DR. No. 10. State of the Bank of the Metropolis on the 31st of December, 1857, inclusive. Suspense account... Specie BANK OF THE METROPOLIS, Washington, January 5, 1858. 2,653 10 130,464 34 No. 11. SENATE CHAMBER, December 12, 1857. SIR: I have received your letter of December 29, acknowledging receipt of mine of December 23, calling for information of the condition and affairs of the trustees of the Bank of Washington, in which letter you say that the subject was referred to a committee of the board of trustees. I am instructed by the special committee to inquire if it be the intention of the board of trustees to give the information asked for in my letter of December 23. An immediate reply to this letter is requested. Very respectfully, W. GUNTON, Esq., JOHN SLIDELL, Chairman Special Committee, &c. Board of Trustees of Bank of Washington, No. 12. BANK OF WASHINGTON, January 12, 1858. SIR By direction of the board of trustees of this bank, I have the honor to enclose herewith a statement showing the condition of this bank on the 1st day of January, 1858. The board do not feel at liberty, in view of the relation existing between the bank and its debtors, to furnish in detail "a list of its debtors, the amount due by each, when their obligations were contracted, and when they mature;" considering that this would be in direct violation of the confidential nature of their transactions with the bank. Besides, it is thought that the statement herewith sent will exhibit the information" necessary to a just appreciation of the affairs of the bank." In the year 1844, just previous to the expiration of the charter of the bank, the stockholders, in general meeting, placed in the hands of trustees all their assets, rights, and credits, for certain purposes, and among them the power to continue such banking acts and operations as they might legally do and perform. Under the authority thus conveyed, and the joint resolution passed by Congress about the same time, giving authority to wind up the affairs of the old bank, the trustees have been ever since acting in good faith, and have conducted their business, as they believe, acceptably to the citizens of Washington, and satisfactory to their customers generally. It is true they have been obliged to succumb to this panic which has spread so disastrously over the whole commercial world, but as this bank is a private association, all its stockholders are liable, both to depositors and note holders, so that there is no probability of loss occuring to either. Under this unlooked for state of things the trustees determined to make no new loans, but urgently to call upon all its debtors for such curtails as they could pay without making any sacrifices to do so. This was done by most of them, and every note on which a renewal was asked, on the payment of a curtail, however small, was assented to. Had the trustees insisted on the payment of the notes as they became due, great inconvenienee and losses to the business men would have been the inevitable result; but it is now believed that this bank will not lose a dollar on its discounted paper in consequence of this untoward pressure. Owing to the large amount of specie monthly disbursed by the government in this city, the circulation of the District banks have of late years been merely nominal, the chief currency being gold and silver, and notes of banks below par, the latter not being received as bankable funds. The circulation is larger now, in consequence of specie being at a premium, and because the trustees were solicited by merchants and business men to increase their issues, and thereby keep other notes, of doubtful value, from being introduced. This communication would have been transmitted before but from unforseen circumstances. As the last weekly statement has been prepared for the board, I send a copy for your inspection. With great respect, your most obedient servant, Hon. JOHN SLIDELL, W. GUNTON, President. Chairman, &c. United States Senate. Capital stock outstanding. No. 13.-General statement of the Bank of Washington, January 1, 1858. BANK OF WASHINGTON, January 12, 1858. No. 14.-Weekly statement of the Bank of Washington, January 9, 1858. BANK OF WASHINGTON, January 12, 1858. Current bills and notes JAS. ADAMS, Cashier. No. 15.-A synoptical statement of the condition of the affairs of the banks of the District of Columbia. In suit, 31,454 94 Curr't, 242,798 25 85,893 15 In suit, 4,536 32 349,962 29 111,899 58 58, 142 22 28, 288 35 233 33 13,649 80 $572,483 61 $130, 464 34 $4, 116 32 B. H., $22, 375 90 $29, 953 21 $96, 896 37 $3,360 79 $2,653 10 $871,803 64 Taken for debt, 4, 500 00 81,341 63 55, 262 42 B H., 23, 827 70 Taken for debt, 40, 756 99 12, 409 95 27, 020 0B. H., 14,000 00 60,004 48 8,208 70 Other, 23, 500 00 26, 388 45 14,812 15 32, 293 52 3,752 85 526, 300 45 116 75 10,768 47 246, 457 82 29, 199 48 10, 150 92 13,314 36 29, 698 06 5,909 09 821 03 30,718 29 505, 616 01 4,619 01 207,378 25 1,399,028 14 310, 646 49 100, 281 87 168, 663 40 163, 667 38 153, 458 60 17, 670 43 44, 139 862, 357, 556 17 |