"Did Mr. Ellsworth, or any one else of the State of debt shall have been paid off, and the public revenue Connecticut, as assessors of taxes of that State, write shall have been adjusted to the measure of our federal to request you to give him a list of stockholders belong-expenditures. ing to that State for the purpose of taxing them according to a law thereof?" The president replied "In December, 1829, Henry L. Ellsworth, of Hartford, in Connecticut, addressed a letter to me, requesting to be furnished with a list of the stockholders of the bank residing in Connecticut, for the purpose of taxing the stock. The request was declined, for reasons which will appear in the correspondence hereunto annexed;" to which the committee refer, marked No. 43. The committee, in calling for various statements, have collected a number of useful documents, not referable to any particular head, but as containing a mass of useful information, they present them to the House, subject to their future order, and, if found necessary, to be appended to this report, when it, together with the papers to which it refers, shall be published. The majority of the committee feel authorized to state that they have not been able to give even the parent bank that investigation which its extensive operations deserve, much less the branches-in some of which there have been subjects of complaint, but which they have been compelled to abandon for the want of time. The committee that investigated the affairs of the bank in 1819, when it had been but two years in operation, with its business much less extended than at present were engaged, as it would seem from the records of that day, from the 30th of November to the 16th of January, before they reported, and then they had not made as thorough an examination as the transactions of the institution seemed to require. At the present time, with a greatly enlarged business of sixteen years' accumulation, and twenty-five branches, whose operations have been charged with signal instances of irregu larity, the bank requires a much more minute examination than the committee have been able to give it. There have been many statements called for, which the business of the bank and the shortness of the time allowed for the investigation would not admit to be furnished. The committee were particularly desirous of ascertaining how far the payment of the public debt, and throughout the whole term of the existence of the bank, affected its operations, and called for all the resolutions and correspondence relating to that subject since 1817, but have only received such as related to the three per cent. loan, and the circular of the 7th of October last. On the subject of specie payments, domestic and foreign exchange, investments in public debt by the bank in 1824 and 1825, and its ability to make loans to the Government-the influence of the operations of the bank upon trade-on the increase of the paper circulation of the bank-its agency in diminishing or enlarging the circulation of local banks, and the means of permanently regulating our general circulation, so as to prevent its injurious effects upon the trade and currency of the country; all matters of vital importance in the reorganization of the bank; concerning which the committee submitted a number of inquiries to the President of the bank, who has not been able, from the press of other indispensable duties, to answer; and which queries are appended to this report. The investigations, however, which have been made, imperfect as they were, fully justify the committee in saying, that the bank ought not, at present, to be rechartered. It is obvious, from the statements submitted, and the correspondence with the treasury concerning the public debt, and the fluctuations of the revenue of government, that these have hitherto essentially affected the general circulation and operations of the Bank of the United States. It would, therefore, seem to your committee to be most judicious not to act upon the question of rechartering that institution, or of chartering any other national bank, until the public TABLE Referred to in the Report of the Select Committee appointed to examine into the affairs of the Bank of the United States. 1818. January, March, April, May, 7,139,485 36 2,510,371 27 1,415,580 35 14,084,138 49| June, April 1. 1831. None. 2,200 00 7,038,823 12 2,171,676 31 40,621,211 18 24,630,747 60 17,997,689 57 1,4 47,784 68 | 6,799,753 63 2,836,900 40 42,118,452 23,717,441 17,056,386 1,876,80239 10 69 13 3,497,681 06 11,545,116 51 2,080,442 33 35,811,623 96 22,399,447 52 15,884,938 43 168,373 72 Funded Debt. Specie. Banks. Issues. Circulation. Deposites. Due in Europe. EASTON, (Pa.) April 10. CIRCUIT COURT PROCEEDINGS. The Circuit Court for this county commenced on vs. Conrad Keck, Peter Dreisbach, John Miller, George Gross, This was an action of ejectment brought in the name of Benjamin Chew, Esq. of Philadelphia, to recover 750 acres of land situate in Lehigh township. The plaintiff set up his title to these lands under a deed of lease and release from William Penn, to Thomas Church, bearing date 3d April, 1695. A warrant dated 25th November, 1737, from Thomas Penn, on the application of Theophila Patridge, executrix of Thomas Church, to survey for the use of his heirs 1500 acres of land, in the and Brooke for plaintiff, and John M. Scott, Hoffman, and Prior, for defendants. From the Blairsville Record. SKETCHES, No. VII. CAPTAIN SAMUEL BRADY. (Continued from page 270.) province of Pennsylvania, whereof this is one moiety of the Life, and Military and Hunting Adventures of a survey and return thereof dated 19 July, 1739. The first papers given in evidence by plaintiff's counsel, were the warrant, which recites the deed of lease and release, and the proceedings of Commissioners of property thereupon. The survey was then offered in evidence and objected to by the defendants' counsel, as being made without authority-it not being signed by Scull, Deputy Surveyor. BY THE COURT.-The indorsement on the survey shows it was received into the Land Office, and as that is the case, it is of no consequence who made it. It is but lately the authorized surveyors write D. S. after their names. The will of Thomas Church, was next offered, dated the 30th of June, 1730, and proved in the Prerogative Court of Canterbury, in England, accompanying which was the affidavit of Jarvis Kendrick, that the copy was a true one, and that the annexed seal was the seal of the Prerogative Court of Canterbury. Defendants' counsel object, 1st. That there is not sufficient proof of the seal—the affidavit being exparte. 2d. No record or registry of Church's will. 5d. No affidavit of mode of probates. The court after argument admit it to be read. Following this was the will of Theophila Patridge, dated May 17, 1736, and proved 17th April, 1748; objected to by defendants' counsel in addition to former objections, that Theophila Patridge, being only tenant for life, she cannot pass real estate. BY THE COURT.-I will for the present admit the will to be read, and will tell the jury in my charge whether it conveys title or not. The will of her son John Patridge, dated 19th April, 1748, and proved 22d December, 1748, was next read; also the will of Samuel Ingram, dated 25th October, 1773, and the will of Thomas Ingram, dated 16th July 1774,-bringing down the title to Frances Ingram, who intermarried with John Rice. The plaintiff's counsel next offered deeds of lease and release from Frances Rice and Rev. John Keeble, to the plaintiff B. Chew, dated 4th and 5th September, 1815. Proved before the Lord Mayor of London. The defendants' counsel object-that the deeds are not proven, and cannot go in evidence. There is no proof that the seal in question is the corporate seal of London, and the seal of London cannot in this State prove itself. BY THE COURT.-I should like very much to have the whole of this case before the Jury; but if the defendants' counsel insist, I don't see how I can get over the objection. The deeds cannot go in evidence, besides, it is a point of importance whether any of these deeds relate to the land in question or touch them at all. It is also remarkable that the release refers to another and prior deed to Benjamin Chew. The plaintiff's counsel then allege they were taken by surprise and ask the court to withdraw a juror and continue the cause. PER HUSTON, J.-I cannot withdraw a juror. If it were done in this case, it might be done in every case where the plaintiff on the trial finds that he fails in his testimony. It cannot be done: and if it could, I would not do it in favor of a title that has lain asleep for 95 years. The plaintiff's counsel then submit, that as the seal was already in evidence, the seal should be put before the Jury for comparison. SED PER CURIAM.-The seal in evidence was not admilled, it was disputed, and its authenticity denied; with such a seal comparison wont do. Plaintiff's counsel then submit to a non suit, with leave to move to take it off. Plaintiff appeals to the Supreme Court. Porter The massacre at Fort Freelying cast a damp on the settlement at West Branch, but the hardy settlers prepared for the worst, by such measures of precaution as their means afforded. The Indians, after committing some further depredations, and murdering some families in Buffalo valley, retreated. The settlement progressed and had reached the Muncy hills. A fort was built at the mouth of Muncy creek, near where Pennsborough now stands, the command of which was given to Captain John Brady. Frequent skirmishes took place between the whites and Indians, who resumed their old practice of harrassing the settlers by dividing themselves into small squads, taking some prisoners, scalping others, and carrying away or destroying the cattle and moveable property of their victims. Brady, it appears, left the fort of the regular service, prior to the battle of Brandywine. Shortly after the return from, the camp of Captain Brady and his son, a company of men formed for the purpose of aiding a friend to cut his oats, near the mouth of Loyalsock creek. James Brady, son of Captain John, the younger brother of Captain Samuel of the Rangers, went along. According to a custom in those days, which was, that if no commissioned officer were present, the company selected a leader whom they styled "Captain," and obeyed as such; James was selected leader or Captain of this little band of about twenty men. After arriving on the ground, they placed two sentinels at opposite sides of the field; the other sides having_clear land around, were not thought to require any. The guns were all placed together at one side of the field, and the order was, that in case of alarm, all were to run to the rifles. The first day, which was spent in cradling the oats, nothing remarkable happened; during the night a strict watch was kept. The next day in the evening, one of the sentinels fired, and cried, "Indians." The young Captain without looking round for his men, ran for his rifle. When near the guns he was fired upon by a white man with a pistol-Happening to stumble over a sheaf of oats he fell, and the ball missed him. The Indians supposing him dead, ran to secure his scalp. He fell within reach of the guns, and seizing one he shot the first Indian who approached him. He now discovered that his men had fled and left him to contend with the savages alone. Despair rendered him but the more determined to die gallantly. He caught another gun, and brought down a second Indian. They rushed in upon him in numbers; he was a stout, active man, and struggled with them for some time. At length one of them struck a tomahawk into his head. He was stunned with the blow, and for a time remained altogether powerless; yet strange as it may seem, he retained his senses. They tore the scalp from his head as he lay in apparent death, and it was quite a trophy to them; for he had long and remarkably red hair. After they had scalped him, as he related afterwards, a little Indian was called and made to strike the tomahawk into his head in four separate places, then leaving him for dead, they took the guns with them and fled to the woods. After coming to himself, he attempted, between walking and creeping, to reach a little cabin where 1831.] MISCELLANEOUS. was an old man who had been employed to cook for On hearing the report of the guns the working party. the old man had hid himself, but when he saw Brady reJames begged the old man to turn, he came to him. fly to the fort, saying, "the Indians will soon be back The old man refused to leave him. and will kill you." Brady then requested to be taken down to the river, where he drank large quantities of water. He still begged the old man to leave him and save himself, but he would not. He next directed his old friend to load the gun that was in the cabin, which was done and put into his hands; he then lay down and appeared to sleep. A noise was suddenly heard on the bank above them; he jumped on his feet and cocked the gun. It was soon discovered that the noise was made by some troops who had come from the fort on horseback in pursuit of the Indians. They carried the brave young" Captain" to the fort, where he lived for five days. The first four days he was delirious, on the fifth his reason returned, and he described the whole scene he had passed He said the Indians through, with great minuteness. were of the Seneca tribe, and amongst them were two chiefs; that oneof those chiefs was a very large man, and by the description he was supposed to be Cornplanter; the other he personally knew to be the celebrated chief "Bald Eagle;" from whom certain creeks and the Ridge so called in Centre and Huntingdon counties, as his have their names-"The Bald Eagle's nest," camp was called, was for part of the year at the mouth of the creek called "Bald Eagle," which empties into the Susquehanna near the Great Island, and about thirty miles by water, from the scene of action. . On the evening of the fifth day the young Captain Vendied, 'deeply regretted by all within the fort. "not loud but deep," was breathed against geance, the Bald Eagle; but he laughed it to scorn till the fatal day at Brady's Bend on the Allegheny. their march to the Bald Eagle's nest, and that the Bald Captain Samuel Brady recognized the Bald Eagle on War with the Indians again broke out all along the frontiers, and men of activity and courage were sent to the forts on the West branch, and every precaution taken for the security of the settlements. It became necessary to go up the river some distance to procure supplies for the fort, and Captain John Brady, taking with him a wagon, team and guard, went himself and procured what could be had; on his return in the afternoon, riding a fine mare, and within a short distance of the fort, where the road forked, and being some distance behind the team and guard, and in conversation with a man named Peter Smith, he recommended it to Smith not to take the road the wagon had done, but the other, They travelled together till they as it was shorter. came near a run where the same road joined. Brady observed "this would be a good place for the Indians Smith said "Yes." That instant three rifles cracked, and Brady fell; the mare ran past Smith, who threw himself on her, and was carried The people in the fort in a few seconds to the fort. had heard the rifles, and seeing Smith on the mare coming at full speed, all ran to ask for Captain Brady: his wife along or rather before the rest. To their question where is Captain Brady? Smith replied, "In heaMeaning he was ven or hell, or on his road to Tioga." either dead or a prisoner to the Indians. The men in the fort ran to see the spot; the wagon guard had also been attracted by the firing. They found the Captain laying on the road, his scalp taken off, his rifle gone, but the Indians were in such haste they had not taken either his watch or his shot pouch. to secrete themselves." Samuel Brady, Captain of the Rangers, or Spies, for the people calledthem by both names, was in Pittsburg when he heard of his father's death-as mentioned before. KISKEMINETAS. The Sketches of the Adventures of Captain SAMUEL BRAY cannot be otherwise than interesting to every reader in Pennsylvania-and especially to those acquainted with many persons and circumstances referred to. The father of Captain S. Brady, referred to in the sketches, was shot by the Indians about four rods from a cabin on the hill on the south side of Wolf Run, where the State road crosses, in Lycoming county. John Brady, referred to, was formerly Sheriff of this county, and resided in this borough until his death. His widow died about two years since; and his numerous family and descendants are, many of them, still in the vicinity, and highly respectable in society. It chanced that the party of Indians, one hundred strong, he encountered at Brady's Bend, on the Allegheny-mentioned in No. V.-several years after the death of his father and his brother James, was a war party of Senecas, under the command of Cornplanter, on Such sketches serve a noble purpose-they keep alive in the living a grateful recollection of the heroic dead, and the perils and privations they endured in "times that tried men's souls."-Milton States Advocate. ANOTHER REVOLUTIONARY HERO GONE. At the com DIED-On Monday, 23d of April, Mr. John Peters,aged 100 years 5 months and 23 days. This aged gentleman enjoyed until the last four months of his life all his faculties, and until the end of the last year, was out attending to his business every day. He was honest, industrious and temperate in his habits, and rendered his services in times that tried men's souls. He was born in Portugal, near Lisbon, and emigrated to this country shortly after the earthquake in 1755. mencement of the revolution he was found among the patriots of the day, and assisted in throwing the tea into He was at the battle of the river at Boston. He afterwards entered into the army of the United States. Lexington and Bunker's Hill, in which he was wounded сарand lost one of his fingers. He was engaged in the battles of Monmouth and Princeton, and assisted in turing the Hessians at Trenton. He was engaged in the capture of Burgoyne and also of Cornwallis; he fought under Washington and Lafayette, at Valley Forge, where he was again wounded, and after serving during the whole war, after the peace of 1783, he was honorably discharged. Philadelphia, and has reared a numerous family. He was kind and affectionate, beloved as a parent, and respected by all his neighbors and acquaintances. He breathed his last under the full conviction that at the great day of judgment he will stand before his Almighty Creator in the expectation of those heavenly rewards which are accorded to those who lead a good life and die in the fear of the Lord. He has ever since lived in P. RAPID WORK.-Messrs. Phillips and Graham purchased a tract of land from General Lacock, on the Ohio river, on Monday of last week, laid out a town on Tuesday, and built fourteen houses in four succeeding yard.-Beaver Argus. days. At this place they intend establishing their ship ANOTHER OF THE RESOURCES OF LUZERNE COUNTY.We understand a bed of copper ore has been discovered in Windham township, in this county. We were recently shown a piece of copper which had been manufactured out of some of the ore, and have no doubt of the correctness of our information. We learn that a gentleman of Philadelphia, has purchased an interest in the ore, and designs to commence the manufacture of copper immediately.—Susquehanna Democrat. AN EXCURSION OF PLEASURE. WILKESBARRE, April 25. We sat out on Friday morning last, in company with a friend, on an excursion to Carbondale and Honesdale, the seat of the enterprising operations of the Delaware and Hudson Canal Company. The weather had been for some days unpleasant, the atmosphere at this time dense and humid, and the roads rendered extremely muddy by the quantity of rain which had fallen, yet we journeyed leisurely along through the Lackawanna valley, and arrived at Carbondale, a distance of about 33 miles, at sun set. This little village, so propitiously situated, has seemingly arose into existence by the power of magic. Where but two or three years since an almost unbroken wilderness was presented to view, industry and enterprise now smile around; taste and improvement meet the eye; and the busy hum of business salutes the ear. At this place are situated the valuable and exhaustless coal beds belonging to this Company, where they carry on extensive mining operations; and here also terminates the rail-road, on which this mineral is conveyed to the head of the canal at Honesdale, and from thence transported in immense quantities to the city of New York. Located as it is, and enjoying such numerous advantages, this place is ere long destined to vie with the most flourishing inland towns in the State. Already many elegant buildings are completed, among which are the large hotels of Messrs. Townsend and Lathrop, the convenience of whose establishments is only equalled by the courtesy and attention paid to strangers and travellers. Before we take our leave of this place, we would mention one circumstance, which goes far to establish the character of the inhabitants. We were credibly informed that not one drunkard was to be found among the citizens! From Carbondale we pursued our course to Honesdale, a distance of 16 miles, over an uneven tract of country, which is compensated, however, by an excellent turnpike, and the pleasure derived from witnessing the numerous cars perform their appropriate functions The greatest order and regularity upon the rail-road. are preserved in their passage to and fro, and so judicious is the machinery that a derangement seldom takes place! We ought to have mentioned that the weather in the mean time, had become settled and serene, and the prospect was rendered exceedingly delightful, by an occasional glimpse at the long trains of ascending and descending cars, whose burnished wheels dazzled in the sun-beams and reflected a silvery light to the eye of the beholder. The a We arrived at Honesdale early in the afternoon, and were agreeably surprised at the enterprise and improvement which surrounds it. This place, like Carbondale, has arose into existence within a short time, apparently from desolation, and to contrast its present condition with its late gloomy and uninviting appearance one could hardly credit the evidence of his senses. village is situated on a level tract of ground, and is beautiful location, for a large and populous town. Here, as we before observed, is the junction of the canal and rail-road, and is the grand depot of merchandize and produce for a large extent of country. Several extensive commission stores are already in operation, besides There are also three other mercantile establishments. houses of entertainment; the oldest and most commodious of which, owned by Mr. Forbes, affords every attention and refreshment that a weary traveller can desire. Upwards of two hundred cars arrive here daily from Carbondale, loaded with coal and lumber, and since put in motion, which was about the first of this month, about two thousand tons of the former have been weekly lodged at the basin of the canal, ready for freighting boats, as soon as damages, occasioned by freshets, can be repaired. It was expected that boats would commence running about the first of May, when the number of cars upon the rail-road will be increased, and it is confidently expected that upwards of four hundred tons of coal per day will be transported to Honesdale, and unloaded directly into boats, which will prevent the extra time and expense of re-handling it. From Honesdale we went as far as Bethany, the seat of justice of Wayne county, a beautiful little village, situated upon an eminence, and is distinguished for the elegance and taste of many of its buildings. From this place we returned home, well pleased with our journey, and reflecting upon the wonderful effects of internal improvement, in almost radically transforming a section of country, formerly so uninviting, inciting every where the spirit of industry, winging into life the soul of enterprise, and holding out the prospect of affluence, where discouragement and penury had cast their blightening spell. We here close this imperfect sketch which the hurry of the moment prevents from being more complete.Susquehanna Democrat. SHORT PASSAGES.-The brig Paragon, Capt. Remington, arrived on Saturday from Havana, in 7 days passage. She was absent from this city 29 days; had 5 days passage out; lay 17 days in Havana, and had 7 days home. The ship Edward Bonaffe, Campbell, also arrived on Saturday, from New Orleans, in 12 days-had 11 days out, and lay 21 days in New Orleans-making 44 days in performing the voyage. Brig Commerce, Capt. Yardsley went out to St. Thomas in 8 days; and the ship Equator, Glover, performed her passage to Charleston in 48 hours-But this is not all, Mr. Sanderson, of the Coffee House, through the politeness of Capt. Bunker of the Steamboat Franklin, had Boston papers of Friday morning upon file at half past 4 o'clock, P. M. on Saturday. This extraordinary despatch was accomplished by the arrival of the Franklin at New York, previous to the departure of the Union Line for this city, by which conveyance they came to hand. It is now possible for a traveller to leave Boston on Friday morning, and take tea with his friends in Philadelphia on Saturday afternoon. By the recent regulation of the mail, we are now supplied every evening with Alexandria, Washington, Baltimore, and New York papers of the same morning.-Phil. Gaz. Dividends for the last Six Months. CANAL TOLLS. 5 per cent. 5 66 5 4 3 do. 21 66 The amount of tolls received at the Collector's office at Lewistown, up to the last of April, this year, amount to $1,406 67. The amount received at the same office last year up to the end of the corresponding month-amounted to $348 94. And whilst we have the pleasure to state that the receipt of tolls is rapidly increasing; we have it also in our power to say, that the sums necessary for repairs, are greatly diminishing. REGISTER OF PENNSYLVANIA. DEVOTED TO THE PRESERVATION OF EVERY KIND OF USEFUL INFORMATION RESPECTING THE STATE. VOL. IX.-NO. 20. EDITED BY SAMUEL HAZARD. PHILADELPHIA, MAY 19, 1832. NO. 229. EXAMINATION OF THE PRESIDENT OF THE of property, ten per cent. or three hundred millions of BANK OF THE UNITED STATES, On the increase of the paper circulation of the Bank-its agency in diminishing or enlarging the circulation of local banks, and the means of permanently regulating our general circulation, so as to prevent its injurious ef fects upon the trade and currency of the country. 1. I notice that from 1823 to the first of January 1832 | the Bank had increased its bank note circulation from about four and a half, to twenty-four and a half millions of dollars; that thirteen or fourteen millions of this increase, occurred between the first of January, 1828, and the 1st of January, 1832, and that you have the right by your charter to extend your circulation to thirty-five millions-is it not your opinion that while such a circulation continues, and the State Banks exercise a similar power, our paper currency must fluctuate in value; that sudden demands must be occasionally made on our banks for specie; and that our traders must become speculators, and bankrupts, by abrupt changes in the value of property? 1st. As to the facts-The increase of twenty millions of notes. The circulation of the Bank on the first of January, 1823, was On the 1st of January, 1832, An increase in nine years of and not twenty millions. 4,361,058 21,250,546 $16,889,488 2d. The increase from January 1st, 1828, to January 1st, 1832, is stated at 13 or 14 millions. The fact is that this increase was only 11,394,848, and not 13 or 14 millions. Our paper currency has not, that I am aware, fluctuated in value. dollars, would not the speculations resulting from such a change, inevitably and very considerably increase comand bank notes and checks of every kind and descripmercial operations, notes of hand, bills of exchange, tion? Probably. 5. When we increase our general circulation by an increased issue of United States Bank notes, are not our local circulations simultaneously augmented? No. The circulation of the Bank of the United States supersedes in many cases the local circulation, as it was designed to do, and no inference can be drawn from the increase of the former to the increase of the latter. 6. If they are not thus increased, and if, as some suppose, our general circulation diminishes the aggregate amount of our local circulation, how do you account for the following facts, which appear from the returns made to the state governments, viz:-that the banks in Massachusetts, between 1823 and 1831, had increased their capital from 11,650,000 to 41,439,800, and their circulation from 3,145,010 to 7,739,317-that the capital of the State Banks in New York, Massachusetts, Rhode Island, and Pennsylvania, has increased since 1817 more than thirty millions of dollars-that the increase of the circulation of the banks in these states, not including the Philadelphia banks, was, in the last year, about eight millions-that the country banks in the state of New York had, between the 1st January, 1830, and the 1st January, 1832, increased their circulation from 8,974,345, to 3,622,277. I have not time to look into these details, and supposing them accurate, my inference would be this, that the control exercised by the Bank of the United States over the State banks, while it is sufficient to keep them withSd. That occasional demands should be made for spe- in a strict responsibility for their issues, does not encie is incident to all banks and all trade-but as the de-croach on their freedom of action, or interfere with their mands have been always paid, there does not seem to be any special cause of complaint. Finally until the nature of man is changed, men will become speculators and bankrupts-under any system -and I do not perceive that our own is specially calculated to create them. 2. Does not an increase of gold and silver throughout the world, tend in some measure to augment prices in every country? Yes-but in a very slow, and very gradual, and almost imperceptible manner. 3. Does not an increase of bank note circulation, or of any other paper substitute for a metallic currency tend to raise prices in the country where it is issued, above the level of the prices of the world? Sometimes but not necessarily, and perhaps not generally. Its natural tendency to do so, is often counteracted by this circumstance, that the facilities of bank credits enable men to have quicker returns, to enlarge their operations, and therefore to work cheaper. Moreover, there is an essential difference between paper which is a substitute for a metallic currency, and paper which is the companion of it, and convertible into it. 4. Suppose the entire wealth of this country to be three thousand millions, and that by increasing our paper currency, we should nominally augment the value VOL. IX. 39 profits. 7. If, as is supposed, the tendency of the United States Bank is to diminish State bank paper, how does it happen that in almost all the States, the local circulations have been doubled, and in some tripled, in amount, since the Bank was chartered? I have not had time to examine the statement, but should think it very erroneous. With regard to several of the states it certainly is not true. It is not true in regard to Kentucky-it is not true with regard to Tennessec-it is not true in regard to Missouri-nor to North Carolina-nor to Virginia. It is not true either of the aggregate circulation. The state bank circulation, on the 1st of January, 1816, was sixty-eight millions. That of the 1st of January, 1830, forty-eight millions. Wherever it is true, it may be ascribed to local causes, and to the addition, since the period of the charter, of four millions to the population of the United States. The general inference would be, how little the Bank tends to encroach on the legitimate business of the state banks, being the enemy of none, but the common friend of all of them. 8. If the Bank of the United States, with its capital of thirty-five millions, and its general circulation of twenty-two millions, gives an impulse to a National capital of three thousand millions, does it not inevitably |