ■ v uan pn»f moril lo n n . , i that e,i n i have been i urpnimod evt ill iu 1 rvice it parfurmi wi n ton thii and elhor eircun.itanoea have i i tho committee to an invi stigntion i ( iii hjoet tr far it tl,r i l tune would allow before el ,,, . their labor 1 .- lion far lha bai i ii intitli 1 to the credit i i iwed upon it nnd to « ],.,. ,\ i ni ill bank hai aided tho g v nt oof in ti fiscal oporatiana i j tnd in li ati . nt ■ i 1 in obedience t iti charter llu | dvornmoiu in in eolloctioni i trough the bank -■*' ihe i nite i htn.os reoelvi * nothi ,. bul ■ ie or n loa ol lhe bank oftlje t uiteu status ami mai ■ its pa in iu nothing el ■■. iflhe notes nfatu.e banks urr roculved b ihe hank i ii ov n it is ., pi ivale matti t botwue.i such banks aud the bank ofthe united slates ami uneniili which the govern ment does not concorn it ifj and it is i be presumed im in bank ofthe lint viates is too watchful ami vigilant iu tin protection of ita own interests nut to sn thst it obtains from tbe state banks foi the notei thus taken specie r its oqiva lent or its own notus in exchange nnd thumb be provided uuliu fund from the collection of tho revenue equal in > due to hut ui which tho nn required to fi luppl of oxebauge b the bank ai has been doue for tha lu-*i five men in nud thu eui . tiling i di ■> ouni are l„it men palliatives as th oo(mnittoo full believe , an ' the are e ni3>,l thut nu niuasuro can ou invent zl t n itore n oiitul nin ii , un i n regular itato of thing gouerally and givo a nol id und permanent ruluo to property l,ui thu withdrawal of n in •,- portion of notes now in oirculation it to bank whioh w.ll compel other li i il i , do uu iame l,..iit llis lime tl kuovt they will li call 1 up i lu nutke lhe pa mt all on ac ci ', tl i io i lovom.uont ; and us i j ,.. luall approach lhal |„ riod the ii ... ., t irteii i ',.- period m hich ihe buiinosi paper liai io run until they ar rive at the lime tha call fronigovt rnmontii * i ti them whea the buiinosi paper will have hern paid if tho hank thru pav - the govi mini ut and the govomment im it lintel again circulates it among the . . ', i . the oporation bi thus described ap pears to the committee t o plain and • im pl to require an furthor illustration ; nnd ifthe principlo is sound aud hss been acted tipop by the bank the canuo die covor in what manner th operation i commerce could havo been disturbed ui the value of pecuniary investments hair i been nflbcted i the pn menl ofthe public ' debt by tin ti vurutn-'iii liui if the bnnlt has as ihe public rev j enue ha ncriunulatod lo tho - rcdil of the treasury department gone on 1 unt ing upon it nr i aniiig il out dian gardinj ihe period when they would be coiled up on to reimburse it the committee can readily perceive that when thai order ar liv i thev would hr i tmd lull onlv de.li i mi ui preparation bul in a state ofsur prise and that thn payments uld firal embarrass the hank and then load it .,, press and cmbarass the commercial com i niunit . prom the observations made ami the ■., nun tlion of documents during ihc course of this investigation tlm committee have strong reason to apprehend h.>i the course pursued by the hank in bean upon lus latter principle ll sn the bunk has incurred >. hii-li responsibility the committee believe mo subject of the late poatponement of a portion ofthe 3 per cent si ek intended us thev un derstood to have been paid on tho at of july by thc government to be within the province of their inquiries and bolieving als that it had a strong connection with the present state und situation •;•, of tha affairs of ho haul und for llu purpose of enabling them to form n correct nud true opinion upon thu tubject they nnide a call upon the president of the hank for the correspondence in relation to he postpone menl of tha payment iu tlm following words '* will you please give a copy of the correspondence connected wilh your application iu march last requesting a suspai don !,\ iltu government ofthe pay ment ofa portion of its debt intended to have been made uu the is july next ora statement of tne arrangement made in re lation to thai subject which corros pond,-iicu was communicated by •!>-. pre sidenl ofthe bank with tho following re i.i irk 1 " 1 hav made no application to the g vern.nent nor hav i requested any luspension ol the payment oi any por tion of tl public debt the inquiry 1 suppose rcli.es to this circumstance i roceivud u letter from tlir actio secretary of the treasury,da ted the 2 l:ii march 1888 informing thai government wa aii.-n to issue a notice on the isl of april of their intention to pay on tin is of july next one ball ol tli ■ three per coat stock nnd todo il by paying to each ifockholdei oue half ofthe amount of hia certificate he ud i id - if nnv objection occurs to you either ii to the amount or mode of payment j will hunk you to suggest it " thus invited by lhe government to a cntnmuiiicalli.il markn i 1 ind to yive mi opinions on u in-asir c nt.-uipla ledbv tho government i i it it my duly linkin . fund .. ', do •■,, lho 1st . coik-i . t till i .*.,,.!, ill i as thr hut mould hav tl ur nf lhe i'm i lut ... the lhi mun.lv 1 wouldi in i lu • ive the mnk ing find harmless b puving the throe mouli interest itself j and so tho matter standi " row ii will be lean thai lha bank in nil his hus had not the len.t agency -■ c.|t to offer ii opinion when il wai ns ked ii regard to it meniuro proposed h the < ivrlllllll'll ; 11 , iii ih n . oiler iti aid iu car in that measure into operation i'll committee cunnoi discover any abilitj which the bank possesses to give inoremod aid to public debtors in iho pay in nt if the ii i no millions of dollar fulling . in in i said in lha quatar ending wilh thi i of lull hut on tin uii.ii y ihey lielievt that such is the situation ofthe haul n u , md such will bo the demands whicli ii will be called upon to meet toni ii mi roquira thu aid of ull thu aocutnu • i ' i for lhe ll ver ,.,, it tn vus.iiu ii - f the aomroiti o are ful ly rf ipinion thn though the bank nol i , , ' suugl.t 1 f'.r nrir r<|u,'.-l ..*' 1 t ponoment of the payment b ihe govorn ment as stated in tha declaration ofthe president yet it such postponement lmd no been made the bank would not on the 1st of july have possessed the ability to hive ■....'. lhe d tnand withoul •■., isitig mane ot great diatroas iu llwcoinmor rial c minuiuty thee .',, it nr unable to discover in what affoi i manner the i 1 ooul i tu i to the government in carrying tut efleui the measure they proposed winch ihe presidsjul ofthe hank m his remarks s-siaks of having proffered to thaw all thai ih government oouldaskof he bunk on lie l-i of july or n anv other time would be lo pav over to them the amount i had c dlected for thru account when thoy wished lo omploy it the same us ii principal would c.,11 upon its agent to pay in i in i u-s winch hu hud collec ted f r lus benefit li •! tcumeui marked no 30 i would appear that u tin i3.h day of march l,i-.,t im bank was aware ofthe intention uf iho i vernmenl to pay off during die year a great portion >.' tbe 8 percent storks ; und the subject of making an ar rangamont wiih tlm holders was ou thai 1 v referred by u ,, - i ... i ,...: hoard us follows '. resolved that thenibjael of the com uiiiuiciilioii ju-t made by the president be i i-l i'i to the eui.iuiiile.il iff exchange will authority ts make on behalf ofthe hank whatever arrangements with tba holders of the 8 percent stock of ths uni ted slates may in thnir pinion baa pro mote tin convenience of the public and i the interests of this institution this proceeding en tba part of tin hoard nearly two iceekt i„-tor tbey went official ly informed of tha intention by tha ov di tu tit to make the prepoead payment ion tho 1st l july demonstrates fully to i thu nnn i of lie committee an li . n h i edgment on tin purl of the administratii >, jul lhe bank of its inability to meet li de ui.it.ds which the contemplated payments film government 3 por cents would i briii upon it without preduciug thu die i tress before alluded to iln ii loiter to tho sceretnrv of the treasury from the president ofthe bank dated the 89th march 183 marked no 40 is the following : " owing to a variety of qbiisne ihi mainly lo the tyrant amount of duties pay able for the last few months there bus been i preaauro up i the the mercantile inn ll . ur prinoigle placos wltere ixinsd i-i hio during the las quarter liir i it oi , e lo ihe contrary bj ■ re f.-ien ,., ii weoklv i funiculi oi the ii ..!> ,,!' tlm united state ., the ,,:!■.,■,'■; t baltimore naw fork and beaton from biiy.l-.li to april l-'.i'l marked n • '•, i >, i !., seen that tin amount of re tluclion on discount an.l loans nl those lour urgmu coinniricial t-iln-s lull * tin lasl quurlt r taking lho inavimiini aini-uni in lam an last and ending un ibo 1st of i.til is 3,498,489 iii or in round num bers two millions uud a hull of dollar thia n iti.-ti ti l.y tn bank and its inane l in has probably cotnpolled u similar redeem lion on th pint of ihe state institutions in proportion to lha amouot of heir loans ui each of those places in ihis uud in this alone tin , ommittee are fully per un.lrd ii i i found iln true secret of the presiun which low existed and dona i.i exist operating upon ihr commercial community thai this pressure will continue for some unit to ct iln committee fear i'or he expansion has been io gwut that ib contraction which is now in operation cannot in th opinion f tlm committee be effectual chocked or controlled with out i neoaasary curtail ;,. of die nts if the hunk pn ..- ,, | ii ability to ius tain itself without curtailing its discounts tin revnue falling in tbe present quarter might i collected an i facilities granted during h lime upon tli princifdu before i itr.l on io ih ■■ commercial oemmuni ty and di*lairaed again by ih govern ment without any inconvenience being caused by thi operation bu wch abili ty the committee are well satisfied tho bank docs t po us nor an it t pre sent command i lidei the diminished meant of ii,h bank previously alluded to through 111 loss of five nulli ns of its peoie its foreign exchange nnd other re sources one ofthe great difficulties undor whioh it now labors u paying the public dabt is iis being compelled to recei public revenue in ihe atlantic ports currency lo wit hranoh notes and droit of tin western oili'-.'s not promptly c .,, rertible and to pay tlm public debt in currency money without n lar;;e abridgement of the usual accommodations whioh will nf course greatly distress the community the committee nrc under tbe itro . t conviction that i will be lutu better bble to nii'i-i ibe pressure the government pay in nis « dl cause on the i-i 1'ocl than they would halt ln-.ni on tin lit of july the words of mr crawford in n letter hit i oth of april 1810 t the niusideal ofthe bank the committee consider c,-u liarly appropriate here lo introduce •- palliations may prolong tha existing embarrassments and by exciting li hop i and ii i f i he community aggra vate the existing evil l.t.i cannot influ ■ ■■,■•■ ihe lintii moult in another lottor d ted thc oth f nril l-l i to tin same gentleman ha says •■ banks in order . - - i ipi cic pay munis m i st approximate their circulation and individual depositee to a sumjuetly proportioned to he amount of specie in thoir vault any thing i ul of llu will keap them in " procurioui statd and postpone t^e period whet banking opsra iious can be satc-ly prosecuted upon ordin ary principles whim un it.nl.lu.ion with investments iiuoiiiitii.tr t asventy-five million com manding tb - foreign an dotoastic exchange ofthe country monopolizing th-i govern l posilei ,.,,,,.., 1 it in-un-u ed nt un early period ofthe investigation ijr tlm following doeuaiant viz " astute uie.ii of tha dumber of votes given al aaok annual election ol directors sinca lh i of th ■ committee will horn introduce ■ qu i tit ti liiii mt rush in hia treason repori iul9s8 ■.■ null fully aouorda with their niitimenth •• it ih the preaerva ti.iu of a i'm currency whirl oan alone imparl stability to property und prevent th tse llu-'l lain in us i uli.i burtlal alike t.i individual nnl natioual wealth a na ,, he say •■ thia advun.ngo ihe bonk hu secured to lin c-iniiiiui.iiv , by confin ing within pi'iuj-mt limits it issues of pa j r wbereb ti restraint has been imposed upon excessive importation whioh are thus kept in n - within the true wauls and oapacit.ei of tiid country — according to th ■ in innial repori of tlm director lo tha stockholder on the 1st of august of ih the amount of circulation thee was shu 044,780 71 ; and un tlm firal of april ins u before statod ii wai 623,717,441 14 farescnting tho astonishing diflbronee of add'ci 1,780 43 in less than four yt-uis — din iliiti bn considered according io tho a md doctrine of mr hash confining its issues uf papor wi.luu prudent limits whereby a rostraiui has bean impoaed up on uxoeasive importations 1 thut great contractions ui-e injurious tha committee boneider that they have adduced an au thority hut cannot wall be doub.od und tin i a groat one is now iu operation there u too many general evidences iu ooufir uf.it i,i-i of im fuel to bu rofu.cd a par ticular one will mdfioa which is taken frum the documeuta called tor by di san air aud presented to thut body by the beoretary of tho treasury on the 1,'ih of al.if.'ii hut ; iu whioh will bu found a com munication i'i oui ihu pru idt'.-i of thu bank stating tlm ibo amount if brunch not rul'ji.iucd by he bun of tlio uui.itd status ut philudolphia iliu ti ',::,- month qt february last only to bo 8730,000 and theamoun redeemed it lny during tin lama month was only t*n>-i,_l0 iu a letter under date of the 28th of march last to tho uliuninaii of the com tni.ti-e tho president ofil bind says " lhal ill amount of branch notes redeem cd at the nnv york office iltirin in your 1881 was 913,819,688 and ut philadel phin 18,803,800 making a total of 18 t)lh,4"j5 wilh an increase of circulation between tin j i of february 1*31 aud he 3d of january 1883 of mora than au mil lion i dollar us er monthly statements anl doorease ol its means bc.ivoen the 2d 1**u',1 the whole number of votes jrivon the number given in person and the imm hrr given h proxy d in tho hitler en*e by w u un which statement wus not lur mailed the committor hut the slnthir nt marked no 41 waa furnished thia slu,w the whole number f proxies to lib 1,833 of which the pi r-i nt h lds ex clusively 1,488 and aa a'lruett-o in con junction with othare l,ol winch inm without intoodmg to impugn the ex eroise i lha power decidedly u pfnttond einini . control in he li'cliuimt diiecl rs it p.wcr whivii wu never cnntninplatad by lie charter so far from it but ins.ru mun as well as subsequent laws pnssod by congreaa hav studiously endeavored lo prevent the very misdlinf which hi ii oi„,l,ii,o of r,<\.i-s il til ban n of one person is niu-l obvinual nulou hum to produce j'he i i a tnr has limited tire v,,i i the largest stookboldor no iniv-nr what may i.r tlm number of shares l the number uf thirty ch inl with a view to prevent lhe whole affairs of thr bnnlt front pay the largeal portion of the revenue pnr ticularl from import oa i unit i known it oolleoled in lhe atlanlit oitl i uurthul'tho ihitonvic tl.uaa pities i tin great murti of suppl to nea.lv tin whole ofthe oui.-d hiatus nnd places in which remittance centre from ahnoet ov i-i part of the country creates a demand hit funds u-kiii them li.uii in-m-ly ever quarter constun.lv nud generally nt a premium therefore *••! far a tin bank is culled upon o tranifer fund from thoee citiea to other placee ii bocomei a matter uf profit anil nn of expense to ii and the greater ihu distance ihe grealoi the pre mium ; und tin larger the amount ihm re quired .,, be ruiisii-ned by th govern ment uud thu greater he diitauoe the gri ui .- 1 tli profit and advantage to the bank that the bank has uided ihu govern ment thus far the committee are unable to discover or thai ibey ure under any bii gationa ie tho hunk for those sorvicos thoy art ut , loss to imagine how far tne bonk baa aided th government in its liscal operations us it claims lo have dona will bo seen by a communication from im president of tbe bauk to this committee hareailor adverted torn another part ol thia report und also in a report ofthe committee of tha stockholders a tbe tri ennial meeting on lhe l-i of seutembor 881 in the following words thai thu bank through the whole course of iti op erations has effectually assisted the tree suiyui.no collection uud distribution ol tbe public revenue and that of late years it has been signally efficient in preventing ihc discharge ofthe public debt from iln turbin the operation of commerce or i - value of pecuniary invest incuts sow the committee are nol able to dis cover upon what principles the foregoing declaration is made bv referring to the , 11 pond ■•■, in 1810 between lhe lhen president ofthe bunk und the tlmu secre tary of ihe treasury the committee dis cover that tbe hunk waa then applying to tin treasury department to aid it in iti operations and was receiving oil that it could promise on the 80th march 1 19 lh pr lent nfthe hank close a communication to the then aeoretary vir crawford thus i 1 have ventured to trouble you with thoee wows with the hope that you will pardon thu liber und with the c miction thai if you can serve bi*i institution in any ol them which you shall deem - insistent with hu public good you will fuel u pleasure in i ling o the secretary of th • treaiu v in closing bio answer under date ol the 27th march l~l says every &• cilily wbicb it is in the power of this de partment to ulibrd lhc bank in its clf-rls in support specie payments nud restore the currency to a natural slate may bo confidently relied upon by a reference to a statement of lie public doposites in the bank of the united states each month from march i-i to march 163 inclusive marked x h7 it will lie seen that irom the l»t of january iisy up to tie month of march 1888 than ha been only ot period novem ber 1884 when the public eposi.es did not , ac four million of dollara in the hands of the bank an i they frequently amounted to eight nine ian and sloven ; and on oh occosimlu twelve millions of dollars ll reference >•' document marked no :)-. ,, will '■- foun i lhal since i ie month i march 881 at all lbs different periods iflub#d,a(cly ujjpwimj tt h-j^-ipti ' • railing into thu bands ofa few individuals li is io powerful aneagine in line iiti.-.it nd by inn an alone nnd this must be apparent to tlm good eeneb nf every ne yet notwithstanding this reatricti in by tha use l proxies individuals wi.n i tile or no i,iuii,"li,,it interest can pi-rfirin what thoee possessing a direol nnd e-p interest are prohibited irom doing cow naoted wiih this auhj-'i f there is tia whirl ni|r not to o hiu licod tba charm positively l-rip.ir h wont-dive jj rectors marked no 4'j there lu.v ih-pij but twenty-four too prosiilent of tha bunk holding ihn appoint nmnt fnm is government and tin stockholders at tit .,_..!•■ i.tne f he committee cannot pnse over nivir tioning the sul^u.-t ol tho sum p lot printing hy rof mice to a ital'-mmtf tin-.ii.-sii 1 the senrtu m inch la.i it will be ocn lhal from lhe period ft i i t.-h tiiriil of tho hunk nf'tor tlm yenr ih , up to tho yerr 1--0 ihe hiiiu pail for prints rifr 111 ony one year bus not eve c,l,;d 17 ih nnd in some yours ji hns becn reduced as low aa sl'-'l l ftl6 fit i*i i in 1880 tin amount is ewelfod t the sum of 98,708 54j and in 1881 tu 0 181 84 in tlm your 1c17 the year in which the bank was established mid went into operation and cniiar*>|ueiilly n greater x|h-i.s,t was incurred tho expense fog printing was s3,-j-»i ib u'hui circumstances occurred or exist d durum ha 1830 uud 11 to require such an uiui.-iial incniisn in this brum 1 of ev|m>nsu over tho preceding yourn ii tlio ordinary cou ran of ila business th c un mit.nn inivi been unuhlc to d/^cover though tbey called for the accounts under this inn i of eapcudi.iirc but have n,,l yet ni-.eivod thnm in tint auic uc nt it couluin-'d the sums paid to i.lto-i vf annually kiuce lhc establishment of tha bunk this suhjnet w iul to their llinit ad tunc the committee were unnh e to offobruary l**3i and 1-t of ipril 1888 to meat immediate demands ol more thai twelve millions of dollars viz in specie funded debt and notes of jer banks whicli u lirst named into fc«>unted us per maohtly itatements t to - - - * 181,758,888 10 and tbe last to • 9,6 10,000 00 making as just stated a di.i.inuti.iou in the uctive means immediately applied ta thu extinguishment of its debts of consid erably mure than half uf its former capac ity to elil-ct the samp pbjet-t with such an iacrensjeofissues and the influence ofa most powerful reaction now operating upon tho fiscal energies of tbe country as is exhibited by the difference ef l lie redemption of branch notes at im periods and places above mentioned to gether with such a reduction of its means to meet its engagements must we fear jompd them still further to curtail their 812,1 15,968 10 investigate hudiciunt however cit.na to ih-tir knowledge to justify lhe bs-lief bat the sums returned us iiavin iteeq paid to " attorneys embrace onlv what era paj i le ibem in thut distinct charac ter that the sums paid te ttdicitur and couiiiti-llort for the hank are not ia tlie a ni.,uni given u^xpre^^to^woiri oi ii prolm*ttt3o|s5 r itionj in mv reply therefore dat i 28tm of march i staled that so far aa lhel hank i concerned no objection occurs tol me it bc-in sufbeisnt that ihe govern ment ha llu neceasary amount oi fuudsj iu tin bank io mai i thn contemplated pay tn t,t i than proceedod to obaerve that in the present inatitulioe of the -• ra mercial community and with a verv i tr e amount of revenue am,hjnl ,- '• iin milli ,,,--,) t be paid i for tbe !•• of ju ly •!,. l of i£q ooytifu.-fi wqjd cmsaea who havs been ohli^-td lo make ' wh'in we are exporting oui annual crop of v-.v great o.f,rls o comply will their en coln.n ameuritinj by the admission of tho i omenta to the goveriiin->,it that president of the bank the twenty inillinns pros-iurc still eonliiuios and il may be pro of dollars hut really ni.-ur thirty trails longed bi tbe mm renin — lha amount of ferafew millons et its fooda abroad to pay duties till payable during the neal luce th government debt withoul ainbarraaaing months tnis state of things seem tn re it operation and serious dietressing , u o nl all ihe i sn 1 iinlul trad is is iher no reason to l rave nut geaee to tbe debtors whieh can be aaliily its business has been too much and loo i the inconvenience then of rapidly extended 1 the prop i-i measure is tbrfl tba re-pay in the late lexer uf the president nl m i"t,t 1 six or ■'•• ii millions nf dollara n,,k i ■ the .->•-, reiaty of the trcusitr . 1 ip.>r tiwiihw « bid i held m i •! _, u spul aluru liwt.tjjeia v ill folfowibj the cmmnixne addressed the f',l!-vving icqniry to the president af the bank b lim.ii that it involvhil n fact which will be useful to congress in its fi-.ure leg ial lion it tho subject of its charter : '■ hid mr rllnworth or any oiip pise gf the stat of connecticut aa assessor tt taxes ol'thul stale writ to request vou lo t;ive him a li.t nf stockholders islous 1 1 that fcttate for the | mrp-me nf t.i\i_g ihi'ui according to a law tbareoft tl prwd^t rc ii : " ty uof pooh it i cvidont from the circulars addres sed to the brandies and correspondence iih them since october last thai the cbt-f ebjeel ol the bank ha leon to sus tain itself — tho statemc-t accompanying tliis rc-'orl clearly proving that the hunk u.s not increase i it facilities to the trad jqr eommunitv in any nartol ihe ' nion the rank of i nil i stal among oth v i ifii'-l-htf will h w-s &-. b<vu.u4 19 hmexi