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$1,581,988 62

"21st March, 1831,

11,445 58

30th March, 1831,

1,145 65

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Treasurer of the board of canal commis-
sioners,
Repaid temporary loan per act of 12th
January, 1831,
Repaid temporary loan in anticipation of
the loan per act of 21st March, 1831,
Paid to the state treasurer amount appro-
priated to sundry turnpike road compa-
nies, per 4th section of the act of 21st
March, 1831,
Paid salaries of toll collectors and lock
keepers, under act of 30th March, 1831,
Amount taken to supply the deficiency in
the interest fund on 1st August, 1831,
per 2d section of the act of 30th March,
1831,

Balance on hand on 1st December, 1831,

26,276 10
968 23

$2,223,264 72

125,000 00
The commissioners have prepared an estimate of the
probable deficiency of the interest fund on the 1st Fe-
9,031 77 bruary and 1st August next, which exhibits an aggregate
of $197,234 88. Estimates of this description, how-
ever, cannot be made with any great degree of certain-
ty, and appropriations to cover them should contain
some provision to guard against contingencies. Canal
tolls, especially are as yet a very uncertain source of
revenue. In the report of 7th February last they were
estimated at $75,000; and the receipts of the first quar-
ter, amounting to about $20,000, make it evident
this estimate would have been realized, if not exceeded,
if extensive injury had not been done to the canal by
excessive freshets. This year the tolls are estimated
at $150,000, of which $75,000 will probably be received
in time to be applied towards the payment of interest
on the 1st August next, unless indeed, some extraordi-
nary accidents should happen to the canal, against
which the commissioners can make no calculation. It
is however presumed that this estimate is within the
bounds of probability, as we have a navigable line of
canal exceeding that of last year, by nearly one hun-
dred and eighty miles, all of which received permanent
and complete repairs during last summer.
ESTIMATE.

The transactions in the fund immediately connected with the payment of interest on the several canal loans, will appear by the following:

On the 1st February, 1831, a balance of $6,106 57 remained in the fund applicable to the payment of interest, to which was added by transfers from the state treasury, agreeably to the several acts regulating the internal improvement fund, in the month of May, $42,000, and in July $209,078 76, making an aggregate of of $257,185 33. Out of this sum, however, had been paid $3,507 51, interest on temporary loans, and $4,850 19, salary of toll collectors, and lock keepers, under a resolution of the legislature of 8th January, 1830, and an act of assembly, entitled "An act directing the Auditor General to settle the accounts of certain collectors of toll and lock keepers on the Pennsylvania canal," approved 30th March, 1831, which left only a balance of $248,827 63 for the payment of interest due on 1st August, 1831. The interest payable on that day at the Bank of Pennsylvania, amounted to $275,103 73. The deficiency of $26,276 10 was supplied out of the loan per act of 21st March, 1831, agree. ably to the provisions of the 2d section of the act of 30th March, 1831. Other transfers and disbursements have been made since the 1st August last, which left a balance in fund on the 1st instant, amounting to $94,354 78, as appears from the following general statement of receipts and payments:

Balance in state treasury on 1st Dec. 1831, $80,005 86
Add probable excess of revenue over ex-
penditures for Dec. 1831, and Jan. 1832,196,810 59
Estimated balance in treasury on 31st Jan-
Interest on canal loans, payable on 1st Fe-
uary, 1832,
bruary, 1832, viz.

On loan of

7,500 00

1826,

1827,

25,000 00

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276,816 45

1832.1

PROCEEDINGS OF COUNCILS.

Amount taken out of the treasury as above, 170,953 95

Deduct interest payable at the treasury, on the loans of 1821, 1824, 1825, and loans from certain banks, per act of 1st April, 1826,

Estimated balance in the treasury, on 1st

over expenditures for Febru

February, 1832,

Add probable excess of revenue

ary, March, April, May, June and July, 1832,

102,494 85
75,000 00

Probable receipt of canal tolls,

Estimated balance in the treasury, on 31st
July, 1832,

Interest on canal loans, payable on 1st Au
gust, 1832, viz.

On loan of

1826,

7,500 00

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105,862 50

45,862 50

60,000 00

27

PHILADELPHIA, Jan. 7th, 1832.

SIR-The undersigned, executors of the last will of Stephen Girard, late of this city, deceased, respectfully present to you a copy of that instrument, for the infor mation of "the Mayor, Aldermen and citizens of Philadelphia."

As the city of Philadelphia is entitled to receive the rents, which became payable, after the decease of the testator, from that part of his real estate, which passed to the city under his will, the undersigned at present furnish a statement, shewing first, certain real estate in the city and liberties of Philadelphia, which passed to the city, under the will, for which rent has become due since the decease of the testator, secondly, the names of the tenants, and lastly the amount of rent due by those tenants respectively. In future communications, the undersigned will present such further information, as it 237,494 85 may be their duty to make known, in order that the intentions of the testator may be faithfully carried into ex

-177,494 85

171,632 35

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ecution.

Aware that the action of the legislature of Pennsylvania will be necessary to enable the city of Philadelphia to execute some of the trusts created by the testator, and, consequently, to enjoy his munificent bounty, the undersigned embrace the earliest opportunity to present this communication, and will be glad to co-operate with the corporation of Philadelphia, in all measures calcu lated to confer upon the community the benefits which the testator so anxiously desired they should possess. With respect, your ob't. servants, TIMOTHY PAXSON, THOS. P. COPE, JOSEPH ROBERTS, W. J. DUANE, JOHN A. BARCLAY.

TO BENJ. W. RICHARDS, Esq.

Mayor of Philadelphia.

65,862 50 Mr. DUANE offered the following resolution, which which was adopted by both Councils; and Messrs. Duane, 45,862 50 Lippincott, Massey, Petit and Scott, of the Select Coun cil, and Wetherill, Okie, Sullivan, Moss and Page, of the Common Council, were appointed the Committee.

20,000 00 The commissioners, in forming this estimate, have not calculated on any receipts from the revenue laws of last session, as it is doubtful whether any payments will be made into the treasury prior to the 1st August next, the county treasurers nor being required to pay over until the 1st September in each year. Neither have they calculated on the payment of interest on loans that may be authorized during the present session, as it is presumed a premium can be obtained, more than sufficient to pay such interest, for the time which the estimate embraces.

All of which is respectfully submitted.

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Resolved, That a committee of five members of each Councils, including the Presidents thereof respectively, be now appointed, whose duty it shall be, in conjunction with the Mayor and City Solicitor, who are hereby requested to act, to consider and report, at the next stated meeting of Councils, and at succeeding meetings if needful, what measures ought to be adopted, in order that the Mayor, Aldermen and citizens of Philadelphia, may promptly and faithfully execute the trusts created by the late Stephen Girard.

At an election by the Select and Common Councils, held yesterday afternoon, the following gentlemen were elected directors of the Public Schools for the first section of the school district of the state of Pennsylvania:

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GIRARD BANK.

At a large and respectable meeting of the Merchants, Manufacturers, and others, of the city of Philadelphia, at the Merchants' Coffee House, on Saturday afternoon, at 3 o'clock, held in pursuance of public notice, BENJAMIN W. RICHARDS, Esq. Mayor of the city, was called to the Chair, and MATTHEW NEWKIRK and SAMUEL C. FORD, were appointed Secretaries.

The object of the meeting having been stated from the Chair, the following preamble and resolutions were offered by Alexander McClurg, Esq. and unanimously adopted:

Whereas, The death of our lamented fellow citizen, STEPHEN GIRARD, Esq. has suddenly deprived this community of an extensive capital, so judiciously employed by him in banking operations; and, whereas, the withdrawing so large a sum at once, from circulation, even at a time when money was in the greatest abundance, would subject many persons to much difficulty and great embarrassment, which is rendered more severe and oppressive at the present time, when the demand is well known to be greater than for many years past; therefore,

Resolved, That in the opinion of this meeting, it is of the utmost importance to Merchants, Manufacturers, and all others, interested in the trade and prosperity of this city and adjoining districts, that a Bank be esta blished with as much promptness as may be expedient, and with a Capital fully adequate to supply the deficiency.

Resolved, That a Committee. to consist of twelve persons be appointed to draft a Memorial to the State Legislature, setting forth the great want of Banking Capital experienced especially at the present time and respectfully praying them to grant a Charter, incorporating a new Bank, with a capital of three millions of dollars. Resolved, That the Bank shall be called the Girard Bank of Philadelphia.

Resolved, That the Committee appointed have full power to fill vacancies, add to their numbers, procure signatures to the Memorial, and attend to such other matters as may be necessary to carry the object of this meeting into effect.

Resolved, That the Chairman and Secretaries be added to the Committee.

Resolved, That the Chairman appoint the Committee. The following gentlemen were then appointed, in connection with the Chairman and Secretaries, to constitute the Committee, viz: Benj. W. Richards, Matthew Newkirk, Samuel C. Ford, Thomas M. Pettit, Thomas C. Rockhill, Richard D. Wood, Daniel Groves, Joseph Burden,

John S. Riddle,
J. Price Wetherill,
Wm. McGlensey,
Chas. W. Churchman,
Alexander McClurg,
Robert Earp,
David S. Brown.

Resolved, That the proceedings of this meeting be signed by the Chairman and Secretaries, and published in all the daily papers of this city. The meeting then adjourned.

B. W. RICHARDS, Chairman.

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MATTHEW NEWKIRK, SAMUEL C. FORD, The Committee met at 7 o'clock. P. M. at the Merchant's Coffee House, and organized, and in pursuance of the power invested in them, in the 4th Resolution, appointed the following gentlemen to co-operate with

them:

John A. Brown, James Schott,

J. K. Kane,

A. G. Ralston,

W. D. Lewis,

John W. Odenheimer, Samuel Comly, Alexander Ferguson, Jas. M. Linnard. George Handy.

At a large and respectable meeting of Merchants, Manufacturers, Mechanics, and others, (opposed to the

proceedings of the meeting held at the Merchants' Coffee House on Saturday last,) held at the County Court-house, on Wednesday afternoon, for the purpose of memorializing the legislature for a charter for a Bank, to be called the Girard Bank, JOHN LISLE was called to the Chair; ALEXANDER COOK and Col. JOHN THOMPSON were appointed Vice Presidents, and C. Mocalester, Jr. and Miles N. Carpenter were appointed Secretaries.

Mr. Laussat moved the following resolutions, which were unanimously adopted.

Whereas, The late meeting at the Merchants' Coffee House was held at a time unusually early, without allowing the ordinary and expected delay, its proceedings were precipitated, and the various interests vitally concerned in its objects had not a full opportunity accorded them of being represented therein; and whereas the amount of three millions of dollars, designated as a capital by the said meeting-though undoubtedly required by the wants of the community in various parts of our city and county-is unusually and unnecessarily large for a single institution.

Resolved, That we, the Merchants, Manufacturers, Mechanics, Traders, and others, of the city and county of Philadelphia, here assembled, agreeing in the general objects of the former meeting, do nevertheless, disapprove of the manner m which it was conducted, and are opposed to its proceedings.

And whereas, the dissolution of the Bank, lately conducted with so much usefulness to the public, by our lamented fellow citizen, Stephen Girard, has suddenly, and at a very momentous crisis, deprived this community of a large amount of capital that had before been actively and liberally employed, and which from experience is known to be indispensable to our welfare and prosperity, even under the most flourishing auspices of trade:

Resolved, That it is expedient to establish a new Bank, to be called the Girard Bank, after the name of our distinguished citizen; and that the said Bank should be so fixed with regard to location, as to supply the new deficiencies and wants that have just been created.

Resolved, That a committee of five be appointed for the purpose of drafting a memorial to the two Houses of Legislature, expressive of the sense of this assembly, and that the said committee be instructed to present their report to the meeting for their approbation.

A memorial, reported by a committee was unanimously adopted, and a committee of fifty appointed to carry into effect the objects of the meeting.

The following gentlemen compose the committee:

Benjamin Tevis, Antony Lauseat, Thomas Cave, George Troutman, Robert Patterson, Asher M. Howell, Benjamin S. Bonsall, Thomas Lancaster, Henry Korn, John Goodin, jr. Edmund A. Souder, Samuel F. Bradford, John M. Chapion, David Lapsley, jr. Pearson Serrill, John B. Swett, Jesper Harding, Edwin T. Scott, John M. Barclay, Frederick Stoever, John Horn, Thoing, Sampson Tams, Mordecai D. Lewis, John Grigg, Jesse Smith, Thos. Rogers, John L. Wolf, William Carman, Henry Toland, Henry White, William Newell, jr. John Harding, jr. Caleb Cope, John Thoburn, John D. Goodwin, Dennis M'Credy, William Booth, James Burke, John Moss, S. Destouet, Thomas Haven, Augustin Stevenson, William G. Alexander, James Harper, Lawrence Lewis, John L. Hodge, John Barclay, Miles N. Carpenter, Freeman Scott, Benjamin E. Carpenter. The following resolutions were then offered and adopted:

mas J. Petriken, George Guier, John Knox, Robert Ew

Resolved, that, in the opinion of this meeting, no banking or other business corporation, ought to be chartered, without providing for preventing the stock from being monopolized by a few persons; and for this purpose, it is necessary that no one be allowed to subscribe as the attorney or agent of more than one individual.

Resolved, that the commissioners appointed to receive subscriptions, ought to be sworn or affirmed to act with strict impartiality.

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MEMORIAL

To the Senate and House of Representatives of the Commonwealth of Pennsylvania, in General Assembly met: The memorial of the undersigned, merchants, manufacturers, mechanics, traders and others of the city and county of Philadelphia,

Respectfully showeth, that the indispensable necessity to mercantile prosperity of a certain reasonable amount of capital to be employed in banking operations, is an axiom established by the experience and knowledge of this community, and the universal acceptance of all com mercial nations:

That the amount of capital hitherto employed by Stephen Girard, which was always and at all times treated by your honourable bodies as part of the reasonable supply of this city and county for banking purposes, is now about to be withdrawn from the general use of the community, and to be removed to other objects and employments; while, to add to the distress of your memorialists, they are exposed to the disastrous effects of such a commercial crisis as American trade has rarely witnessed:

That the banking capital accessible to the important, numerous and valuable interests, requiring its assistance, within the limits of the city and county of Philadelphia, was well known to be inadequate to the calls of the community, even when the general prosperity of trade and the extraordinary abundance of circulating medium diminished the amount of the public want, and the great capital of Mr. Girard, which enabled him to employ three millions and a half of dollars actively and liberally in discounts increased in an immense proportion the quantity of financial supply:

Your memorialists, therefore, humbly pray your honourable bodies to incorporate a new bank for the city and county of Philadelphia, with such capital as in your wisdom may be considered necessary, That the said institution receive the name of "The Girard Bank of the City and County of Philadelphia," as some acknowledgment of the public respect for our late worthy and eminent fellow citizen, and that its location be directed for the special purpose of supplying the new wants and inconveniences that have just been created by the dissolution of a bank, lately existing and in operation.

Your memorialists do not pray for a capital so extensive as that formerly employed by Mr. Girard, because, although they believe that the whole sum would not be more than adequate to the public necessities, yet they consider it more equitable-more republican-and more conducive to the welfare of the community, that the amount should be distributed among several institutions, situate in various parts of the city and county, and thus excite to a wholesome and useful competition. And your petitioners will ever pray, &c.

TWENTY-SECOND CONGRESS

IH SENATE, Monday, Jan. 9, 1832.
BANK OF THE UNITED STATES.
MR. DALLAS presented the following memorial from
the President, Directors and Company, of the Bank of

the United States:

To the Senate and House of Representatives of the United
States, in Congress assembled:

The Memorial of the President, Directors, and Company of the Bank of the United States, in the name and in behalf of the stockholders of the Bank, respectfully represents

29

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The general considerations which caused the establishment of the Bank, the manner in which it has executed the duties assigned to it, and the reasons which recommend its continuance, your memorialists forbear to discuss, since, of these subjects,, your honorable bodies are more competent and appropriate judges. They will therefore merely state the views which induce their application at this time.

Unless the question is decided by the present Congress, no definitive action upon it can be expected until within two years of the expiration of the charter-a period before which, in the opinion of your memorialists, it is highly expedient, not merely in reference to the institution itself, but to the more important interests of the nation, that the determination of Congress should be known. Independently of the influence which the bank was designed to possess, and which it necessarily exercises over the state of the currency, by which all the pecuniary transactions of the community are regulated, its own immediate operations are connected intimately United States, with the commercial interchanges bewith the local business of almost every section of the tween the several states, and the intercourse of them all with foreign nations.

Of the value to the community, of the system which after long and anxious efforts, and at great pecuniary sacrifices, your memorialists have at length succeeded in establishing, it is not for them to speak; their more immediate purpose is to represent, as they do, most respectfully, that the continuance or destruction of that system, thus widely diffused through all the avenues of the productive industry of the country, affecting all the relations of public revenue and private income and contributing to give stability to all the rewards of labor, is an object of general solicitude. If, satisfied with the practical operations of the institution, your honorable body shall deem it worthy of continuance, it seems expedient to relieve the country, as soon as may consist with mature deliberation, from the uncertainty in which all private transactions, and all public improvements, dependent on the future condition of the currency, and amount of capital disposable for those objects, must necessarily be involved until your decision is known. If, on the other hand, the wisdom of Congress shall determine that the bank must cease to exist, it is still more important that the country should begin early to prepare for the expected change, and that the institution should have as much time as possible to execute the duty, always a very delicate and difficult one, of aiding the community to seek new channels of business, and, by gradual and gentle movements, to press with the least inconvenience on the great interests connected with it. Under these impressions, they respectfully request that the charter of the bank may be renewed. By order of the Board of Directors,

N. BIDDLE, President. Mr. DALLAS said, that being requested to present this document to the senate, praying for a renewal of the existing charter of the Bank, be begged to be indulged in making a few explanatory remarks. With unhesitating frankness,he wished it to be understood by theS enate, by the good commonwealth which it was alike his duty and his pride to represent with fidelity on that floor, and by the people generally, that this application, at this time, had been discouraged by him. Actuated, mainly, if not exclusively, by a desire to preserve to the nation the practical benefits of the institution; the expediency of bring ing it forward thus early in the term of its incorporation, during a popular representation in Congress, which must cease to exist some years before that term expires and on the eve of all the excitement incident to a great political movement, struck his mind as more than doubtful.-He felt deep solicitude and apprehension, lest, in the progress of enquiry, and in the developement of

views, under present circumstances, it might be drawn into real or imagined conflict with some higher, some more favorite, some more immediate wish or purpose of the American people.

And from such a conflict, what sincere friend of this useful establishment. would not strive to save or rescue it, by at least a temporary forbearance and delay? Nevertheless, his conscious inexperience in the forms and contingencies of legislation, inspired a distrust of his own judgment on this merely preliminary point. The determination of the parties interested, may be, nay, must be, wiser and better, and he could but feel strongly impressed by the recollection, that the legislature of Pennsylvania, recently, and in effect, unanimously had recommended the renewal of the charter of this Bank. He became, therefore, a willing, as he was virtually an instructed agent, in promoting, to the extent of his humble ability, an object which, however dangerously timed its introduction might seem, was in itself, as he conceived, entitled to every consideration and favor. Mr. D. concluded by moving that the memorial be read and be referred to a select committee of five in number, and that the committee have power to send for persons and papers.

The memorial having been read and the reference agreed to

Mr. DALLAS moved that the appointmnnt of the committee be postponed till to-morrow.

Mr. BELL said he was not aware of any reason for the postponement; and as none had been assigned for it, he could perceive no propriety in the postponement. It would,also, be a thing unprecedented in the Senate; and unless some reasons were adduced in favor of the postponement, he should prefer that the Senate should, according to its usage, proceed at once to the appointment of the committee.

The question being put on the postponement, it was negatived. Ayes 15, noes 24.

The Senate then proceeded to ballot for the committee, and the following gentlemen were chosen to compose it, viz: Mr. DALLAS, Mr, WEBSTER, Mr. EWING,

Mr. HAYNE, and Mr. JOHNSTON.

HOUSE OF REPRESENTATIVES.

This day being, by the rules of the House, the day of the week on which petitions are to be received, a number were presented; amongst which was presented,

By Mr. McDUFFIE, the memorial of the President and Directors, on behalf of the Stockholders, of the Bank of the United States, asking for a renewal of their char

ter.

After the above mentioned memorial was read,
Mr. McDUFFIE moved to refer it to the committee of
Ways and Means.

Mr. DAVIS, of South Carolina moved to refer it to a committee of the whole House on the state of the Union.

tee.

A motion was also made to refer it to a select commit

Mr. WAYNE, of Georgia, said, that he had on a former occasion expressed his objection to the reference of this subject to the Committee of Ways and Means; and he should not trouble the House by repeating now, what he had advanced at the commencement of the session in favor of the appointment of a select committee; but he called upon gentlemen to consider what was the attitude of the Committee of Ways and Means in reference to the Bank question, and to compare it with the attitude in which that question had been presented to the House by the President of the United States, and he would ask whether it was not manifestly proper to submit the Memorial to a committee entirely uncommitted upon the subject. But this was not the object for which he had risen-the present question had not come upon him unexpectedly he had been aware before he entered the Touse that a memorial of this kind would this morning resented, and when he looked back upon the occur

rences of the last four weeks, and remembered what had taken place at a late convention in Baltimore, and the motives which had been avowed for bringing forward the subject at this time-he must say, that gentlemen ought not to permit a petition of this kind to receive the attention of the House.

Who could doubt that the presentation of that me. morial was in fact a party measure, intended to havean important operation on persons occupying the highest offices of Government? If, however, it should be considered necessary to enter upon the subject at the present time, Mr. Wayne said he was prepared to meet it. But when gentlemen saw distinctly before their eyes, the motive of such a proceeding, he hoped, that notwithstanding there might be a majority in the house in favour of the Bank, gentlemen would not lend themselves to that kind of action. Could it be necessary to take up the question of rechartering the Bank at the present session? Gentlemen all knew, that four years must pass before its charter would expire, and that Congress had power to extend the period, if farther time was necessary to wind up its affairs. It was known that other subjects of an exciting character must come up during the present session, and could there be any necessity, or propriety in throwing additional matter into the House calculated to raise that excitement yet higher? He trusted some individual would follow him, who might be able to present the subject to the House in a stronger light than he could. He should be willing in the very outset, to meet it by a motion to lay this memorial upon the table; but he would not make that motion at present; inasmuch as it would preclude a discussion which he wished to see proceed. He would, therefore, reserve himself for such ultimate action in reference to it as he might consider proper.

Mr. McDuffie said, that if he even could suppose that the Baltimore Convention had had any thing to do with the presentation of the present memorial, he trusted that he, at least, would be free from the suspicion of acting in this House as the agent of that body, if any man in the United States could be free from such a suspicion. So far, however, as regarded the President, Directors, and Company of the mother bank, he must say, that so far as his situation had given him an opportunity of having any knowledge of them, (and he had had much to do with those gentlemen) he did not believe that there existed within the limits of this Union, an organized body more perfectly exempt from any just liability to the charge of acting from political considerations; and so far from having had the remotest connection with any political movements, either at Baltimore or elsewhere, he should rather come to the conclusion that the present memorial had been presented after a consultation with the party to which the gentleman from Georgia, as well as himself, belonged, than with those of opposite party opinions. He regretted exceedingly, that this should have been regarded as a political question; but it was the misfortune of our country, that no subject of any kind could be started, which had reference to the general interests of the people, but it must instantly be converted into a political question, and connected with that all-absorbing topic-a topic which he feared would one day prostrate the liberty of the country-the election of a President. Could not the consideration of any question, referring to the interests of the country, be entered upon, but it must be to Could no put this man into office, and that man out? question of any kind be disposed of with a calm impartial judgment? He should deeply regret if any gentleman, in acting on the present subject, should be influenced by the question, how its decision would touch He could not possibly the election of this man or that. see how it could have any thing to do with the matter. Why must this be made a political question at this time more than at any other? Did the gentlemen from Geor gia suppose that the progress of purification would be such, that at any future time, personal considerations

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