2. A statement of the stock held by foreigners, and in what countries; and of the stock held by citizens, and in what States and Territories. 3. The amount of specie, according to the last returns, in the vaults of the bank; distinguishing the part which belongs to the bank, the portion belonging to individuals, and to the United States. It is enacted, by the sixteenth provision of the seventh section of the act to incorporate the subscribers to the Bank of the United States, that "The officer at the head of the Treasury Department of the United States shall be furnished, from time to time, as often as he may require, not exceeding once a week, with statements of the amount of the capital stock of the said corporation, and of the debts due to the same; of the moneys deposited therein; of the notes in circulation, and of the cash in hand; and shall have a right to inspect such general accounts in the books of the bank as shall relate to the said statements: Provided, That this shall not be construed to imply a right of inspecting the account of any private individual or individuals with the bank." No other but general statements, such as are enumerated in that clause of the act, can be required by the Secretary of the Treasury, or have been furnished by the bank. And these include neither the names of the directors nor the names or place of residence of the stockholders. On the subject of directors, no statement whatever is ever made; and in relation to the capital stock, its gross amount, and the portion allotted to each branch, are the only particulars which can be required, or are exhibited in the statements transmitted to this office. It was ascertained, some years ago, from an authentic source, that near threefourths of the stock (about 1,800 shares) were held by foreigners; and the fact though not officially communicated to this department, was stated in the report respecting the bank, made to the Senate, on the second day of March, 1809. No subsequent or other information has been obtained on that subject; and, with very few exceptions, the names of the directors and stockholders, either abroad or in the United States, are unknown to the Secretary. The specie in the vaults of the bank and its branches amounted, according to the last returns, to 5,009,567 dollars; the whole of which was, strictly speaking, the property of the bank, and, together with the debts due to that body, constituted the fund from which its own debts, including both bank notes and deposites, must be paid. The sum deposited by the Treasury into the bank and its branches, amounted, by the last return of the Treasurer, dated 21st instant, and marked A, herewith transmitted, to 1,930,000 dollars; and that deposited in other banks, to 875,462 dollars; making, together, the balance in the treasury on that day, 2,805,462 dollars. The total amount of deposites by Government, by other banks, and by individuals, into the Bank of the United States and its branches, appears, by the last received returns, to be 8,464,770 dollars. And the statements B, B2, and B3, herewith transmitted, and extracted from the latest returns received at this office from the bank and from the Treasurer, exhibit a general view of the situation of the bank, and of all the objects embraced by the third part of the resolution of the House. It appears from these, that the debts due by the bank, and payable on demand, including both every species of deposites and bank notes, amount to____. And that the resources of the bank to meet those demands, consist of the following items, viz: 1. Specie, bank notes of other banks, and balance due in account by other banks, payable to the bank on demand (including also 25,804 dollars in funded debt and drafts on collectors, which may be considered as specie,) 2. Loan to the United States, payable on giving three months' notice.. 3. Notes discounted at sixty days, and due by individuals (including 31,242 dollars overdrawn in Charleston) Making an aggregate of___ $13, 673, 369 6,322, 857 2,750,000 14, 609, 537 23, 682, 394 The act to incorporate the subscribers to the Bank of the United States does not, itself, expire by any positive clause of limitation: but it is enacted by the third section of the act, that the subscribers shall be a corporation and body politic, and so continue until the 4th day of March 1811. It is presumed that some means will be devised, either by Government or by the bank, whereby the debts due to and from the corporation, may be collected after that day. So far as relates to the treasury deposites, no inconvenience can arise, as, in any event, the loan obtained from the institution is a sufficient pledge for their payment. But a doubt may arise, from the manner in which the act is expressed, whether, under the 10th section, the bank notes still in circulation will not continue to be receivable in all payments to the United States. The propriety of some provision which may remove any doubt on the subject, or otherwise prevent the inconvenience resulting from that construction of the act, is respectfully suggested. All which is respectfully submitted. TREASURY DEPARTMENT, January 23, 1811. ALBERT GALLATIN. Bills and notes B. Statement of the funds of the Bank of the United States, as exhibited by the latest bank returns received by the Secretary of the Treasury. The last item (funded debt) stands on the treasury books at $23,066.23. Whence the difference arises is not known. (b.) Treasury drafts, not yet collected. (c.) Amount overdrawn by the late commissioner of loans, at Charleston. $2,750, 000 14, 338 $2, 764, 338 BANK NOTES. B 2. Statement of the debts due by the Bank of the United States, as exhibited in the latest bank returns, and the latest return of the Treasurer of the United States, received by the Secretary of the Treasury. On hand. In circulation. (a.) Taken from the Treasurer's cash return, of the 21st January, 1811. (b.) Including $291,751 25, belonging to the War and Navy Departments, and the Sinking Fund. |
