which we have sworn anew, this day, to observe and maintain. I would give to this bond of our glorious Union a hearty and vigorous support, in its several provisions, as the wisest and best compact which could at the time, or could now, be obtained. But I feel no obligation to proceed at all beyond the Constitution to foster or perpetuate a system of slavery. I would in this matter observe good faith toward sister States, because I hold faith between States as inviolable as between man and man; while beyond this, concessions to slavery. will not readily be made by those who look on it as a great wrong and a ruinous institution. I have said that labor is affected generally by slavery. This is produced chiefly by the national policy and public measures to which it gives rise. It may be observed further, that few improvements by means of machinery and water power can be introduced into those regions where labor finds its chief employment in raising cotton, tobacco, and sugar; nor in time to come can slave labor derive much aid from those inventions which give immense facilities to free labor and multiply its power beyond computation. Of the character and wants of free labor, and especially the policy which fosters manufactures, navigation, and the fisheries, the planter has necessarily but little knowledge, and with its peculiarities, little sympathy. Of this however we do not complain. Perhaps our views are erroneous. We wish only to say, that where slavery bears upon general interests, as in national affairs, we may with propriety speak of its tendency, and firmly maintain our rights against its power. A National Currency. I cannot pass from a subject so vital to our constituents as the protection of their industry, without expressing my regret that on this and the kindred subject of a national currency, nothing is settled in the government. One alarming disease of the country is its vacillation in public measures. There is no certainty that the policy of one year or one administration will be the policy of the next. It is certainly time, after the experience of half a century, to discover where our true interests lie, and to pursue them by some established landmarks in legislation, that labor and capital may not be for ever embarrassed and perplexed. If hitherto the country has been deluded and unwisely governed, if we have for so long a period been pursuing false theories, let us carefully search out the true path, and when it is found, persevere in it with constancy. We must, however, take care that in our efforts to preserve liberty, we do not hazard everything which makes liberty worth possessing; that in our ardor for equality and simplicity in social life, we do not permit the great deep of our political being to be broken up. It is to be hoped that free governments may not prove to be too deeply imbued with popular sentiment, to be uniform and fixed in their policy; but, fellow-citizens, the experiment is in progress, and we cannot but look to the final result with deep solicitude. I believe that our political institutions are the wisest and best in the world; and it is my ardent prayer that they may long be perpetuated, and become lights to guide struggling nations to the attainment of true liberty; but I confess, when I behold such rapid and hasty changes in general policy and legislative measures; such unsettled views in leading statesmen and the people themselves; such tampering with the credit of the States and the institutions of the States, lest liberty should be endangered, or one generation encroach on another; and finally, when I see our countrymen, not a few, seriously debating the question whether faith and promises bind communities, I am not without apprehension. My hope is, under God, that we shall gain wisdom by experience, and by retracing our steps, he delivered from the unprecedented embarrassments which now crush so many to the earth. Should they not lead to the alteration proposed, we may anticipate the influence of the patriotic declaration made by the late President, that he should not be a candidate for a second term. We do most heartily desire that the precedent may become an example. In addition to the foregoing resolutions, others on various subjects have been received from several of the States, which will be transmitted to you at an early day. Affairs of the State. In surveying the affairs of the State, I perceive but few subjects which demand your particular attention. Our territory is small; our laws and institutions few, uniform, and without complexity. The concerns and interests of the State are for the most part well understood by the representatives of the people. We resemble an industrious, economical, and well regulated family, presenting a republic which secures more good, and avoids more evil, than any other political community of ancient or modern times. All the public statutes now in force, after two hundred years' of legislation, are comprised in a single volume. Our annual expenses do not exceed eighty thousand dollars, one-third of which is raised from the avails of stock which fell to this State upon closing the accounts of the American Revolution. The State owes nothing; possesses a school fund of more than two millions of dollars, well invested, and yielding annually the sum of $113,000, or one dollar and thirty-five cents to every child between the ages of four and sixteen; the State is without disbursements or superintendence of public works; employs but few officers, yet enjoys the security of law and the administration of justice as fully and as economically as any State in the Union. General education is steadily advancing under the awakened attention of its friends and the supervision instituted by the State. The banks under a like supervision, are in the main safely and judiciously conducted, and after a careful and thorough scrutiny by the Bank Commissioners, recently closed, are ascertained, as I am informed, without exception, to be solvent and safe. The State Prison, with 205 prisoners at this time, is found to answer every purpose which its early advocates anticipated, and has become not only a suitable receptacle for offenders, but a source of income to the State, having for the last year yielded a sum exceeding $8,000. Whether any, and if any, what alterations are called for in the system of work hitherto adopted, to meet the complaints and remove the injuries suffered by worthy mechanics, I submit to your careful and attentive consideration. Our Militia. Our militia, a respectable and well organized body of forty thousand men, the powerful arm of national defence, have a claim on your attention, to their interest and wishes.They will not suffer, by comparison with the militia of any other State, whether we consider their appearance and organization, or the excellence, ambition and efforts of their officers. As in the revolutionary struggle, they were pronounced equal to any troops in service, so I doubt not, they would at this day, sustain, on any emergency, an equally distinguished reputation. Imprisonment for Debt. By a late statute of Congress, it is provided, that in any State, where imprisonment for debt is abolished, there shall be a like freedom from imprisonment, on process issuing out of the courts of the United States held within such State.As the statute of Connecticut passed in 1838, does not include in its provisions persons who are not living in this State, it is obvious, such persons cannot derive any benefit from the act of Congress, whenever they are arrested here. I do not, myself, perceive any reason for restricting freedom from imprisonment, to persons who actually reside in ConIt will be seen by the resolutions to be laid before you, necticut, provided persons from other States who happen to which I have received from the Governors of Indiana, Ver- be arrested here, are in other respects, qualified to take the mont, Kentucky, and Delaware, those States are in favor of oath provided by law. I would therefore suggest for your amending the Constitution of the United States, so that no consideration, the propriety of extending the provisions of person shall be re-eligible to the Presidency. These reso- the Statute of 1838, to all poor debtors, irrespective of their lutions, I doubt not, will have your careful attention.-place of domicil. I am not aware that any new provisions Resolutions of States. 308 MISCELLANEOUS. are called for in behalf of our own inhabitants, because, by the law, as it now exists, any poor debtor, not guilty of fraud, can at the time of his arrest, on mesne process, or at the return of said process to the court where judgment is to be obtained, or, if he will not improve these opportunities, can, when arrested on final process, take the poor debtor's oath, in the last case, giving four days notice. This statute entirely abolishes imprisonment for debt, for honest debtors, who live in the State, requiring only an immediate oath by the debtor, that he is poor, which is as slight and humane a test of pecuniary inability and integrity as can be desired, consistent with the continuance of any test whatever. Senatorial Districts. By reference to an amendment of the State Constitution, which was adopted in 1828, it appears, that so often as a taken, the Assembly is new census of the United States authorized to make alterations in the senatorial districts which may be found necessary to preserve a proper equality in their representation. A new census of the people of Connecticut, has been completed, and you will therefore examine and see if any alterations are called for in the dis tricts. Insane. The last Assembly directed that information be obtained as to the number and condition, of all the insane persons in the State. Fifty-three towns only, have made returns to the circular, which was sent them, by the Secretary of State. From the returns made, so far as I can judge, the number of insane poor, now supported at public expense who would be likely to take the benefit of a State institution, is somewhat less than has been generally supposed. You will have the subject before you and will dispose of it according to your better judgment. It merits careful attention. Deaf Mutes. The State has generously made provision for the instruction of its deaf mutes, at the American Asylum in this city. I take this occasion to say, in order that more publicity may be given to the fact, that the number of beneficiaries may be increased upon the present appropriation, Thirty-five persons can be received, whereas there are now but eighteen in the institution at the expense of the State, leaving several hundred dollars out of the twenty-five hundred, in the treasury. Nor is the one thousand dollars annually appropriated for the instruction of the blind at the school of Dr. Howe, in Boston, fully expended. If there be, and I doubt not there are, unfortunate children, in the State, who need these charities, they should be looked up and sent to these institutions without delay. Education. The education of youth so important in the estimation of our fathers, so carefully secured and promoted by their legislative enactments, and so rich in civil and religious blessings down to this day, shedding a lustre upon our little Commonwealth, and making its influence to be felt and respected over this wide country, cannot receive from you too much favor and liberality. Virtue as well as knowledge, social happiness as well as general prosperity, most extensively abound, where most is done for schools and colleges. There the tree of liberty strikes its roots deeply and firmly; for there public sentiment, always more powerful than human enactments, is the emanation of virtuous, liberal, and enlightened minds. When we cease to promote the cause of education, or begin to regard its influences with indifference, or with jealousy, we shall forfeit our glorious heritage, dishonor the memory of our ancestors, and cast from us one of the richest boons ever bequeathed to any people. Religion itself, and liberty so highly prized, will not long remain. Fellow citizens, let us be grateful to God, for the enviable condition in which, as the Representatives of a free people, we convene in this place. Let us recognize the goodness of his Providence, toward the people of the State, in their peace, security, health and comparative comfort; and let us with renewed energy, enter upon the important duties respective ly assigned us under the Constitution. Ministers &c. to Great Britain. The following are the names of the individuals who have represented at various times the United States at the Court of Great Britain: Governeur Morris, New Jersey, Commission, October 13, 1789. Thomas Pinckney, South Carolina, Minister Plenipotentiary, January 12, 1792. John Jay, New York, Envoy Extraordinary, April 19, 1794. Rufus King, New York, Minister Plenipotentiary, May 20, 1796. James Monroe, Virginia, Minister Plenipotentiary, April 18, 1803. James Monroe, Virginia, and William Pinckney, Maryland, jointly and severally, Envoys Extraordinary and Ministers, May 12, 1806. William Pinckney, Maryland, Minister Plenipotentiary, February, 26, 1808. John Quincy Adams, Massachusetts, Envoy Extraordinary, February 28, 1815. Richard Rush, Pennsylvania, Envoy Extraordinary and Minister Plenipotentiary, December 16, 1817. Rufus King, New York, Envoy Extraordinary and Minister Plenipotentiary, May 5, 1825. Albert Gallatin, Pennsylvania, Envoy Extraordinary and Minister Plenipotentiary, May 10, 1826. James Barbour, Virginia, Envoy Extraordinary and Minister Plenipotentiary, May 23, 1828. Lewis McLane, Maryland, Envoy Extraordinary and Minister Plenipotentiary, February 10, 1830. Martin Van Buren, New York, not confirmed, but recalled, 1831-32. Andrew Stevenson, Virginia, Envoy Extraordinary and Minister Plenipotentiary, nominated in 1834.-Am. Alʼnac. OLD STATISTICS. The following extracts from a century sermon delivered on the 1st of January, 1801, contain some statistical information, which may be interesting to our readers : "In the year 1700, there were 116 incorporated towns in New England, and probably about 80,000 inhabitants.— There are now about eight hundred and sixty towns, and one million two hundred thousand people. In these towns, there are not far from one thousand three hundred religious congregations of different denominations of Christians. In Massachusetts and Connecticut there are, if I have numbered them accurately, one thousand and eighty such congregations, of which seven hundred and forty-nine are furnished with the preaching customary to the several classes. The emigrants from New England, and their descendants, who have settled in other States, may be reckoned at half a million. The people of New England have therefore douThe whole number of bled, notwithstanding their incessant wars, within a little less than 23 years, on an average. original colonists is computed at twenty thousand. "Within New England, also, there are, in all probability, not less than four thousand schools; in which about one hundred and thirty thousand children, of both sexes, are continually educated. Seven Colleges are also erected in this country, of which the five first established, usually contain about seven hundred students. The last year, upwards of two hundred students were admitted into these five seminaries. "Health has usually existed here, in a degree not often equalled, and perhaps never exceeded. In some towns it appears, by long continued registers of births and deaths, that one out of four, and one out of five-extensively one out of six-and generally one out of seven, of those who are born, live to seventy years of age, and that half of those who are born, live to twenty years.' Penalty for usury in Maine. The Eastern Argus says, that the only penalty for usury in Maine is, that the excess of interest over 6 per cent. may be recovered back in a suit at law with costs. A table is going the rounds of the papers, which erroneously represents that usury in that State renders the whole debt forfeit. Adjourned Meeting of Stockholders of with which were incorporated other provisions for the liquithe United States Bank. At an adjourned meeting of the Stockholders of the United States Bank, held at the Banking House on Tuesday, May 4, 1841 SAMUEL BRECK, Esq., took the chair at 10 o'clock, A. M., and called the meeting to order. Mr. GRATZ read the journal of the previous meeting. (A correction, suggested by the Hon. R. H. Bayard, that the Committee referred to be styled "the Committee appointed on the 5th of April, 1841," instead of the Committee of Investigation," was adopted.) Mr. ENGLISH moved that the statement of Mr. R. Price be expunged; which motion, after some explanation from Mr. J. Price Wetherill, Mr. Bayard, and Colonel Drayton, was lost. The journal was then, as amended, approved. The following communication from the President of the Bank, was then read and laid on the table: BANK OF THE UNITED STATES, 3d May, 1841. To Samuel Breck, Esq., Chairman of the Committee of Stockholders: Sir-I have been instructed by the Board to inform you, that they referred the resolution of the Stockholders, passed on the 8th ultimo, in relation to the legal liabilities of the officers of the Bank, to a special Committee, and received their report on the subject, and that they have instructed that Committee to take such measures as they may deem proper, under the advice of counsel, to enforce the legal liabilities of any of the officers of this Bank. I am, sir, very respectfully, WM. DRAYTON, President Bank U. S. The following letter was then read and laid on the table: Samuel Breck, Esq., Chairman, &c. Dear Sir-At the adjourned meeting of Stockholders of the Bank of the United States, held on Thursday, the 8th of April last, my name was reported, with others, as having resigned as a Director of the Bank. I feel it due to myself to state, that at the election for Directors in January last, my name was inserted on the printed ticket, without my consent, and on being notified that I was elected a Director, declined accepting, and sent in my resignation. I have not been, at any time, a Director of the Bank since it was re-chartered by the State. Philadelphia, May 2, 1841. THO. FLEMING. Mr. Lippincott then, from the Committee appointed at a former meeting, made the following report, which was accompanied by a copy of the memorial presented to the Legislature: The Committee appointed by the Stockholders at an adjourned meeting held on the 5th of April last, and which was instructed by a resolution of the meeting held on the 8th of April last, to prepare a memorial and cause it to be presented to the Legislature, praying to be relieved from the payment of the residue of the bonus; from the obligation to make further loans to the Commonwealth, and from the penalties which are attached to suspension of specie payments for a reasonable time, respectfully report: That in pursuance of the abovementioned resolution, a memorial was prepared and sent by a special agent to Harrisburg to be laid before the General Assembly, together with a bill drawn by eminent counsel, embracing in its provisions the measures contemplated by the Stockholders. But the Committee regret to say that the appeal which was thus made to the Legislature, has been fruitless. A general bill was at the time depending before the General Assembly, which contained some provisions favorable to the Bank, and dation of its affairs in the event that the Stockholders should determine to abandon their chartered privileges. That bill, however, it is known, received the Executive Veto, and the Committee are not advised as to its ultimate fate. In the uncertainty as to what Legislation may have taken place affecting the interests of the stockholders, the Committee beg leave to present the following resolution: Resolved, That the Committee be authorized to take into consideration the present condition and prospects of the Bank, together with any law or laws which may have been passed touching its interests, and report such measures as they may deem advisable, to the Stockholders, at an adjourned meeting to be held on Tuesday, the 18th instant, at ten o'clock, A. M. By order of the Committee, JOSHUA LIPPINCOTT, Bank United States, May 4, 1841. Chairman. To the Honorable the Senate and House of Representatives of Pennsylvania, in General Assembly met: The petition of the Stockholders of the Bank of the United States respectfully represents, that having confided a vast amount of property to the Institution bearing the same name which was chartered by the Federal Government, the benefits of which Institution were sensibly felt in this great Commonwealth, they were unwilling to withdraw the capital which had thus been accumulated within its borders, and upon the failure to obtain a renewal of their charter from Congress, they sought, and obtained at your hands, the means of continuing their Corporate existence. The terms on which that Charter was obtained were exceedingly burdensome, but they preferred that your State should receive the benefit of the profitable use of their capital, as well as the advantage of the enormous Bonus which was contracted to be paid, than that they should be driven to seek for new investments under auspices which they considered less powerful or less friendly. The charter was obtained on the 18th of February, 1836, and from that time the Bank became a State Institution. As a Bank of Circulation, it should at all times have retained such control over its resources as to have been able at any instant to meet its liabilities. The system of permanent loans on any species of security is at war with the first principles of banking, because it deprives the Bank of that comwith its duty to the public. Unfortunately for your petitioners mand over its means which can alone enable it to comply the administration of the Bank, departing from the great principles of the trust which was confided to it, has squandered a part of their property, and locked up a part of the residue in such securities as to render it unavailable for Banking purposes. The large loans which have been made to this Commonwealth have contributed to cripple the Institution, and have with other causes put it out of its power to perform its duty to the public. Under any other circumstances than the present depressed state of public credit, its resources would be ample, and a large proportion of its capital might be preserved. The suspension of specie payments is an evil common to all the Middle and Southern States, but not attended with those ruinous consequences which an effort to resume them prematurely would entail on the community. The existing currency answers all the ends of carrying on the common exchanges of life, its common transactions of buying and selling; and there is no local depreciation of it as compared with the real value of labor and produce; in other terms their price is not enhanced. The evil is felt by those whose sphere of operations is large, and whose dealings are with the Northern States. Your petitioners are still sensible that the suspension is an evil, but like all other evils of a public character, must be dealt with wisely and temperately. Your petitioners confiding in your wisdom and magnanimity, indulge the hope that when you take into consideration the fact that upwards of seven millions of dollars of the capital of the Bank belong to citizens of your own State, comprising for the most part Trustees and Executors, Widows 310 and Orphans and that eight millions belonging to citizens of other States who have confided the safety of their property to the protection of your laws, thereby securing to you the advantage of its use in the encouragement of labor, and the execution of extensive works of public improvement within your borders that you will not turn a deaf ear to their petition; they therefore pray that they may be relieved from the payment of the residue of the bonus, from the obligation to make further loans to the Commonwealth and from the penalties which are attached to suspensions of specie payments for a reasonable time, that is, until the condition of the monetary affairs of the community is such as to render the resumption a matter of sound discretion. They further pray that the nominal amount of their capital may be reduced to fourteen millions of dollars, valuing each share at forty dollars; that the name of the institution may be changed; and that such further modifications of its charter may be made as are indicated in the resolutions which were this day adopted at a general meeting of the Stockholders, and which they pray may be considered as a part of this their petition. Hon. William Drayton, the President of the Bank, then made a verbal report of what the Board of Directors had done, in obedience to the resolutions of the last meeting of the Stockholders. The purport of the report, which was explained to the meeting, was that in reference to the resolution of the Stockholders at the meeting on the 7th of April, the Directors had thus proceeded: 5th Resolution. That a part of the assets of the Bank be placed in the hands of Trustees, as a pledge for the purpose of securing the ultimate payment of its post notes, circulation and deposits, in the event of an arrangement being made with the city and county banks to receive its notes in discount and deposit; and in case such an arrangement should fail to be made, then for the security of the present circulation and deposits. A Committee had been appointed to carry into effect this resolution, and had succeeded so far as it regards the post notes held by the Philadelphia Banks, but for want of legislative action, to grant power for creating the trust without the securities now required by law, they had not yet succeeded in complying with the wishes of the Stockholders with reference to the circulation and deposits. 6th Resolution. That it is expedient that the Banking operations should be confined to the Bank in this city, and that its agencies should no longer be maintained than is necessary for the interests of the institution. The execution of the first part of this resolution depends upon the Legislature-as to the latter part of it, the Directors are endeavoring to close the agencies as soon as practicable, and have already closed several of them. 7th Resolution. That the discounts of the Bank shall be confined to business paper, and that no permanent loans shall be made on stock, or other securities; and that no loans shall be made, excepting at the Board, on the regular discount days. The Directors have strictly conformed to this resolution. 8th Resolution. That the salary of the President shall be The Directors have reduced the President's salary to 12th Resolution. That the Report of the Investigating officers of this Bank; and if so, that they cause those re- The Board has performed the duties assigned to it by this 13th Resolution. That the Clerks of the Bank be released Mr. Finch not being a citizen of the United States, though The right of the Bank to make such a trust, under the 5th resolution of the meeting of the 7th of April, was denied, and Mr. Watts offered the following preamble and resolutions: It being understood by a verbal report of the present President of the Bank of the United States, that a portion of the assets of the Bank of the United States, has been assigned to Trustees, for the ultimate security and redemption of the post notes, and other liabilities of said Bank, to the other Banks of the city and county of Philadelphia, under Resolved, That in the opinion of the Stockholders of said a certain resolution of the Stockholders; therefore, of the Stockholders, and is therefore not approved by them. Bank, such an assignment is in derogation of the authority Which, after much discussion, in which Mr. J. Randall, Mr. Finch, Mr. Lippincott, Mr. J. S. Newbold, Mr. Duane, Mr. Perit, Mr. Bayard, Mr. Ingraham, Mr. Watts, Mr. Kinwas finally lost. sey, of New Jersey, and several other gentlemen took part, Mr. Lippincott, upon leave granted, presented to the meeting a paper in reply to the public letters of Mr. Nicholas Biddle, which he requested one of the Secretaries to read.* Josiah Randall, Esq., then offered the following resolution. with, to pledge funds to protect the circulation of, and de- Mr. Perit moved, as an amendment, the following addition: " and all bonds of the Bank not protected by collateral security." While this amendment was under discussion, Mr. Kinsey, of New Jersey, moved an indefinite postponement of the resolution and amendment, for the purpose of considering the propriety of authorizing the Stockholders, at a future meeting, to vote upon a similar resolution in the same manner as they now do for Directors. This motion was discussed at large. It was declared to be lost. On an appeal from the chair, the question was reconsidered on motion of Mr. Corbit, and was finally lost, as was also the amendment of Mr. Perit. The question then recurred on the original resolution of Resolved, That the Board be directed to give public notice, agreeably to the Constitution and Laws of this Commonwealth, of an intended application to the next Legisla * As Mr. Lippincott's letter presented at the above meeting is a reply to all the letters of Mr. Biddle as far as they have appeared, we deem it proper to withhold its insertion until we have published all Mr. Biddle's letters, when it will come regularly in its place.-ED. REG. ture, to alter the name, and reduce the capital of the Bank, together with such other alterations, as may be deemed expedient. Josiah Randall then offered the following resolution, which he requested might lie on the table for future action: Resolved, That a Committee be appointed whose business it shall be, to ascertain why, wherefore, and by what authority, the Directors of this Bank, made a gift to the city of Charleston, of twenty thousand dollars, and report to the next meeting of the Stockholders, and the Committee be requested to investigate and report if any, and what other donations the Board of Directors have made, since the acceptance of the State charter. Mr. Manuel Eyre then made some remarks to the meeting exculpatory of himself and partner, (Mr. Massey) from charges brought against them by Mr. N. Biddle, in his pub lished letters. On motion, the meeting adjourned at half-past one o'clock, P. M., to meet at the same place, on Tuesday, the 18th instant, at ten o'clock A. M. Jos. Gratz, SAMUEL BRECK, Chairman. Secretaries. Mr. Biddle's Letter, No. 4. Hon. John M. Clayton, Dover, Delaware. This I shall show in a few words: My account as stated by them is as follows $31,500 100,000 Securities. 700 shares Philadelphia and Reading Railroad. 4000 shares New Castle and Frenchtown Transportation and Reading Railroad Company. Deed to Mr. N. Biddle for lands in Dauphin county, but not conveyed to the Bank-consideration, $30,000. I had borrowed these $161,000 from the Bank, that I still The general purpose of this statement was to show that owed it to the Bank, and, as it is put among the list of debts from officers of the Bank, due and not paid, and in jeopardy, That is the general color of this deception. But when you it was evidently designed to throw over it the same shade. come to particulars: 1. The first item is a purchase by me of a certain stock belonging to the Bank, which the Bank was anxious to sell, and which it sold for more than twice its present value.The transaction was wholly favorable to the Bank, and desired by the Bank, and certainly I am not the favored party. It would doubtless have been put down as a common debt to the Bank for money borrowed, but by great good luck, as it happened to be a purchase of this unhappy Reading Railroad stock the pleasure of exhibiting that guilt was too great for suppression, and for that reason the Committee gave the fact which enables me to show that instead of being a borrower I am only a purchaser-and that the purchase money will not be due till January, 1842. There remained, however, one chance of preventing this transaction, too tempting to be omitted. They say that this stock was purchased by me on January 3d, 1839, but in January 1839, I was the President of the Bank, and therefore if I bought this stock at that time I should be guilty of the indelicacy of purchasing the assets of the Bank while I was at the head of it. Now it was not until December-long after I had left the Bank-when I was merely a private citizen, without the slightest connexion with the Bank in the transaction-that I bought this stock of a stock-broker. That is the first misrepresentation. The second item is rather worse-Here is a sum of $100,- before them my own note payable in January next, with Let me explain how such a note ever came there at all. mined some years ago with one or two public spirited genIn my zeal to promote objects of improvement, I detertlemen that there should be made a Railroad from Philadel phia to Baltimore. A large portion of the funds was borrowed from the Bank, and with a view to ensure its completion, I became personally the guarantee to the Bank for the safety of about 400,000 dollars of the loan. Well, the Road is now finished-Philadelphia and Baltithe money principal and interest is re-paid or secured to the more are both in the full enjoyment of it, and the whole of Bank. Of the part guarantied by me all has been paid except this 100,000 dollars, which is not due till January, 1842. The third item is "Balance of loans from Bills Receivable," 29,500. This is designed to convey the impression that having borrowed this money, for its security I had left a deed for some land which I had not or would not convey to the Bank. Now this Committee had before them a letter from the late Cashier declaring that he had no authority whatever to borrow this money for me-they knew that at the time this sum was charged to me I was not even aware of the existence of his loan-never authorized it-and never knew $161,000 of this deed;-and that the matter was then in a course of negotiation with the Bank. |