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Cash in the different Banks and offices of Discount and Deposite Bank of the United States.-
$392, 909. 24 Columbia.
115, 192. 92 Alexandria
61, 917. 90 Newport
35, 788. 55 Pittsburg
137, 442. 11 Roger Williams
53, 882. 79 Pennsylvania
92, 628. 17 Manhattan
188, 670. 32 Saco--
28, 528. 94 Maine
50, 747. 58 Marietta
19, 601. 62 Kentucky
91, 061.53 Office of discount and deposite, Washington--
101, 895.55 Norfolk.-
16, 483. 76 Boston.
341, 054. 47 New York,
625, 417. 09 Baltimore_
199, 201. 28 Charleston.
36, 645. 03 Savannah
49, 691. 63 New Orleans.-
166, 701. 55
2, 805, 462. 03
TREASURY OF THE UNITED STATES, January 21, 1811.
THOMAS T. TUCKER, Treasurer. ALBERT GALLATIN, Esq., Secretary of the Treasury.
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.
Bank United States, Jan. 15, 1811,
$4, 981, 373. 00 1, 138, 923 59 3, 919, 628 98 1, 108, 542 36
412, 161 60 713, 724 40 935, 713 92 768, 681 97 599, 544 44
$79, 177.00 61, 000 00 76, 420 00 330, 454 54 146, 376 86
3, 300 34 186, 000 00
$1, 407, 373. 00 (a.) $2,764, 338. 00 474, 497 38 (b.)
86, 292 71 16, 465 84 28, 362 60 24, 000 00 21, 225 00 33, 815 00
14, 578, 294 26
393, 341 15
5, 009, 567 10
2, 807, 046 49
(a.) Viz: Loan to the United States,
5, New York,
12, Washington, 12, Norfolk,
$2, 750, 000
$2, 764, 338
The last item (funded debt) stands on the treasury books at $23,066.23. Whence the difference arises is not known. (6.) Treasury drafts, not yet collected. (c.) Amount overdrawn by the late commissioner of loans, at Charleston.
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.
(a.) Taken from the Treasurer's cash return, of the 21st January, 1811. (6.) Including $291,751 25, belonging to the War and Navy Departments, and the Sinking Fund.
General state of the Bank of the United States, and its Branches Discounts
$14, 578, 294. 26 Loan to the United States.
$2,750,000.00 Funded debt---
14, 338. 00 Overdrawn by the late commissioner of loans, Charleston...-
31, 242. 48 Treasury drafts not yet collected..
11, 466. 01
2, 807, 046. 49 Due by other banks in account.
894, 144, 77 Notes of other banks on hand..
393, 341. 15
1, 287, 485. 92 Species-
5, 009, 567. 10 Real estate
500, 652. 77
13, 673, 368. 83
Undivided surplus, applicable to last dividend, and to cover
losses on buildings and debts--
509, 677. 71
$24, 183, 046. 54
Report of Secretary of Treasury (Albert Gallatin), on Renewal
of Charter of Bank of United States
COMMUNICATED TO THE SENATE, FEBRUARY 5, 1811.
Eleventh Congress, 3d Session
[Source: American State Papers, Finance, Vol. 2, p. 481]
TREASURY DEPARTMENT, January 30, 1811. SIR:
Have already, in a report to the Senate, of 2d March, 1809, expressed my opinion in favor of a renewal of the charter of the Bank of the United States, an opinion which remains unchanged, I can only add a few explanatory remarks in answer to the inquiries of the committee, as stated in your letter of yesterday.
The banking system is now firmly established; and, in its ramifications, extends to every part of the United States. Under that system, the assistance of banks appears to me necessary for the punctual collection of the revenue, and for the safe keeping and transmission of public moneys. That the punctuality of payments is principally due to banks, is a fact generally acknowledged. It is, to a certain degree, enforced by the refusal of credit at the custom house, so long as a former revenue bond, actually due, remains unpaid. But I think, nevertheless, that, in order to ensure that precision in the collection, on which depends a corresponding discharge of the public engagements, it would, if no use was made of banks, be found necessary to abolish, altogether, the credit now given on the payment of duties—a measure which would affect the commercial capital, and fall heavily on the consumers. That the public moneys are safer by being weekly deposited in banks, instead of accumulating in the hands of collectors, is self-evident. And their transmission, whenever this may be wanted, for the purpose of making payments in other places than those of collection, cannot, with any convenience, be effected, on a large scale, in an extensive country, except through the medium of banks, or of persons acting as bankers.
The question, therefore, is, whether a bank, incorporated by the United States, or a number of banks, incorporated by the several States, be most convenient for those purposes.
State banks may be used, and must, in case of a non-renewal of the charter, be used by the treasury. Preparatory arrangements have already been made to that effect; and it is believed that the ordinary business will be transacted, through their medium, with less convenience, and, in some respects, with perhaps less safety than at present, but without any insuperable difficulty. The difference, with respect to safety, results from the organization of the Bank of the United States, by which it is responsible for the money deposited in any of its branches, whilst each of the State banks, which may be employed, will be responsible only for the sums in its own hands. Thus, the Bank of the United States is now answerable for the moneys collected at New Orleans, and deposited there in its branch-a security which will be lost under a different arrangement. Nor will the United States have any other control over the manner in which the business of the banks may be conducted, than what may result from the power of withdrawing the public deposites; and they will lose that which a charter, or a dependence on the General Government for a charter, now gives over the Bank of the United States. The facility of obtaining such accommodations as may, at times be wanted, will, for the same reason, be lessened, and the national power will, to that extent, be impaired. It may be added, that, even for the ordinary business of receiving and transmitting public moneys, the use of a State bank may be forbidden by the State;
and that loans to the United States are, by many of the charters, forbidden, without a special permission from the State.
As it is not perceived, on the other hand, that a single advantage will accrue to the public from the change, no reason presents itself, on the ground of expediency, why an untried system should be substituted to one under which the treasury business has so long been conducted with perfect security to the United States, and great convenience not only to the officers, but also to all those who had payments of a public nature to make or to receive.
It does not seem necessary to advert to the particular objections made against the present charter, as these may easily be obviated by proper alterations. What has been called a National Bank, or, in other words, a new Bank of the United States, instead of the existing one, may be obtained by such alterations. The capital may be ex