Gen. Shirley, commander-in-chief with all the powers that Gen. Braddock had, sends a speech to the Six Nations by Gen. Johnson, exhorting them to remain steadfast to their alliance with the English, and to chastise the Delawares and Shawnese for their attacks on Pennsylvania and Virginia; desiring them to join the English against the French. Council of War at New York, 12th Dec. Gen. Shirley, Governors of New York, Maryland, Pennsylvania, and Connecticut, Col. Dunbar and four others. A plan of operations was agreed upon for the campaign, of which an attack on Fort Du Quesne by 3000 men made a part-10,000 men were to be raised for an expedition against Crown Point, of which Pennsylvania was to raise 1500. The Southern Colonies were to hold treaties with the Southern Indians, and procure them to attack the French on the Ohio and their Indians. Feb. 13. Complaint of Assembly against the enlisting of indented servants. General Shirley refused to give orders a were to be had. Tuesday morning we looked round us, pitched on a place, marked out our fort on the ground, and by 10 o'clock began to cut timber for stockades and to dig the ground; by 3 in the afternoon the logs were all cut, and many of them hauled to the spot, the ditch dug to set them in, 3 feet deep, and many were pointed and set up. The next day we were hindered by rain most of the day. Thursday we resumed our work, and before night were perfectly well enclosed; and on Friday morning the stockade was finished, and part of the platform within erected, which was completed next morning; when we dismissed Foulk's and Wetterholt's companies, and sent Hays's down for a convoy of provisions. This day we hoisted the flag, made a general discharge of our pieces, which had been long loaded, and of our two swivels, and named the place Fort Allen in honour of our old friend. It is 125 feet long, 50 wide, the stockades most of them a foot thick; they are 3 foot in the ground and 12 feet out, pointed at the top. This is an account of our weeks Feb. 16. work, which I thought might give you some satisfac-gainst it. tion. Foulk is gone to build another between this and Feb. 24. Some of the Six Nations at Philadelphia, by Schuylkill fort, which I hope will be finished (as Trex- whom intelligence was obtained that the Delawares were ler is to join him) in a week or ten days. As soon as still hostile. Presents made them, and they were agreed Hays returns, I shall detach another party to erect ano- to be placed among the Conestoga Manor Indians, for ther at Surfas's, which I hope may be finished in the security. same time, and then 1 purpose to end my campaign, God willing, and do myself the pleasure of seeing you in my return. I can now add no more than that I am with great esteem and affection, Dr. friend, yours affectionately, B. FRANKLIN." Fort Allen, at Gnadenhutten, Jan. 26, to Governor"Sir, We left Bethlehem the 10th inst. with Foulk's company, 46 men, the detachment of M'Laughlin's 20, and waggons laden with stores and provisions. We got that night to Hays's quarters, where Wayne's company joined us from Nazareth. The next day we marched cautiously through the gap of the mountain, a very dangerous pass, and got to Uplinger's, but 21 miles from Bethlehem, the roads being bad and the waggons moving slowly. (As before.) This present Monday we are erecting a third house in the Fort, to accommodate the garrison. As soon as Capt. Hays returns with the convoy of stores and provisions, which I hope may be to-morrow, I purpose to send Orndt and Hays to Haed's to join Capt. Trump in erecting the middle fort there, purposing to remain here between them and Foulk, ready to assist and supply both, as occasions may require; and hope in a week or ten days, weather favouring, those two forts may be finished, and the line of Forts completed and garrisoned, the rangers in motion, and the internal guards and watches disbanded: unless they are permitted and encouraged to go after the enemy to Susquehanna. At present the expense in this county is prodigious. We have on foot and in pay the following companies, viz: Trump, 50 men; Aston, 50; Wayne, 55; Foulk, 46, Trexler, 48, and Wetterhold 44, without the Forks; Orndt, 50; Craig, 30 and Martin 30, in the Irish settlements; Van Elten 30, at Minisinks; Hays 45; detachment of M'Laughlin 20; Parsons 24, at Easton. Total 522. This, Sir, is a particular account of our transactions, and the present state of affairs in this county. I am glad to learn by your favour of the 21st, just received, that you have thoughts of coming to Bethlehem, as I may hope for an opportunity of waiting upon your Honour there, after our works are finished, and communicating every thing more fully. I now only add that I am with dutiful respect, Sir, your Honour's most obdt. humble servant, B. FRANKLIN." Feb. 4. House of Assembly met. Informed they were summoned to consider the plan of operations agreed on at New York; which was to be kept secret. Urging supplies; and stating that the chain of Forts in the most important passes of the mountains was almost complete. March 5. An act for dispersing the French neutrals, through different counties. March 9. The Indians preferred going to Pensbury Manor (20 miles above the city,) and were there sent. They were extremely apprehensive of being murdered on their road to Conestogoe. The friends of the people were so exasperated. March 13. Militia formed by proclamation into a regiment for each county. A troop of horse, 2 companies of foot, and 1 of Battery volunteers raised in the City and Liberties, and officered. March 19. House adjourned to 15th April. Differences about bills. March 27. Conference with 13 Indians, viz:-those sent to Pennsbury, Scarooyady, and another returned from his visit in December last, to the Indians on the Susquehanna and the Six Nations, and those who lived at Aughwick before Braddock's defeat, and since at Harris's. The account given by Scarooyady of his jour ney is a very interesting picture of Indian population and manners. The substance is, that in going up the Susquehanna he found all the Delawares, but about 30, were hostile. They would not hear his advice and threatened him. Tediuscung, who was in Philadelphia last summer, had English scalps. He went on to the 6 Nations, and they sent to the Delawares prohibiting them from attacking the English, and threatening to punish them for it; and had sent deputies into the Belaware country to have a meeting. N. B. One of the Mohawk warriors died in Philadelphia of peripneumony, and was buried with military honors. April 8th. Governor informs Indians that war would be declared against the Delawares, and gives them the hatchet, and offers rewards to them for Indian prisoners and scalps. Accounts from Fort Littleton, April 4th, of an engagement with the Indians by a party that went after the captives from M'Cord's fort. Many killed & wounded. April 10. Commissioners for disposing of £60,000 advise war to be declared against the Delawares and alt other Indian enemys, and rewards for prisoners and scalps. Scarooyady speaks in favor of it-and for building a fort at Shamokin. April 12. Some of the Quakers remonstrated against the war; but it was resolved upon. 13. Accounts that the people of the back counties were about to meet at Lancaster and march to Philadelphia, and make some demands of the Legislature, now sitting-which was sent to the Assembly, and notice giv en to the Justices of the Peace, &c. War declared by proclamation by the Governor. The Delawares, and all others, who have in conjunction with them, committed hostilities; declared rebels, traitors and enemies, and rewards offered for prisoners and scalps that should be taken from them. April 15. Message of Legislature about people going to Lancaster. Mr. Chew and others sent by Governor to Lancaster, to persuade them to desist. April 21. Mr. Chew and others returned from Lancaster; and the Governor summoned the Assembly for the 10th of May. April 24. Letter of Governor to Sir William John son. "By information of several of the prisoners who made their escape I can assure you that there are not less than 300 of our people in servitude to them and the French on the Ohio; the most of them at Shingas's town, called Kittanning, about thirty miles above Fort Duquesne, Scarooyady, and Montour, must have acquainted you that they saw more or less Eng. lish prisoners in almost every one of the Delaware towns on the Susquehanna as high as Diahoga." "The main body of the Delawares live at Kittanning and the other Delaware towns on and beyond the Ohio, and have been the most mischievous, and do still even so late as last week continue to murder and destroy our inhabitants." 287 not wait to hear the effects of this Embassy before he On reading the foregoing letter of Sir W. Johnson to Gen. Shirley wherein he blames Gov. M. for issuing his declaration of war against the Delawares and desires the interposition of Mr. Shirley, and perusing the several transactions between the Indian Deputies and Sir W. J. as set forth in Sir C.Hardy's letter to Gov. M., together with what Sir Gen. Shirley has been pleased to say in his letter on this subject (he suggested a suspension of hostilities till the result of Sir W. J.'s visit to Onondago should be known,) the Council were of opinion that they should advise the Gov. to publish a cessation of hostilities against the Delawares, until the result of the meeting of the Indians at Onondago should be known. But before this be done it might be of service, and tend to quiet the minds of the back inhabitants, if the Gov. would be pleased to call some of the most principal and most discreet of the inhabitants together, commuuicate to them the several transactions that had passed between the Indians and Sir W. J. in regard to the 6 Nations, who might turn against us if we slighted a matter brought by them to such a ripeness; and likewise that he would be pleased to give it in particular charge to Col. Clapham, to see that the forces under his command should conform to the suspensions of arms, both in their march and whilst at Shamokin. It was then considered that the Delawares on Ohio were still in open war and a grand attack might be expected to be made this cessation should extend to them, and it was after long consideration agreed it should. But an account coming from the Postmaster at Annapolis, that these Indians had penetrated and were destroying the inhabitants of Virginia, 12 miles within Winchester, and it being known from former accounts that they had laid waste the Conolloways and a great part of Conogochegue, and had lately defeated 40 regular forces of Fort Cumberland, and were determined to attack that fort. The matter was re-considered and agreed to advise the Gov. to confine the cessation of arms to the Susquehanna Indians. Letter of Governor of New York to Gov.M., April 16, "By my letters from Sir W. Johnson, of the 12th instant, I think we have at last brought about an accommoda, tion with the Delawares. In his first letter of the 9th, he says, 'As I finished my letter 2 Oneida Indians, on whom I can depend brought me an account that the Delegates sent to treat with the Delawares were return-month from that quarter on the frontier-whether the ed, and say that they have settled the unhappy breach.' In another-This evening some of those delegates arrived here (Mount Johnson,) with several of the Oneidas, Tuscaroras, Onondagos and Mohawks. I have on ly to tell you that they assure me they have made up that unhappy affair; and that the Delawares expect those of their people who may be prisoners to be delivered up as soon as possible, and that they promise to deliver up those they have of ours; they say they will join the Six Nations against the French, if they desire it.' The Gov. hopes, therefore, the war is not declared against them. But Gov. M. in his letter to Sir W. Johnson, considers this as very unsatisfactory ground for believing they will have peace with the Delawares. That they had no prisoners but one Indian in gaol charged with crime. May 11. Governor sends a message to the Assembly dated 9th May, Harris's ferry. May 26. Proclamation sent by Gov. for suspension Then Mr. Israel Pemberton on behalf of some of the of hostilities for 20 days against the Delawares. But the Quakers, offered to mediate between the Governor and Council thought proper not to publish it till the Goverthe Delawares and to send a message at their own ex-nor's return. pense, if permitted. Scarooyady was consulted and fra- Accounts arrived that the Six Nations had remed a message himself, to be sent by some Indians, sta-quested Sir W. Johnson not to come to the meeting at ting the request of the Friends, and his desire, and that Onondago. Accounts from Virginia, of Winchester beof the Six Nations, that the Delawares would accept it. ing invested by the Indians. After long consideration the Gov. and Council agreed to it. June 3. The three Indians sent by the Governor returned to Philadelphia, and were received with great April 26. Finally concluded to send three of the joy. They had succeeded in their mission so far that chiefs to the Delawares to inform them of what Sir Ch. the Delawares at the Susquehanna entreated mercy, to Hardy (Gov. of N. Y.) had communicated; to state the be distinguished from the Ohio Delawares, and renew desire of the Gov. and of the descendants of those that their alliance-asked their captives to be allowed to recame over with the proprietor for peace, and to bring turn, and laid aside the hatchet. Tediuscung was their with them Paxinosa a Delaware chief who had continu-speaker. A suspension of hostilities ordered for 30 days. ed friendly. April 28. Gov. sends to Gen. Shirley for 1000 stand of arms, out of 10,000 arrived at Boston. 600 sent by Gen. Shirley. Proclamation issued for a Fast. Goy. set out for the frontiers to hasten away the forces designed to erect a Fort at Shamokin. May 5. Letter 24th April, Sir W. Johnson to Gen. Shirley, (copy sent by the latter to Gov. M.) "Sir Ch. Hardy writes me that Gov. M., by the public prints, had declared war against the Delawares and Shawnese Indians. I am surprised that Mr. Morris, whose province was so much interested in the result of the Six Nations' embassy to those Indians, who was a principal in it, and to whom I sent a copy of my last proceedings, would | June 10. These Indians returned to Diahoga. June 14. The commissioners of the £60,000 fund, (B. Franklin and 4 others) recommend to the Gov. to order out parties from the forts to range the west side of Susquehanna quite to Ohio and the neighbourhood of Fort Duquesne. Indian message from Col. Johnson and Six Nations, came down to Susquehanna to Col. Clapham's encampment with permission from the Six Nations to build a fort at Shamokin, and another 14 miles above Wyomink. Orders given to Lieut. Colonel Armstrong and others, to have Pomfret castle built, where it was laid out by Col. Budd. And to send out parties of at least 50 men each to annoy the Indians. 288 June 28. The bill for continuing the excise amended by the Governor, and the following copy of the latter clause of his 11th instruction from the Proprietory. "You shall not give your assent to any law for prolonging the present excises or laying any other excise, or raising any money on ye inhabitants of the said province of Pennsylvania, unless there be an enacting clause that all money arising from the said excise or other duties shall be disposed of only as we or either of us exercising the office of Governor, or the Lieutenant Governor or in case of his death or absence the President of the Council and the House of Representatives for the time being shall direct, and not otherwise." Governor by message informs Assembly that the Earl of Loudown was appointed Commander in-chief of all his forces in North America and 2 Regment of foot and artillery and warlike stores were ordered for the service of the Col. recommending to appropriate funds to ye general service. Maj. Gen.Abercrombie 2d in command, aserts that officers were appointed for a Royal American Regiment and desiring funds to be applied to pay the masters of indented servants enlisted-message sent. July 2. Assembly voted the Governor's not passing the bill on account of proprietary instructions was "eva sive and frivolous and an infringement of their just rights; that they adhered to the bill. That all proprietary instructions not warranted by the laws of Great Britain are illegal and void in themselves. July 20. Accounts from Sir W. Johnson, of July 12, that on the 11th July "he had concluded all matters with the king or head of Shawanese and with the king or head of the Delawares who live on the Susquehanna, the former at Wioming the latter at Tioaga. The Shawanese chief declares that none of his people have been concerned in the murders committed on ye frontiers of ye southern provinces and that they have strictly adhered to their treaties and engagements with the Earl, and are determined to continue acting on the same principles. The Delaware king has confessed that some of his people deluded by the French and Indians in their interest did join with them in their hostilities: that they have seen their error laid down the axe and do repent of their past misconduct: will for the future govern themselves by ye example of their Uncles the 6 nations and in conjunction with them, will take up and use the hatchet against the French and all their adherents. This he ratified in the most public manner before the deputies of the 6 nations who were present and engaged himself that all the English prisoners who had fallen to ye share of his people should be forthwith delivered up. The Delaware chief has also promised to use his utmost endeavours to withdraw those of his nation whom the French have seduced to go and live in the neighbourhood of Fort Duquesne. Newcastle an Indian chief employed much in embassies &c. arrived in Philadelphia 19 July, and brought some Diahojo Indians, and an account of Tedyuscung, (the Delaware king) arrival at Bethlehem waiting the Governor's coming to them.Tedyuscung had been made king by the 6 nations about a year ago and lived at Wiomink. July 23. Governor desires £500 for the Indians whom he was going to visit-House voted £300 and appointed 3 members (Joseph Fox, William Edmunds, and speaker,) to go with him. "He said (to the Gov. from the House) was taken into consideration, and tho' the sum proposed was deemed insufficient and the putting it into ye hands of Mr. Fox and Mr. Edmunds was rude and indecent yet the Council pressed ye Governor to prefer the public good and overlook this ill treatment, and Wm. Fox bringing the Governor £100 and promissing a supply as it should be wanted the Gov. was persuaded to send for Ponsshin and Neweastle (Indians) each of whom he gave 50 pieces of eight to for which they returned thanks and desired them to get ready to attend him. Mr. Chew and 3 others of Council accompanied ye Governor to Easton. July 28, Conference at Easton with Tedyuscung. Three days spent in speeches. A complete reconcilia- From the Pennsylvania Inquirer. SIR-In consequence of an article which appeared in your paper yesterday in relation to the engraved marble slab found in Henderson's Quarry, and now in possession of Peter A. Browne, Esq. a number of the first persons belonging to the Jewish Congregation have been to see it. They all agree that the characters are Hebrew, but there is some little difference of opinion amongst them as to the exact nature of the inscription. Mr. Michael E. Cohen, a man of great learning, says that they are a Heth and a Wav, and that they stand for "sensible and wise." For my part, I do not consider it at all important to pronounce upon the particular letters: in my opinion the main thing is to establish the fact that they are Hebrew, for that will decide the question as to the ancient people by whom they were engraved. My idea is, that they were put there by some tribe of Israel, who have wandered to and inhabited this continent. There was an ancient custom prevailing among that people, when a tribe or family was about to depart from the place of their nativity, to have a word engraven upon a stone, the stone and word were then divided, and half of it was taken by those who departed, and the other half was left with their friends. May If so, it is without not this have been one of these? doubt the greatest curiosity in the world. If the preceding theory be correct, does it not render probable the theories of Wm. Penn, Dr. Boudinot, and perhaps some others, that the Indians were of Jewish origin? Wyoming Valley is fast exciting an interest abroad; and we may safely say is now verging towards that rank she is destined to hold in the scale with other flourishing districts. At this time it would be impossible to rent a dwelling house in the Borough of Wilkesbarre. All are full.— Several wealthy gentlemen in Philadelphia have recently made purchases here, and are preparing houses for the reception of their families. New buildings are going up in various directions, and business of every kind is increasing. The Baltimore Company have got out an immense quantity of coal, and much of it has already reached the Baltimore market. It is a lamentable fact that the only means of transportation is by the channel of the Susquehanna-and if the coal business is profitable, notwithstanding the difficulties and losses attending the river navigation what will it be ere long, when the canal is extended. The Company made large purchases of coal lands, and we understand they will receive a handsome percentage, already, on the capital invested. Individuals have also profitably carried on the mining business. Lehigh Pioneer. GREENSBURGH, April 28.The Execution. On Tuesday last, about three o'clock P. M. the sentence of the law was executed on the unfortunate Joseph Evans, for the murder of John Cissler, being the first execution since the seat of justice was established in this place, upwards of 40 years. Printed every SATURDAY MORNING by WILLIAM F GEDDES, No. 59 Locust Street. Philadelphia; where, and at the PUBLICATION OFFICE, IN FRANKLIN PLACE, second door back of the Post Office, (back room) subscriptions will be thankfully received. Price FIVE DOLLARS per annum, payable annually by subscribers residing in or near the city, or where there is an agent. Other subscribers pay in advance. THE REGISTER OF PENNSYLVANIA. DEVOTED TO THE PRESERVATION OF EVERY KIND OF USEFUL INFORMATION RESPECTING THE STATE. VOL. V.-NO. 19. EDITED BY SAMUEL HAZARD. BANK OF THE UNITED STATES. CONGRESS-HOUSE OF REPRESENTATIVES. - Report of the Committee of Ways and Means. (CONTINUED FROM PAGE 285.) Having endeavoured to explain, thus briefly, the general depreciation resulting from a redundant currency, the committee will now proceed to point out some of the injurious consequences which have resulted from those great changes in the standard of value, which have been unavoidably produced by the correction of the redundancy. An individual who borrowed a sum of money in 1816, and paid it in 1820. evidently returned to the lender double the value received from him; and one who paid a debt in 1820, which he had contracted in 1816, as ev idently paid double the value he had stipulated to pay, though nominally the same amount in money. It is in this way that fluctuations in the quantity and value of the currency interfere, in the most unjust and injurious manner, between debtor and creditor. NO. 123. count of fifteen per cent. giving certificates of stock, amounting to eighty millions of dollars, in exchange for sixty-eight millions of dollars, in such bank paper as could be obtained. In this statement, treasury notes are considered as stock, at twenty per cent. discount. Upon the very face of the transaction, therefore, there in all probability, have been saved, if the Treasury had was a loss of twelve millions of dollars, which would, been aided by such an institution as the Bank of the U nited States. But the sum of sixty-eight millions of dolars, received by the government, was in a depreciawhich the stock given in exchange for it, has been and ted currency, not more than half as valuable as that in will be redeemed. Here, then, is another loss of thirty four millions, resulting, incontestibly and exclusively, with the sum lost by the discount, forty six millions of from the depreciation of the currency, and making, great pecuniary loss in less than three years of war, dollars. While, then, the government sustained this amounting annually to more than the current expenses of the government in time of peace, it is worth while to inquire, who were the persons who profited to this enorwill be found that the whole benefit of this speculation mous amount by the derangement of the currency? It upon the necessities of the government was realized by stock jobbers and money brokers, the very same class of persons who profited so largely by the business of comthe currency, and who have the same interest in the remercial exchanges, in consequence of the disorders of And when banks have the power of suspending specie payments, and of arbitrarily contracting and expanding their issues, without any general control, they exerc.se a more dangerous and despotic power over the property of the community, than was ever exercised by the most absolute government. In such a state of things, every man in the community hol's his property at the mercy of money-making corporations, which have a de-currence of those disorders as lawyers have in litigation, cided interest to abuse their power. By a course of liberal discounts and excessive issues for a few years, followed by a sudden calling in of their debts and contraction of their issues, they would have the power of transferring the property of their debtors to themselves, almost without limit. Debts contracted when their discounts were liberal, and the currency of course depreciated, would be collected when their discounts were almost suspended, and the currency of Course unnaturally appreciated; and in this way the property of the community might pass under the hammer, from its rightful owners to the banks, for less than one half its intrinsic value. If the committee have not greatly mistaken the matter, there is more of history than of speculation in what they have here presented to the consideration of the House. or physicians in the diseases of the hunian fiame. Hav ng presented these general views of the evils which existed previous to the establishment of the Bank of the United States, it remains for the committee to inquire how far this institution has effected a remedy of those evils. The first great question which arises under this branch of the inquiry is, whether or no the bank has corrected the disorders of the circulating medium, by providing a paper currency, convertible into specie at the pleasure of the holder, and of equal value with specie at all points of the Union? The Chief Magistrate, in that part of his first message which relates to the Bank of the United States, expresses the opinion, that "t has failed in the great end of es. tablishing a uniform and sound currency." After giv. It is impossible to form any thing like an accurate es-ing to this opinion all the consideration to which it is so timate of the injuries and losses sustained by the community, in various ways, by the disorders and fluctuations of the currency, in the period which intervened between the expiration of the old bank charter, and the establishment of the present bank. But some tolerable notion may be formed of the losses sustained by the government, in its fiscal operations, during the war. justly entitled, from the eminent station and high character of the citizen by whom it is entertained, the com mittee are constrained to express their respectful but decided dissent from it. It is true, that the bank does not, in all cases, redeem the bills issued by any one of its branches, indiscriminately at all the other branches; and it is in reference to this fact, as the committee preThe committee have given this part of the subject an sume, that the President expresses the opinion that the attentive and careful examination, and they cannot esti-institution has failed to establish “a uniform and sound mate the pecuniary losses of the government, sustained exclusively for the want of a sound currency, and an ef It is confidently believed, that no one of the persons ficient system of finance, at a sum less than forty-six who were principally instrumental in establishing the millions of dollars. If they shall make this apparent, the bank, ever entertained an idea that it would attempt to House will have something like a standard for estima-redeem its bills at any of its offices, other than those by ting the individual losses of the community. The government borrowed, during the short period of the war, eighty millions of dollars, at an average dis VOL. V. 37 currency." which they should be respectively issued. The charter certainly contains no such requirement, and it would have been highly inexpedient if it had, to say nothing of its obvious injustice. The inevitable effect of such a requirement, would have been to compel the bank to perform the whole of the commercial excharges of the country, without any compensation. It would not be more unjust to require a Rail-road Company to transport all the productions of the country without compen sation. No institution could stand such an operation; and it was the injudicious attempt of the first direction of the bank to do it, that principally contributed to the embarrassments of 1819. A committee was appointed by the House of Representatives, in that year, to investigate the management of the bank; and in the report of that committee, as well as in the discussions to which it gave rise in the House, this attempt of the direction to redeem the bills of the institution, indiscriminately, at all its branches, was indicated as one of the causes of the existing embarrassment. No one who participated in the debate, pretended to allege that the bank was bound to redeem its bills indiscriminately, or that it was expedient that it should do so. The most that any one did, was to apologise for the unwise attempt. But it yet remains for the committee to show that this indiscriminate redeemability of the bills of all the branches of the bank, is not necessary to "the establishment of a uniform and sound currency." Human wisdom has never effected, in any other country, a nearer approach to uniformity in the currency, than that which is made by the use of the precious metals. If, therefore, it can be shown that the bills of the United States' Bank, are of equal value with silver at all points of the Union, it would seem that the proposition is clearly made out, that the bank has accomplished "the great end of establishing a uniform and sound currency." It is not denied that the bills of the mother bank, and of all its branches, are invariably and promptly redeemed in specie, whenever presented at the offi- | ces by which they have been respectively issued, and at which, upon their face, they purport to be payable.Nor is it denied that the bills of the bank, and of all the branches, are equal to specie in their respective spheres of circulation. Bills, for example, issued by the mother bank, are admitted to be equal to silver in Pennsylvania, and all those parts of the adjacent states of which Philadelphia is the market. But it is contended that these bills, not being redeemable at Charleston and New Orleans, are not of equal value with silver to the merchant who wishes to purchase cotton with them, in those cities. Now, if the Philadelphia merchant had silver, instead of bank bills, he certainly could not effect his purchases with it in Charleston or New Orleans, without having the silver conveyed to those places; and it is equally certain that he could not have it conveyed there, without paying for its transportation and insurance. These expenses constitute the natural rate of exchange between those cities, and indicate the exact sum which the merchant would give as a premium for a bill of exchange, to avoid the trouble and delay of transporting his specie. It is obvious, therefore, that, even for these distant operations of commerce, silver would be no more valuable than the bills of the bank: for these would purchase a bill of exchange on either of the cities mentioned, precisely as well as silver. If the operation should be reversed, and the planter of Louisiana or South Carolina should desire to place his funds in Philadelphia with a view to purchase merchandise, he would find the bills of the branch bank in either of those States, entirely equivalent to silver in effecting his object.Even, therefore, if the bank had not reduced the rate of the exchanges, it might be safely asserted, that its bills would be of equal value with silver at every point in the Union, and for every purpose, whether local or general. But it is impossible to exhibit any thing like a just view of the beneficial operations of the bank, without adverting to the great reduction it has effected, and the steadiness it has superinduced, in the rate of the commercial exchanges of the country. Though this branch of the business of the bank has been the subject of more complaint, perhaps, than any other, the committee have no hesitation in saying, it has been productive of the most signal benefits to the community, and deserves the highest commendation. It has been already stated that it has saved the community from the immense losses resulting from a high and fluctuating state of the exchanges. It now remains to show its effect in equalizing the currency. In this respect, it has been productive of results more salutary than were anticipated by the most sanguine advocates of the policy of es tablishing the bank. It has actually furnished a circulating medium more uniform than specie. This proposi tion is susceptible of the clearest demonstration. If the whole circulating medium were specie, a planter of Louisiana, who should desire to purchase merchandize in Philadelphia, would be obliged to pay one per cent. either for a bill of exchange on this latter place, or for the transportation and insurance of his specie. His specie at New Orleans, where he had no present use for it, would be worth one per cent. less to him than it would be in Philadelphia, where he had a demand for it. But, by the aid of the bank of the United States, one half of the expense of transporting specie is now saved to him. The bank, for one half of one per cent. will give him a draft upon the mother bank at Philadelphia, with which he can draw either the bills of that bank, or specie, at his pleasure. In like manner, the bank and its branches will give draughts from any point of the Union to any other where offices exist, at a per centage greatly less than it would cost to transport specie, and in many instances at par. If the merchant or planter, however, does not choose to purchase a draught from the bank, but prefers transmitting the bills of the office where he resides to any distant point, for commercial purposes, although these bills are not strictly redeemable at the point to which they are transmitted, yet, as they are receivable in payment of all dues to the government, persons will be generally found willing to take them at par; and if they should not, the bank will receive them frequently at par, and always at a discount much less than would pay the expense of transporting specie. The fact that the bills of the bank and its branches are indiscriminately receivable at the customhouses and land-offices, in payment of duties, and for the public lands, has an effect in giving uniformity to the value of these bills, which merits a more full and distinct explanation. For all the purposes of the revenue, it gives to the national currency that perfect uniformity, that ideal perfection, to which a currency of gold and silver, in so extensive a country, could have no pretensions. A bill issued at Missouri is of equal value with specie at Boston, in payment of duties; and the same is true of all places, however distant, where the bank issues bills, and the government collects its revenue. When it is, moreover, considered, that the bank performs with the most scrupulous punctuality, the stipulation to transfer the funds of the government to any point where they may be wanted, free of expense, it must be apparent that the committee are correct, to the very letter, in stating that the bank has furnished, both to the government and to the people, a currency of absolutely uniform value in all places, for all the purposes of paying the public contributions, and disbursing the public revenue. And when it is recollected that the government annually collects and disburses more than twenty-three millions of dollars, those who are at all familiar with the subject will at once perceive that bills, which are of absolutely uni, form value for this vast operation, must be very nearly so for all the purposes of general commerce. Upon the whole, then, it may be confidently asserted, that no country in the world has a circulating medium of greater uniformity than the United States; and that no country of any thing like the same geographical extent has a currency at all comparable to that of the United States on the score of uniformity. The committee have |