« AnteriorContinuar »
funds, or from a want of either the ability or the dispoer-sition to accommodate them. That the funds of the institution in 1828 were adequate, notwithstanding the large loans to the State, to the ample accommodation of its customers, may be inferred from the notes actually discounted, and also from the fact that the Deposits and the Notes in circulation, in that year—items of no small importance to a bank—so greatly exceeded those of any other institution chartered by this Commonwealth. Had any considerable number of the best customers been dissatisfied and lost, the effect on the Deposits would have been immediately visible; and at the close of the year the Deposits would not have amounted to 1,025,242 dollars, nor the Notes in circulation to 1,051,816 doflars, as was the fact.
BANK OF PENNSYLVANIA.
it is also believed, that no person who attended the meeting laboured under any mistake, or fell into any ror of opinion on this subject.
It is further alleged, that "in the year 1828, principally occasioned by the large amount of stationary loans held by the bank, which crippled its resources, the large amount of 1,500,000 dollars of first rate business paper was rejected."
The meaning of this we understand to be, that in the year 1828, we employed so large a part of the bank funds in loans to the state, that but a very small sum remained for the proper and legitimate objects of banking -the discounting of first rate business paper; and that the large sum of 1,500,000 dollars of such paper was necessarily rejected, whereby the profits were diminished, and the good business customers driven away. It is very true, that in the year 1828, the directors made great efforts to accommodate the commonwealth by furnishing large sums of money to carry on the public improvements, and is equally true that these efforts were constantly opposed by a portion of the state directors. But if, in this, we have been criminal, we must submit to such censure, as you may think proper to bestow,-tho' it was not to be expected that our punishment would be administered by those, or the representatives of those, who derived advantage from our acts. It is be lieved, however, that the accuracy of the statement has not been tested by a sufficiently careful examination on the part of those who have made it, and that such an examination would have led to a very different result.
But a more serious imputation against the directors is, "that they have defeated the views of the Commonwealth by not subscribing to the loan of 1829, and caused the failure of the loan by selling the State stock of former years held by the Bank at from one to one and a quarter per centum below par.
It is not needful now to inform the stockholders, that in 1828 an unexampled inquisition was carried into the transactions of this Bank, and the strongest efforts were made to criminate the directors and officers for making large loans to the State; which loans were made to carry on the public improvements, when it was evident that without these loans the improvements must have been suspended, and the public credit prostrated-Yet in 1829, you are gravely told, that these same directors and officers have manifested their disposition to embarrass the fiscal operations of the Commonwealth by not contributing more than 620,000 dollars since the middle of May last, to sustain and carry them on!-But as these charges have been gravely made, we will gravely reply to them by presenting some of the measures adopted by the Bank during the last few years, to promote the interest and convenience of the Commonwealth.
Under the provisions of certain acts of Assembly, passed in December, 1818-in March, 1819-in December 1819-and in March, 1820, the Bank made seven different loans of money to the State, amounting together to the sum of 330,000 dollars, viz: In 1818, Dec. 21, for 4 years,
By this we do not mean to imply, that of the bills offered for discount in the year 1828, so large a sum as 1,500,000 dollars was not rejected, but it is to the representation of the character and description of the paper that we take exception, and its consequences on the business and profits of the Bank. Of the amount reject ed in that year, more than 150,000 dollars were offered by brokers-by the discount of which, the Board would only have increased a species of loan to which very great exception has been taken on the part of the State, and it is not to be supposed that this portion of the rejected paper is regarded as being of that description which should have entitled it to any favor, or that any censure can with the semblance of consistency be cast upon the directors for not discounting it; more than 120,000 dollars were offered by auctioneers, who were at the respective periods discounters for very large sums, and by the course of whose operations the specie in the vaults of the Banks was rapidly diminishing;—more than 360,000 dollars of this rejected paper was drawn or endorsed by persons who had then, or who have since failed-more than 280,000 dollars of it was considered so questionable, that it would not have evinced any faithfulness to the interest of the Bank, had it been discounted;-and more than 200,000 dollars of it was rejected, because it had not more than four months to run. From this statement it is seen, that not 400,000 dollars of unexceptionable paper, in the year, was rejected, and in relation to that, it is surely not unknown to any practical man, that this amount is no evidence of a general want of funds, nor indeed is it in any other than an occur rence which is constantly incident to the operations of a Bank, which must necessarily be affected by the fluctuations always taking place in commercial business.Such, then, is the true history of this 1,500,000 dollars of first rate business paper, which, it is alleged was rejected by the Bank's inability, in 1828. The sum, it is true, may appear large, but when it is known, that the paper actually discounted during that year, exclusive of that done at the four branches, was more than 5,700,000 dollars, the amount rejected must cease to astonish any
We are without any evidence, knowledge or belief, that this Bank was disabled by its stock from discount ing for its good customers to the full extent of their demands or reasonable expectations, or that the Bank had lost any of its best customers, on account of its want of
1819, April 22, for 4 years,
June 10, for 4 years,
Nov. 1, for 4 years,
1820, Jan. 3, for 10 years,
Mar. 21, for 10 years, Sept.28, for 10 years, 50,000 Under the act of March 31, 1823, three of these loans, amounting to 140,000 dollars were extended for 4 years each. The sum of 280,000 dollars, remaining unpaid on the 12th of June, 1824, was invested in the five per cent. stock created by the act of the 30th March, 1824.
For the five per cent. stocks created for the internal improvement of the State, the following subscriptions were made by the Bank for itself, and for those whose participation was obtained by its means.
For the stock created by the act of 2d
150,000 920,000 2,000,000
Of this amount of stock, the sum of 3,280,000 dollars was taken at par; and for 1,290,000 dollars of it, the Bank paid to the State a premium of 55,777 dollars.— The bids which were made for the respective loans are at the office of the Secretary of the Commonwealth, where it may be seen, that all the other bids for the loan of two millions in 1821, and for the loan of two millions in 1828, were so very inconsiderable, that if it had not been for the offers of this Bank, both of these loans must have failed, and the consequence to the public in
terest would have been as disastrous as any which will result from the failure of the loan of 1829.
By temporary loans during the years 1828 and 1829, the Bank has given important aid to the State at periods of great exigency. In May 1828, the Bank lent 150,000 dollars, under the act of 24th March; and, subsequently, when the public works required larger sums of money than had been expected, the Board came for ward, on several occasions, when applied to by the Governor, and relieved the wants of the treasury by advances of money to the extent of 618,098 dollars, in anticipation of the instalments of that year. These advancǝs were
In the present year, when the work on the canals and rail roads was in danger of being suspended, and when pressingly solicited by the Governor, the Bank gave efficient aid to the Commonwealth by lending 620000 dollars under the provisions of the act of 22d April, 1829; and this it was enabled to accomplish to considerable extent by the sales made of its permanent loans. These temporary loans areMay 16,-Cash, to be paid on 15th July June 6, do. do. July 1, August. 25 do Septem. 12 do.
October 21, do.
do. in four moths
November December 1829, January
directors, for opposing the loan of 1828, and the advances on temporary loans in anticipation of the instal ments, had received the unqualified approbation of the Legislature.
But the second part of the imputation deserves some notice, as it implies a determined hostility towards the State evidenced by selling the State stock of former years held by the Bank at from one to one and a quar ter per centum below par, for the purpose of depreciating the sales of the commissioner of loans. Without entering into any discussion of the right of the Bank to sell its stock as its interest requires, or acknowledging any necessity to vindicate this right, we will here only present for consideration the facts which relate to the subject, and from which you will doubtless come to proper conclusions as to the propriety of our conduct.
During the fourteen months immediately preceding the 19th of June, 1829, (when the commissioner receiv ed proposals) the Bank sold in Philadelphia, 928,480 dollars 77 cents of its state stock. The premiums received on these sales amounted to 26,739 dollars 46 cents which makes an average premium of 24ths per centum.
From the 19th of June up to the 14th of November, (the date of "The Abstract") the Bank sold of its State stock in Philadelphia 386,440 dollars 23 cents. The premiums received on these sales amounted to 3201 dollars 96 cents, which makes an averaged premium on that sum of a fraction more than four-fifths of one per $100,000 cent. 75,000 The periods of these sales were in, June 225,000 100,000
These facts, we think, present to your view ample evidence, that we have not been unmindful of the duty prescribed by charter, to promote the regular, perma nent and successful operations of the finances of the State; on the other hand, when it is remembered, that in the last year the discounts were rarely if ever less than 2,600,000 dollars, we also think it cannot be justly concluded that in our anxiety to promote the views of the Commonwealth, we imprudently exhausted the means of the Bank so far as to become unable to give proper accommodation to the good customers, and thereby lost their business to the Bank, on account of our want of funds.
It should not be forgotten that on the 19th of June, when the commissioner of loans received proposals for the stock of 1829, the State owed this Bank a large sum of money on permanent loan; and although we had evinced our disposition to aid the State by temporary loans to the extent of the funds we could prudently spare for that purpose, we did not think it would conduce to the interest of the institution for us to borrow money at six per cent. to be invested on long loans to the State at five per cent, when the charter was to continue for less than four years, and when the opposition in the Legislature to its renewal had been so recently and decidedly manifested. Accordingly, the Bank made no subscription to the loan of 1829, for 25 years. Any other course, it was conceived, would only have increased the disapprobation which marked the proceedings of the Legislature towards us for subscribing to the loan of 1828, and which seemed to indicate that the confidence and good feeling which had previously subsisted between the state and the Bank had terminated. Not to have derived any wisdom in 1829 from our experience in 1828, would have manifested much mental stupidity, or disregard of the reputation of the Bank, especially when we found that some of the State
All of which sums, excepting the last 20,000 dollars, are The terms of these sales werenow due and all remain unpaid.
per cent premium
per cent premium
per cent premium
per cent premium,
The kinds of stock thus sold were
1834 1839 1853
1824, 1825, 1828,
$47,500 00 194,618 65
13,625 45 123,719 36
94,256 00 24,141 29
9,815 89 26,449 21
$386,440 23 It should be here observed, that the stocks of 1821, 1824, and 1825, are called the short stocks, which in the market have generally been in less demand, and fre quently, though not uniformly, sustained a price lower, by an half to one per cent, than the stocks of 1827, 1828, and 1829, which are denominated the long stocks.
It is evident, that the Bank was injured in the sales and prices of its stocks in consequence of the Common. wealth sending into the market, in the month of June last, to be retailed out at par,the large sum of two millions two hundred thousand dollars of the stock of 1829.This, however, is not here adverted to as a subject of complaint but as a fact to designate the cause of difference in the prices of stock before and subsequent to the 19th of June last.
It is further evident from this statement, that the sales of stock made by the Bank between the 19th of June and the 14th of November, did not amount to one half of the sum which was sold for the State by the commis sioner of loans during the same period. This fact, we apprehend, will entirely put down all supposition, that the Bank has, by underselling the State, prevented the sales of the commissioner; for no truth is more in
variably evinced in practice, than that men will buy the there was discounted by the President, in violation of cheapest, and that if buyers could have procured stock the charter and by-laws of the Bank, without the knowfrom the Bank at less prices than were asked by the ledge or consent of the Board of Directors, for one broState, the sales by the Bank during the same period ker, 189,600 dollars, and that during the same period, would have exceeded those made by the state. The the Board discounted for the same person 34,916 dollreverse, however, is the fact; for on the 3d of Novem-ars.' The truth is, that on the 2d, of January, 1828, ber, the Governor informed the Legislature, that the the broker named in the letter was indebted to the bank commissioners had sold more than 779,900 dollars of in the sum of 137,548 dollars, the whole of which was stock since the 19th of June; which circumstance tends paid off before the end of July; and during that time the to prove, what can be demonstrated by the sales, that the only new loan made to him, by the bank, was, by disstock offered by the State, considering the relative value counting a note on the 18th of June, at 60 days, for 10,of the long and the short stocks, has been sold at a price 600 dollars. On the 28th June, the stock committee quite as low or rather lower, than that obtained for the received in payment for state stock, sold to the same stock sold by the bank. broker, two notes at 60 and 90 days, for $9,500 each, and which of course appear on the discount book. A business note for 4,916 dollars 58 cents, was discounted by the Board on the 20th of December, for the same broker, which was paid on the 18th of January following. Such being the history of our loans to "one broker” in the year 1828, it will hardly be inferred that there was any violation of the charter or by-laws.
Another imputation against the management of the Bank, which was heretofore made and refuted, is again repeated in "The Abstract," "that the Bank is too loose in its practice of permitting over-drafts of heavy amounts, whereby much loss has been sustained, and while the Committee was in Philadelphia, upwards of The amount of the State stock of 1828 retained by 6,000 dollars were paid in this way which will probably this Bank was 514,200 dollars, all of which was sold at never be repaid." Before this representation first appremiums, amounting to 12,045 dollars 27 cents, making peared in print, the over-draft of 6,000 had been satisan average premium of a fraction more than 21 per cen-factorily secured, and the Bank was not supposed to be tum. Of this sum, 487,750 dollars 79 cents were sold in danger of any loss thereby. Its repetition now is before the 19th of June last, at premiums amounting to deemed rather extraordinary, when it is well known 11,532 dollars 11 cents, making an average premium on that nearly the whole amount has been recovered, and this sum of 2 36-100 per centum. Since the 19th of that the Bank has ample security for the balance. As June, only 26,449 dollars 21 cents have been sold, on to the general allegation, "that much loss has been suswhich the premiums obtained were 513 dollars 16 cents tained by over-drafts for heavy amounts," it is necessary making an average premium of 1 95-100 per centum. only to repeat what was said on this point to the Committee of the legislature, that 101 dollars 56 cents, in 1824-3 dollars 51 cents in 1825-36 dollars 34 cents in 1827-and 623 dollars 68 cents in 1828, were the only losses which it was then supposed the Bank would sustain by over-drafts in the last six years." It is, however, at this time, believed, that a sum of 2,991 dollars 11 cts. an over-draft which occured at the close of 1828, and was then thought to be fully secured, may not be entirely repaid.
But it is said that these sales, (at from one to one and a quarter per cent. below par!) were so managed by "the stock Committee," as to enable "two directors," who are "speculators in the loan," to make 15,000 dollars on their part of the stock; and then again it is gravely asserted, "We have already shown, that two directors made 15,000 dollars by a single operation in the State Stock of 1828," and also that "the other stockholders and the State would have lost by the same operation, 189,023 dollars."
BANK OF PENNSYLVANIA.
In page 27th of "The Abstract," we find that "The Stock Committee," whe are termed "the speculators in the loan of 1828," are charged "with keeping the stock belonging to the Bank out of the market, while they pri vately sold the state stock held by themselves at a premium of from four to five per cent, and subsequently sacrificing the interest of the Bank by selling the same stock, of 1828, at from one to one and a quarter per cent below par, by which two directors made 15,000 dollars by a single operation."
That the truth of these allegations may be the better judged of, we ask your attention to a few facts here to be represented.
In the Remarks of the fireState directors,regarding "the It is a fact well known, that 300,000 dollars of the report made to the Board, and adopted by the Direc loan of 1828, was taken by two members of this Board, tors who voted for it, eight never heard any of the witwho were also members of the stock committer; but it nesses examined, and were unacquainted with the facts is an incorrect statement that they made or saved 15,000 and merits of the case; and that, we are informed by the dollars to themselves by it. One of the directors allud-committee, that they took upon themselves the responed to now holds all the stock of 1828, for which he sub-sibility of the Cashier's defence, and we are therefore scribed, amounting to 250,000 dollars and has so held it to consider these gentlemen in the light of advocates." without change: he, therefore, has not reaped any pro- In justice to ourselves, we must say, that this is an infit from his investment. The other director subscribed correct representation. The truth is, that the commitfor 50,000 dollars of the same loan, with the avowed tec consisted of seven members; five of whom, after a purpose of assisting to fill the loan, and of selling out a full examination of the circumstances developed in the part as the instalments should be paid up, and retaining investigation, prepared and signed the report. At the a part, as a permanent investment. He now retains of Board, thirteen members voted to adopt the report, and this subscription, 20,000 dollars, and the residue was another member who was necessarily absent from the sold on terms which left a gain of only 426 dollars, 26 meeting, had previously approved and signed it as one cents. At the time of the appointment of these gentle of the committee; and there were five directors who men, as members of the committee to take the loan, voted against it. Of those who approved of it, ten had both of them stated their intentions, and declined serv-attended occasionally at the investigation and heard the ing: the Board, however, could perceive no incompati examinations; and all of them had examined the testibility between their interests and those of the Bank, and mony as reported in all its details. Of those who voted refused to excuse them. As to the supposed loss of 189,- against the report, four were directors appointed by the 025 dollars to the other stockholders and the State, it is re- Legislature. The committee did not present themselves futed by the foregoing statement. as the advocates" of the Cashier. They conceived it to The information originally contained in a letter from be within the scope of their authority to examine careone of the state directors to the Committee of the Le- fully into the circumstances under which it was designgislature, dated on the 16th, of January last, has hereto-ed to implicate him, and then to give to the Board the fore passed without comment; but, as its correctness is result of that examination. This course was according now attested by four of his colleagues, it may be prop-ly pursued, and it terminated in their satifaction with his er to notice it in a few words It is "that in 1828 Correctness in the transactions to which the testimony VOL V
related. As the officer of the Board, the Cashier is responsible to the directors, and to them only, for his acts; and they, not as his advocates, but as his judges, have said what truth and justice, after careful examination, required them to say, and concerning which no circumstances occurred to induce a belief that there was error in the decision.
We have thought it to be a duty to the stockholders, by whom we have been appointed, and with the care of whose interests we have been entrusted, to make to them, as the persons to whom we hold ourselves accountable, this plain, simple,and true statement of facts, in relation to the matters with which we have been charged by the persons who have thought proper to publish "The Abstract." This task is performed also in justice to ourselves, and to the Institution, in order that if, by means of that publication, any prejudice has been excited, any confidence has been given to its statements, or any credit yielded to the assertions which it contains, the means of arriving at truth and justice, and the correction of error may be at hand for the use of every candid inquirer.
in our judgment, seriously, perhaps vitally, affect the interests of the stockholders in this institution.
We are constrained to believe, that an unbiassed consideration and candid review of the business of the Bank, from its establishment to the present time, ought to produce in the minds of the Legislature the most favorable sentiments in relation to this institution. An equal amount of profits for so long a period as thirtyseven years, has not yet been given by any other Bank chartered by the State; and it is at least questionable, whether the Commonwealth could have procured the If those same amount of loans from any other source. profits are an evidence of able and faithful management, and if those loans show a compliance with the duty of the Bank to promote the regular, permanent, and successful operation of the finances of the State,' then we should suppose the directors and officers may fairly claim from the justice of the Legislature, that the wisdom of their measures shall be judged of by the results, and their personal merits by what they have done, and not by the unworthy imputations to which they have been subjected.
JOSEPH P. NORRIS,
It has not escaped our notice, that the main object of the publication which has caused this address, obviously is to inflict a wound upon the reputation and feelings of one of the officers of this institution. It is not within the proper scope of this address, in our judgment, to bestow attention upon the reiterated and refuted attacks which have been made upon this officer, and upon the Board of Directors, for their approbation of his conduct which has been uniformly given. We may be allowed, however, to remark that "The Abstract" is a refinement upon the injustice which had been previously done to the Cashier, by what was called "a condensation of the testimony," and that the spirit which has dictated and produced this publication may be judged of when it is known, that the grossest errors, and the most palpable and admitted mistakes, are here published again as fact and truth. We believe, that the stockholders of this Bank, know how to estimate, and that they are willing rightly and justly to estimate, the conduct of the Committee and of the Board, in voting and publishing a testimonial of their satisfaction with, and approbation of, this officer; and, more than that, we believe that the stockholders will always decidedly approve of an act of plain and palpable justice to one who had long served the Bank with ability and fidelity, and who had been subjected to an inquisitorial treatment which is without a precedent or parallel in the civil or criminal proceedings of our country.
PHILADELPHIA, December 30, 1829. The undersigned have observed with regret, in a recent Pamphlet which bears the signatures of the Directors on the part of the State, a train of personal remarks which in their view the circumstances do not authorize. They think it due to themselves to state, that when they gave their assent to the resolutions which are prefixed Before this address is closed, we deem it our duty to to that publication, it was with the clearly expressed state to the stockholders, in the most explicit manner, understanding, that the report of their Committee that we experienced in the management of the business should be submitted to each member of the meeting, of the institution the greatest inconvenience and embar- and that nothing should be published without the full rassment from the position which has for some time past concurrence of all. It is understood by the undersignbeen taken by a portion of the directors who are ap-ed, that the document in question was approved at a pointed to represent the interests of the State. This subsequent meeting, to which one of the undersigned position, strange as it may seem, is one of assumed di- was invited, but at which neither of them was present. versity of interest on the part of the State to that of the It is proper to add, however, that it never was exhibit. stockholders, and impels to a pertinacious, persevering, ed to either of the undersigned,-that they had no noand indiscriminating opposition to almost any promi- tice of the character of its contents until they saw it nent measure which is proposed by the directors elect- published with their names attached-and that the pubed by the stockholders. The consequence is, that the lication is without their sanction. meetings of business have become meetings for debate and controversy; and it is the assumed and asserted prerogative of a State Director, to disregard, to violate, to treat with contempt, not only the established rules for the transaction of the business at the Board and in the Bank, but to be unmindful and regardless of the necessary and ordinary courtesies which distinguished the members of all well regulated Boards for the transaction of business.
(Signed) THOMAS CAVE, WM. J. LEIPER,
Directors of Bank of Pennsylv’a.
To JOSEPH P. NORRIS, ESQ.
Since the foregoing Address was printed, the following letter has been received from Messrs. Cave and Leiper, which, by their request, is published in justice to them and to the Bank.
PENNSYLVANIA RAIL ROAD.
We cannot consider this state of things as a necessary incident to a representation of the Commonwealth in the Board of Directors; but it has now become an incident which greatly trammels the business operations of the Bank, and which, if it do not admit of a cure, willing, it was unanimously resolved, to recognize the pro
At a large and respectable meeting of the citizens of Penn Township, held agreeably to public notice, at the School House, on Thursday evening, the 7th inst. Lawrence Shuster, Esq. was called to the chair, and Jos. R. Bolton, appointed secretary.
The chairman having stated the object of the meet
To the honorable the Senate and House of Representa
tives of the Commonwealth of Pennsylvania
In the profit derived from them your Memorialists have no part, but they enjoy with the rest of their fellow citizens the comfort and security produced by their means, and cannot therefore without anxiety see them en
Your Memorialists understand that the objects of the The Memorial of the Subscribers, residents of Penn Rail Road are to afford an easy and general communica Township, respectfully sheweth:tion with every market within its reach, and they are satisfied that this will be best effected by the route recommended by all the engineers. By it, points of terminations on the Delaware or Schuylkill are equally attainable, in the Northern Liberties, Spring Garden, Southwark and Moyamensing, and the location across the city on the high ground of Broad street, would afford to every part all the advantages of the road. It would thus appear, that the Legislature may, by acceding to the general wishes of the community, not only save, as is evident from the reports of the Engineers, the sum of $33,000, but by preserving the uniform level of the road, diminish the labor of transportation, at the same time they avoid all risk of injury and give the greatest possible facility of communication with every desirable point.
Your Memorialists therefore pray, that the location of the Rail Road by crossing the river at Peters' Island, and extending along the bed of the Union Canal to Broad street, with a branch down the Eastern side of the Schuylkill, may be adopted and confirmed.
Messrs. Jas. S. Spencer, Henry Nixon, Jacob Souder, Simon Gratz, and John Hallowell were appointed a committee to draft resolutions expressive of the sense of this meeting, who retired, and after a short interval, reported the following, viz:
That in common with their fellow citizens they feel a deep interest in the construction and completion of the Pennsylvania Rail Road, which forms a connecting link with the whole internal improvements of the state, and gives an additional outlet for the agricultural and manufactured products of the interior. They therefore conceive no small importance is to be attached to the points at which this stupendous work will terminate, and that great care should be taken to ascertain, independent of individual interests, how the public objects, in which the state and your memorialists are deeply concerned, can be most effectually answered. In determining this question, the opinion of professsional men, unacquainted with, and uninfluenced by, personal and local considerations, and uniting to other qualifications, the most unquestionable integrity should, it is supposed, be entitled to the greatest respect, and your memorialists relying upon the characters and talents of those to whom the location was entrusted, were ready to submit to their unbiassed decision. They have seen therefore with some surprise, that although three different surveys made by different Engineers, all of whom are admitted to be competent to the task, have resulted in the selection of the line by the bed of the Union Canal, as preferable, in point of economy, elevation, and distance, yet the one on the Western side of the Schuylkill has been recommended by the Canal Commissioners, for adoption. Against this your Memorialists respectfully but earnestly remonstrate.
Resolved, That this meeting fully approve of the above memorial, and recommend that it be signed by their fellow citizens.
Resolved, That block committees be appointed to procure the signatures of the citizens of Penn Township, to this memorial, and that they be authorised to transmit the same to the legislature of this commonwealth.
Resolved, That the chairman of this meeting be requested to present a copy of the foregoing memorial and resolutions to the Board of Commissioners for the District of Spring Garden, and request them to co-operate with the city councils, and the districts, in any measures which they may deem necessary to carry the prayer of this memorial into effect.
If individual benefit were alone taken into consideration, they would remark, that the inhabitants and owners of property on the Western side of the river, are comparatively few; while on the Eastern the population is immense and the number of holders of real estate proportionably large. It would follow, therefore, from the very nature of our government, in which the majority always prevails, that the East should be heard, particularly when disinterested judges have pronounced their wishes to be in accordance with the general wishes of
the whole state.
Messrs. Lawrence Shuster, John L. Woolf, John M. But the latter or Fair Mount route passes through Ogden, James S. Spencer, and Samuel B. Wood, were part of the district of Spring Garden, where the regu-appointed a committee to carry the foregoing resolutions lations are established and improvements have been made upon a belief in the permanency of such regula tions, while the former line extends to Broad street over unimproved ground, where the elevation of the different streets with scarcely an exception, are still undetermined, waiting the decision of this very question. Of course, no reasons can exist for complaint from their alteration.
Resolved, That the proceedings of this meeting be signed by the chairman and secretary, and published in the papers. LAWRENCE SHUSTER, Chairman. Jos. R. BOLTON, Secretary.
FROM THE MORNING JOURNAL.
the Merchants' Fire Insurance Com-
The Bridge projected at Fair Mount forms another all sufficient objection to the Western location from the The Atlantic Insurance Company and injury it must occasion to the City Water Works. would seem undeniable, that obstructions in the stream so considerable as the piers of a bridge, placed in very deep water, must impede the flow of the river, and di- Samuel Nevins, James Nevins, and minish always, and during freshets destroy, the head of water under which the wheels move. The mere possibility that the property of the whole city should be left at the mercy of an incendiary is a well grounded cause for alarm, and the destruction which might ensue, would equal a large proportion of the cost of the whole road from Columbia. So universal has become the use of the Schuylkill water, that every inhabitant regards it as a necessary of life, and every thing calculated to affect the supply is guarded against with the utmost care. Had the proposed bridge been in existence during the ice-fresh which took place a few years ago, the total destruction of all these works would have been certain.
This was an action of replevin, for a quantity of teas imported in the year 1826, on board the ship Superior, at the port of Philadelphia, with damages for their detention. The trial of the cause commenced December 10, 1829, before Judge Rogers, at Nisi Prius.
The facts, as far as they were undisputed on either side were as follows:-The defendants S. and J. Nevins & Co. were brokers in this city. They had been for a long period anterior to the month of June, 1825, engaged in money transactions with Edward Thomson, who at that time was largely interested in the China trade. They had been in the habit of accommodating him with
Supreme Court of Pennsylva nia.