And Mr. Ingham, in like manner, on the 11th of July, 1829, says: "I take the occasion to express the great satisfaction of the Treasury Department at the manner in which the President and Directors of the parent Bank have discharged their trusts in all their immediate relations to the Government, so far as their transactions have come under my notice, and especially in the facilities afforded in transferring the funds of the Government, and in the preparation for the heavy payment of the public debt, on the first instant, which has been effected by means of the prudent arrangements of your Board, at a time of severe depression on all the productive employments of the country, without causing any sensible additions to the pressure, or even visible effect upon the ordinary operations of the State Banks." Finally, the President himself, in his Message to Congress of December, 1829, says: "It was apprehended that the withdrawal of so large a sum from the Banks in which it was deposited, at a time of unusual pressure on the money market, might cause much injury to the interests dependant on Bank accommodations. But this evil was wholly averted by an early anticipation of it at the Treasury, aided by the judicious arrangements of the officers of the Bank of the United States." "" can be no doubt it would have prostrated all commer cial credit, and seriously endangered the public reven ue, as in New York and Philadelphia alone, the demand on account of the foreign three per cents was about five millions. The Bank, therefore, made an arrangement with the foreign owners of this stock, to the amount of $4,175,373 92 to leave their money in the country for another year, the Bank assuming to pay the interest instead of the Government. Having settled this, the Bank resumed its usual facilities of business to the community. Of the whole four millions postponed, the interest on them has ceased, and at this moment the only certifi cates not yet actually returned, are those in the name of two persons, amounting to $42,375 94, and it is remarkable, that while of the whole amount of $4,175,373 92 purchased and postponed, there remain unpaid only two owners, holding $42,375 94; the amount of the unpostponed threes still outstanding is five or ten times as much. So that in fact, as was anticipated in the report of the Committee of Ways and Means, the postponement has actually hastened its payment. All these things were fully explained by the Committee of Ways and Means, to whom that part of the President's message was referred, and that Committee accordingly reported as follows: It had thus become the habitual policy of the Bank "The arrangement made by the Bank for a tempoat the approach of any large payment, to begin its pre-rary postponement, with the consent of the holders of parations for a long period in advance, so as to collect its resources gradually, and to distribute its disbursements over as wide a sphere as possible. In the year 1832, the country was heavily indebted to Europe for the large importations of the year 1831; and it was particularly desirable to give to the community leisure to pay that debt out of their annual earnings, and to prevent any addition to the foreign demand in 1832. Now there were more than twenty-five millions and a half of the principal and interest of that debt payable in the year 1832-from Dec. 31, 1831, to Jan. 1, 1833-of which more than fifteen millions were to be paid in nine months, and between eight and nine of it to foreigners. The Bank was fully prepared to make the first payment on the 1st of October, 1832. The State Banks of Philadelphia, New York, and Boston, owed to this Bank, Its specie at these places alone was Its funds in Europe were Making of cash in hand, or its equivalents, With an open credit in Europe, on which to draw, for the payment of five millions of the three per cent. debt, being now substantially closed by the surrender to the Government, of the certificates of stock, except for a small amount, and the whole debt itself, as far as respects the Government, at an earlier period than it is probable it would otherwise have been, this question seems no longer to present any important or practical object of inquiry, or to call for, or admit any action of Congress upon it." This ought to be satisfactory, yet is the subject now revived with the addition of two distinct errors in point of fact. The first is that the Bank "was conscious that at the end of the quarter it would not be able to pay over the deposits"- whereas the state of the Bank, as above explained, proved its entire ability to make this payment, and that its interposition was exclusively dic$2,280,000 tated by the desire to avert an additional trouble at a 3,200,000 season of pestilence. The second is, that the part of 2,982,000 the arrangement made with the agent of the Bank was not disavowed until "some incidents connected with $8,462,000 this secret negotiation, accidentally came to the knowledge of the public and the Government." The fact is, that as soon as that part of the arrangement which seemed to conflict with the charter, was received, the determination was made to decline executing it before any publication of any sort was seen or known in regard 2,500,000 Besides not less than twenty millions of debts, to be used for this purpose-while the whole public debt to be paid on the first of October, was $8,634,988 37. In this state, the Bank, had it considered only its own interest, would have been perfectly passive, since it was perfectly at ease. But it had other and higher interests to consult. From the communication with the Treasury in July, it was probable that the funds of the Government might be insufficient to pay the debt advertised to be paid-and that even if these funds were adequate, the operation would exhaust all the means of the Government, and require that the community should repay the whole amount of the public funds distributed among them. It was further manifest that the ability of the Government to meet its engagements, depended entirely on the punctual payment of the revenue in the commercial cities, from July to January, which was estimated at about twelve millions of dollars. That resource was threatened with the greatest danger by the appearance of the Cholera, which had already begun its ravages in New York and Philadelphia, with every indication of pervading the whole country. Had it continued as it began, and all the appearances in July warranted the belief of its continuance, there to it. The evidence of this is so clear and so short, that it deserves to be cited as an example of the general inaccuracy of this manifesto. The Committee of Exchange, in their report to Congress of January 29, 1833, declare as follows: "But when the contract itself reached the Bank, on the 12th of October, and it appeared from the communication of Messrs. Baring, Brothers & Co., that the stock was to be purchased on account of the Bank, they were immediately instructed, on the 15th of October, that the Bank had no authority to become owners of the stock," &c. &c. When two of the members of that Committee were examined on oath before the Committee of Ways and Means, they confirmed the statement as follows: Question. Had the President or Exchange Committee, any intention to disavow General Cadwalader's authority to make the contract he did, until after the ap pearance in the New York papers of the 11th or 12th October last, of the circular of the Barings to the foreign holders of the U. S. 3 per cent. stocks, announc ing to them, that they had the authority of the Bank to purchase or negotiate a postponement of the stocks held by them. Answer of Mr. Manuel Eyre. I can say yes positively. I recollect it perfectly well. When I first read this letter, I said it was not proper, and disavowed it. Answer of Mr. Matthew L. Bevan. I never did see myself, the notice referred to in the New York papers, but well recollect the moment the letter was received giving information of the proceedings in relation to that negociation, the President of the Bank, with the approbation of the Exchange Committee, immediately wrote, disavowing the nature of that arrangement, it having been made under a misapprehension The complaint in regard to the postponement by the Government in April, 1832, is of the same character. He says, that "after this negotiation had commenced, the Secretary of the Treasury informed the Bank that it was his intention to pay off one-half of the three per cents on the first of the succeeding July, which amounted to about $6,500,000. The President of the Bank, although the Committee of Investigation was then looking into its affairs at Philadelphia, came immediately to Washington, and upon representing that the Bank was desirous of accomodating the importing merchants at New York, (which it failed to do) and undertaking to pay the interest itself, procured the consent of the Secretary, after consultation with the President, to postpone the payment until the succeeding first of Octo ber." The impression here intended to be conveyed is, that the President of the Bank, in order to relieve the Institution from a demand which it could not sustain, asked an indulgence which was conceded by the Government. Now the truth is, that the Government wished to make the postponement, but could not do it without the aid of the Bank. Mr. M'Duffie, Chairman of the Commit tee of Ways and Means, and Mr. Cambreleng, Chairman of the Committee of Commerce, who were then members of the Committee of Investigation at Philadelphia, wrote letters to the Secretary of the Treasury dissuading the Government from making the payment. The only difficulty in doing it was, that the Commissioners of the Sinking Fund had no authority to postpone the payment, as they would be obliged to pay the quarter's interest during the three month's delay-and this difficulty was removed by the President of the Bank, who agreed to pay the interest as the money would remain in the hands of the Bank. The letters just mentioned were accordingly submitted to the President, who never saw the Secretary of the Treasury on the subject, as that gentleman was sick, and who himself decided on the postponement after seeing the recommendation of Mr. M'Duffie and Mr. Cambreleng. Much stress is also laid on the visit of the President of the Bank to Wash ington, while the Committee of Investigation were in Philadelphia. The truth was, the letter of the acting Secretary was received so immediately before the period fixed for issuing the notice of payment, that if any thing were to be done at all, it was to be done only by personal communication with the Secretary, as there was no time for correspondence. The gentlemen of the Committee were aware of his going, and two of its members wrote letters to promote his object. Besides, his leaving the Committee of Investigation in full possession of the Bank and all its papers, so far from being a subject of reproach or suspicion, is the surest mark of his entire reliance that there was nothing in the concerns of the Bank which they might not examine at leisure during his absence,and was the best proof of his confidence in them as well as himself. The whole subject was before the Committee of Investigation of 1832, and that Committee acknowledged, as will be seen from the following extract from their report, that this postponement was not the work of the Bank. The Committee say They made a call upon the President of the Bank for the correspondence in relation to the postponement of that payment, in the following words: "Will you please give a copy of the correspondence connected with your application in March last, requesting a sus pension by the Government of the payment of a portion of its debt intended to have been made on the first of July next, or a statement of the arrangement made in relation to that subject." Which correspondence was communicated by the President of the Bank with the following remarks. "I have made no application to the Government, nor have I requested any suspension of the payment of any portion of the public debt. "The inquiry, I suppose, relates to this circumstance; I received a letter from the acting Secretary of the Treasury, dated the 24th March, 1832, informing me that Government was about to issue a notice on the first of April, of their intention to pay, on the first of July next, one-half of the three per cent. stock, and to do it by paying to each stockholder one-half of the amount of his certificate."" He added, "If any objection occurs to you either as to the amount or mode of payment, I will thank you to sug. gest it." "Thus invited by the Government in a communication marked ‘confidential,' to give my opinions on a measure contemplated by the Government, I felt it my duty to express my views of its probable operation: in my reply therefore, dated 29th of March, I stated 'that so far as the Bank is concerned, no objection occurs to me, it being sufficient that the Government has the necessary amount of funds in the Bank to make the contemplated payments.' I then proceeded to observe, that in the present situation of the commercial community, and with a very large amount of revenue, (amounting to nine millions,) to be paid before the 1st of July, the debtors of the Government would require all the for bearance and all the aid that could be given them; and that the payment proposed, by creating a demand for the remittance of several millions of dollars to European stockholders, would tend to diminish the usual facilities afforded to the debtors of the Government, and might endanger the punctual payment of the revenue. For this reason I thought it for the interest of the Government, to postpone the payment till the next quarter. I further stated, that the plan of paying to each stock. holder only one-half of his loan, would not be so accep table as if his whole loan were re-paid at once. "Having thus performed my duty in giving the opi. nion asked, I left it, of course, to the Government to decide. On the part of the Bank, I sought nothing, I requested nothing. After weighing the circumstances, the Government were desirous of adopting the mea sure, but the difficulty I understood to be this, that the sinking fund would lose the quarter's interest, from July to October, of the sum intended to be paid in July; and that the Government did not feel itself justified in making the postponement unless that interest could be saved, but that it would be made, provided the Bank would make the sinking fund whole on the 1st of October. To this I said, that as the Bank would have the use of the fund, during the three months, it would consent to save the sinking fund harmless, by paying the three months interest itself; as the matter stands. "Now, it will be seen, that the Bank, in all this, has had not the least agency, except to offer its opinion, when it was asked, in regard to a measure proposed by the Government; and then to offer its aid in carrying that measure into operation." "The Committee are fully of opinion that though the Bank neither 'sought' the Government, as stated in the declaration of the Prefor, nor requested' a postponement of the payment by sident, yet if such postponement had not been made, the Bank would not, on the 1st of July, have possessed the ability to have met the demand, without causing & scene of great distress in the commercial community," (Remainder next week.) REGISTER OF PENNSYLVANIA. DEVOTED TO THE PRESERVATION OF EVERY KIND OF USEFUL INFORMATION RESPECTING THE STATE. EDITED BY SAMUEL HAZARD. VOL. XII.-NO. 26. PHILADELPHIA, DECEMBER 28, 1833. CANAL COMMISSIONERS' REPORT. NO. 312 The grading and mechanical work belonging to the road bed formation, on the other sixty miles, including the great viaducts over Valley creek and West Brandywine, the deep cut at the gap, and the side road through the month of December next, rails may be laid upon the city of Lancaster, are so nearly finished, that in all the whole road. The Columbia railway is eighty-two miles long. It was commenced in 1828, but owing to a want of appropriations, and various causes over which the Canal Commissioners had no control, the completion of it has between Lancaster and Chester counties, has proved The "deep cut," through a gap of the Mine ridge been unreasonably delayed. They are now, however, the most difficult job that has ever been undertaken on enabled to inform the Legislature, that a single track the public works of the State; for in all other cases, over the whole road, and the second track on twenty-skill and labor, time and perseverance, have vanquished two miles of the eastern end of it, will be laid and rea- the most formidable obstacles; but the deep cut, (which dy for use by the first day of January, 1834, unless they are disappointed in receiving a quantity of iron and thirty seven feet deep, at the highest point, dimiwas originally designed to be about half a mile long, that has been shipped in England, and is daily expect-nishing to common cutting at the ends,) has bid defiance ed at Philadelphia. The jurisdiction of the superintendent who had to the skill of the engineer, and the laborious exertions charge of the eastern end of the road, was, within the few feet from the surface, a quick-sand of the worst of several contractors. After opening the ground a last year, extended over the whole line; and as the en-kind was encountered, that would have required at gineer by whom the road was located, and under whose least two years to remove, at an unknown expenditure, directions the construction of it had progressed until the date of the last report, has since then died, another but probably not less than two hundred thousand dol engineer has been appointed, who took charge of the road on the first day of last March. On the sixteenth of February, 1833, the act passed appropriating one million one hundred and eleven thou sand nine hundred and fifty-eight dollars and seventyeight cents, for prosecuting the work. Directions were immediately given by the Board, to the superintendent of the road, to enter into a contract or contracts for procuring iron, and on the fourteenth of March, orders were transmitted to England for rails, chairs, bolts and wedges for one track; and soon afterwards, orders were forwarded for iron for the second track on the sixty miles. To ensure its completion according to the patterns furnished, and of the quality required, and also to hasten its delivery, a special agent was sent to England by the Board, to inspect the iron when manufactured, previous to shipment. Before contracts could be made in England, the manufacturers of iron in that country had received very large orders, which rendered it impossible to get more iron prepared and shipped during the present season, than is sufficient for one track. The iron for the second track is now manufacturing, and will be delivered early next spring. If orders could have been transmitted for the iron in the beginning of last winter, the whole of it might have been received during the present season, and about twenty-four thousand dollars saved in its cost, as the price of iron in England had advanced, before the orders of the spring arrived. lars. The railway was graded up for several miles on each side of the gap, at the maximum of thirty feet rise to the mile. It was, therefore, with extreme reluctance, after a protracted effort to remove the quicksand had failed, that the grade of the road was raised for threefourths of a mile on each side of the summit, at the rate of forty-five feet per mile. The work is now progressing rapidly. The rails through the deep cut will rest upon firm piles driven through the quicksand. Steam engines are preparing for the two inclined planes. The one for the Columbia plane is nearly fi nished, and is estimated at forty horse power; and the one at the Schuylkill plane, of sixty horse power, is now setting up. The engine houses have each been constructed for receiving a second engine, whenever the trade may require it. It is computed that nineteen hundred and twenty tons may be passed over each of the planes, in a day of twelve hours. In the report of the Canal Commissioners of November first, 1832, they say, that "with a view to hasten the completion of a line between Philadelphia, the Susquehanna, and the West, it is contemplated to lay one track, from the western termination of the twenty-two miles to Columbia, upon wooden sills." The act of the 16th of February, 1833, making a further appropriation of one million, one hundred and eleven thousand, nine hundred and fifty-eight dollars and seventy-eight cents, towards completing the Columbia railway, requires iron edge rails to be used. This sum is one The second track on the eastern twenty-two miles of hundred and twenty-six thousand, four hundred and the road was completed, and the connection between fifty-six dollars and sixty-three cents less than the esti the West Chester railway and Philadelphia, established mate of Major Wilson, for finishing the road with one last winter, except the large viaduct and road bridge track, laid with flat bars on wooden rails; and it is four over the Schuylkill at Peters' Island; which work has hundred and thirty-four thousand, three hundred and been delayed beyond the expectations of the Board, sixty-one dollars and thirty-two cents less than his estinotwithstanding every effort has been used to urge it mate, if both tracks should be laid with iron edge rails. forward by the officers on the line, and a special inBy the estimate of Mr. Gay, the present engineer, spector who was employed to superintend its construc-and the report of the superintendent, it appears that a tion. It is, however, at this time in such a state of for- further appropriation of eight hundred and four thouwardness, that it wil be ready for the rails by the mid-sand, eight hundred and ninety-five dollars and fiftydle of next December. eight cents, will be required to complete the road for VOL. X II. 50 1 horse paths, if horses are to be used, locomotive engines alone; or eight hundred and eighty-To which must be added $85,000 for This large excess is accounted for, 1st. By greater strength and solidity given to the whole work, and especially to the large viaducts. 2d. By the difference in the weight of the rails. 3d. By locomotive engines, water stations, and other things estimated by Mr. Gay, that do not appear in the estimate of Major Wilson. 4th. By an almost total failure in procuring stone blocks in the lime stone valleys through which the road passes. And having to haul two thousand three hundred tons of stone blocks from the sand stone hills, a distance of from 12 to twenty miles to the road. This circumstance alone caused two-thirds of the contractors to abandon their jobs. 5th. By an unusual number of re-lettings at higher prices. 6th By the unforeseen difficulties of the deep cut at the gap at Henderson's. 7th. By the enhanced price of iron in England.} 8th. By the connection of the rail road with the CoJumbia bridge, required by a resolution of the Legislature of the 26th March, 1833, and other work not contemplated at the previous estimate. The Wiggan rail, weighing forty-one and a fourth pounds per yard, has been adopted for both tracks of the sixty miles now in progress. It is calculated for carrying locomotive engines weighing six tons. Locomotive engines may run from Philadelphia to Columbia on the first track, in the month of January next, if the iron arrives which is expected. And the second track can be finished by the first of September, 1834. Whole amount disbursed 337,863 04 1,700,798 99 1,506,146 95 [DECEMBER 51,000 $855,895 58 ed for locomotive engines, Length including the side road through Lancaster, 82 miles. Portage Railway. The Portage rail road over the Allegheny Mountain, is thirty six miles and two hundred and eight perches long, but between the extreme points of navigation is only thirty-six miles, and it overcomes a rise and fall of two thousand five hundred and seventy feet in that distance. The work upon this road has within the past year progressed very well, the grading and masonry are completed. A single track of rails along the whole road and a double track on the inclined planes (making together forty-four miles and three hundred and fourteen perches,) are almost finished. Ten steam engines have been constructed, and are putting up at the ten inclined planes, four of them are estimated at thirty horse power, and the other six at thirty-five horse power each. They are made on the A survey and estimate have been made, and arrange-high pressure principle, and may, if the trade require ments are making, in obedience to the resolution of the Legislature of the 26th March, 1833, for placing under contract the work for connecting the Columbia rail way with the tracks to be laid upon the Columbia bridge. it, be worked up to forty, fifty, or sixty horse power with safety; lest, however, accidents and consequent delays should occur, it is intended when the second track of rails is laid, to put up a second engine at each of the planes. As a precautionary measure, two extra ropes have Statement of the funds appropriated to the Columbia been procured. The ropes are what are called "white Railway $1,238,431 14 51,710 44 1,111,958 78 $2,402,100 36 ropes," made of Russian and Italian hemp, from six and one-fourth to seven inches in circumference. The ag gregate length of the twelve ropes is eleven miles and seven hundred and seventy-eight yards. Their whole weight is one hundred and eighteen thousand, six hundred and forty-nine pounds, and they cost from fourteen to eighteen cents per pound; or altogether when delivered at Hollidaysburg, twenty thousand five hundred and thirty-one dollars and five cents. It is calculated that the engines and ropes when working at an ordinary rate will take a train of cars up the planes, at the speed of four miles an hour; and at the same time a train can descend the plane. The completion of the rail road has been retarded by 1,700,798 99 delays in the importation of iron, two thousand one hun dred and ninety-three tons of malleable iron rails, and one hundred and twenty-three thousand, six hundred $701,301 37 chairs of cast iron were required for a double track on the inclined planes; and a single track throughout the rest of the road. About two-thirds of the chairs were manufactured in our own state; and the residue of the iron was obtained in England. Of seven ships that were freighted with iron in 1832, but two arrived in a reason. able time. One ship was lost altogether, and one was six months at sea. The insurers had to pay about fif teen thousand dollars for iron that was lost, and twentytwo thousand and thirty-seven chairs that arrived were condemned at a loss to the manufacturer. Hence or ders had to be sent out last spring to England to sup $804,895 58 ply the deficiency. 1,506,196 95 The iron obtained in England, cost Whole cost of iron $192,644 00 Amount required to complete the Miles. Yards, 58,134 26 $250,778 26 Miles. Yards. Portage railway Use of the Railways. $365,846 35 A very important question for Legislative decision has arisen respecting the proper manner of using the rail roads when they are finished. And as their profitable use next spring demands an immediate determination of the mode by which transportation on them shall be conducted, the Board respectfully request the early atten tion of the Legislature to the subject, and submit the following methods for their consideration. 1. To establish the rail roads as public high ways, either horses or locomotive engines. for the use of every person who may choose to employ 2. To prohibit the use of locomotive engines altoge ther,and make the roads public high ways for the use of every person who will employ horses alone as the motive power. In the construction of the Portage rail road, a large amount of heavy work has been performed, deep excavations, large embankments, and very high and strong outside supporting walls, as well as numerous drains, culverts, and viaducts, all of solid masonry have been executed, of which work, the great viaduct of cut stone with a semi-circular arch of eighty feet span over the 3. To prohibit the use of horses altogether on such Little Conemaugh at the horse shoe bend, and the tun-parts of the roads as can be advantageously traversed nel of nine hundred feet long through a spur of the by locomotive engines, and make them public high mountain, will demand and must receive, from the ways for the use of every person who will employ locomotive engines alone as the motive power. public unqualified admiration for the boldness of their design, and the strength and beauty of their execution. rail roads would be declared public high ways, the In either of the three preceding cases, in which the It is believed to be unnecessary to adduce arguments Commonwealth must maintain and employ the stationafor proving the utility and necessity of a second track of rails on this road, to accommodate the incalculable y steam engines and ropes at the inclined planes, or lease them for a term of years to individuals or compaamount of trade that will pass between the basin of the nies. Mississippi valley, and the sea board within a few years after the public works of the state are finished; should the legislature invest the Canal Commissioners with power to enter into contracts for iron, the second track of the rail way may be completed over the mountain in three months after the iron is delivered. 4. To lease the roads and transportation to a company or companies for a term of years, binding them to preserve the roads and machinery in good order. 5. To lease the transportation alone to a company or companies, for a term of years, and the Commonwealth to maintain the roads and machinery in repair. 6. To lease the right of traction or motive power only, to a company or companies for a term of years, binding them to transport such cars with their freight as may be offered by individuals or companies, and the Commonwealth to maintain the roads and machinery in repair. In either of the last three cases of leasing the roads, the transportation, or the traction, the stationary steam engines and ropes at the inclined planes may be maintained and employed by the Commonwealth, or they may be let out on leases for a term of years to individuals or companies. 7. The Commonwealth to furnish the traction or mo. tive power, own the cars, and do all the transportation on the rail road. 8. The Commonwealth to furnish the traction or motive power only, and transport such cars with their freight, as may be offered by individuals or companies. In the event of it being settled that the Commonwealth will furnish the motive power on the rail roads, it is still necessary for the Legislature to determine whether the Columbia rail way shall be finished for using horses on it, or for using locomotive engines, or for the use of both modes of conveyance. For more comprehensive views of this subject, the Board respectfully refer to the reports of the superintendents and engineers on the two rail roads, accompanying this report. Before quitting the subject of the rail roads of the State, the Board wish to call the attention of the Legislature to a necessity that exists for a law, with suitable penalties, to preserve those splendid monuments of the power, enterprize, and perseverance of Pennsylva nia from destruction, similar to the law now in force for the protection of the canal. Beaver Division. The Beaver division of the Pennsylvania canal, commences on the Ohio river twenty eight miles below Pittsburg, and is located from the mouth of the "Big |