1830.]

BANK OF THE UNITED STATES.

roads." Giving to the word "establish" its restricted interpretation, as being equivalent to “fix," or "prescribe," can it be doubted that Congress has the power to establish a canal, or a river, as a post route, as well as a road? Roads were the ordinary channels of conveyance, and the term was, therefore, used as synonymous with "routes," whatever might be the channel of transportation, and, in like manner, "coin," being the ordinary and most known form of a circulating medium, that term was used as synonymous with currency.

An argument in favour of the view just taken, may be fairly deduced from the fact, that the States are expressly prohibited from "coining money, or emitting bills of credit," and from "making any thing but gold and silver a lawful tender in payment of debts." This strongly confirms the idea, that the subject of regulating the circulating medium, whether consisting of coin or paper, was, at the same time that it was taken from the control of the State, vested in the only depository in which it could be placed, consistently with the obvious design of having a common measure of value throughout the Union.

283

interest of the community at large, as well as for the purposes of the Treasury, it is essential that the nation should possess a currency of equal value, credit, and use, wherever it may circulate. The constitution has entrusted Congress, exclusively, with the power of creating and regulating a currency of that description, and the measures which were taken, during the last session, in execution of the power, give every promise of success. The bank of the U. States, under auspices the most favourable, cannot fail to be an important auxiliary.”

Such are the authorities and such the arguments which have brought the committee to the conclusion, that the power to incorporate a bank is incidental to the powers of collecting and disbursing the public revcnue; of borrowing money on the credit of the U.States; of paying the public debt; and, above all, of fixing and regulating the standard of value, and thereby ensuring, at least so far as the medium of payment is concerned, the uniformity and equality of taxation.

II. The next question proposed for consideration, i the expediency of establishing an incorporated bank, with a view to promote the great ends already indicat ed. In discussing the constitutionality of such a measure, some of the considerations which render it expedi ent, have been slightly unfolded. But these require a a more full and complete developement, while others remain to be presented.

It must be assumed as the basis of all sound reasoning on this subject, that the existence of a paper currency, issued by banks deriving their chaiters from the state governments, cannot be prohibited by congress. Indeed, bank credit and bank paper are so extensively interwoven with the commercial operations of society, that, even if Congress had the constitutional power, it would be utterly impossible to produce so entire a change in the monetary system of the country, as to abolish the agency of banks of discount, without involving the community in all the distressing embarrassments usually attendant on great political revolutions, subverting the titles to private property. The sudden withdrawal of some hundred millions of bank credit, would be equivalent, in its effect, to the arbitrary and despotic transfer of the property of one portion of the community to another, to the extent, probably, of half that amount. Whatever, therefore, may be the advantages of a purely metallic currency, and whatever the objections to a circulating medium partly composed of bank paper, the committee consider that they are precluded, by the existing state of things from instituting a comparison between them, with a view to any practical result.

But, even if it should be conceded, that the grant of power to "coin money and fix the value thereof," does not, in its terms, give Congress the power of regulating any other than the "coined" currency of the Union, may not the power of regulating any substituted currency, and especially one which is the professed representative of coin, be fairly claimed as an incidental power as an essential means of carrying into effect the plain intention of the Constitution, in clothing Congress with the principal power? This power was granted in the same clause with that to regulate weights and measures, and for similar reasons. The one was designed to insure a uniform measure of value, as the other was designed to ensure a uniform measure of quantity. The former is decidedly the more important, and belongs essentially to the General Government, according to every just conception of our system. A currency of uniform value is essential to what every one will admit to be of cardinal importance: the equal action of our revenue system, upon the diffesent parts of the Union. The state of things which existed when the bank was incorporated, furnished a most pregnant commentary on this clause of the constitution. The currency of the country consisted of the paper of local banks, variously depreciated. At one of the principal seaports the local currency was 20per cent. below par. Now it was in vain for Congress to regulate the value of coin, when the actual currency, professing to be its equivalent, bore no fixed relation to it. This great and essential power of fixing the standard of value, was, in point of fact, taken from Congress, and exercised by some hundreds of irresponsible banking corporations, with the strongest human motives to abuse it, because their enormous profits resulted from the abuse. The power of laying and collecting imposts and excises, is expressly subject to the condition that they "shall be uniform throughout the United States;" and it is also provided, that "no preference shall be given, by any regulation of commerce, or rev. enue, to the ports of one state over those of another." Now, when it is known that the circulating medium of Baltimore was 20 per cent. below the value of the circulating medium of Boston, is it not apparent that an impost duty, though nominally uniform, would, in ef. fect, make a discrimination in favour of Baltimore, proportioned to the depreciation of the local currency?Congress, therefore, not only had the power, but as it seems to the committee, were under the most solemn constitutional obligation to restore the disordered currency; and the bank of the United States was not only an appropriate means for the accomplishment of that Soon after the expiration of the charter of the first end, but in the opinion of the committee, the only bank of the United States, an immense number of local safe and effectual means that could have been used.-banks sprung up under the pecuniary exigencies proThis view of the subject is in full accordance with the opinion of Mr. Madison, as expressed in his message of December, 1816. "But, says he, for the

If they were not thus precluded, and it were submitted to them as an original question, whether the acknowledged and manifold facilities of bank credit and bank paper, are not more than counterbalanced by the distressing vicissitudes in trade incident to their use, they are by no means prepared to say, that they would not give a decided preference to the more costly and cumbersome medium.

But the question really presented for their determination, is not between a metallic and a paper currency, but between a paper currency of uniform value, and subject to the control of the only power competent to its regulation, and a paper currency of varying and fluctuating value, and subject to no common or adequate control whatever. On this question it would seem that there could scarcely exist a difference of opinion; and that this is substantially the question involved in considering the expediency of a national bank, will satisfactorily appear by the comparison of a state of the currency previous to the establishment of the present bank, and its condition for the last ten years.

duced by the withdrawal of so large an amount of bank credit, as necessarily resulted from the winding up of its concerns-an amount falling very little short of fif

teen millions of dollars. These banks being entirely free from the salutary control which the bank of the United States had recently exercised over the local institutions, commenced that system of imprudent trading and excessive issue, which speedily involved the country in all the embarrassments of a disordered currency, The extraordinary stimulous of a heavy war expenditure, derived principally from loans, and a corresponding multiplication of local banks, chartered by the double score in some of the States, hastened the catastrophe which must have occured, at no distant period, without these extraordinary causes. The last year of the war presented the singular and melancholy spectacle of a nation abounding in resources, a people abounding in self devoting patriotism, and a government reduced to the very brink of avowed bankruptcy, solely for the want of a national institution, which, at the same time that it would have facilitated the government loans and other treasury operations, would have furnished a circulating medium of general credit in every part of the Union. In this view of the subject, the committee are fully sustained by the opinion of Mr. Dallas, then secretary of the treasury, and by the concurring and almost unanimous opinion of all parties in Congress: for, whatever diversity of opinion prevailed, as to the prop er basis and organization of a bank, almost every one agreed that a national bank, of some sort, was indispensably necessary to rescue the country from the greatest of financial calamities.

The committee will now present a brief exposition of the state of the currency at the close of the war, of the injury which resulted from it, as well to the government as to the community, and their reasons for believing that it could not have been restored to a sound condition, and cannot now be preserved in that condition, without the agency of such an institution as the Bank of the United States.

value of money, as compared with them, would not be owing to the want of credit in the bank bills, of which the currency happened to bé composed. It would exist, though these bills were of undoubted credit, and convertable into specie at the pleasure of the holder, and would result simply from the redundancy of their quantity. It is important to a just understanding of the subject, that the relative depreciation of bank paper at different places, as compared with specie, should not be confounded with this general depreciation of the entire mass of the circulating medium, including specie. Though closely allied, both in their causes and effects, they deserve to be separately considered.

The evils resulting from the relative depreciation of bank paper at different places, are more easily traced to their causes, more palpable in their nature, and consequently more generally understood by the community. Though much less ruinous than the evils resulting from the general depreciation of the whole currency, they are yet of sufficient magnitude to demand a full exposition.

A very serious evil, already hinted at, which' grew out of the relative depreciation of bank paper, at the different points of importation, was its inevitable tendency to draw all the importations of foreign merchandise to the cities where the depreciation was greatest, and divert them from those where the currency was comparatively sound. If the Bank of the United States had not been established, and the government had been left without any alternative but to receive the depreciated local currency, it is difficult to imagine the extent to which the evasion of the revenue laws would have been carried. Every state would have had an interest to encourage the excessive issues of its banks, and increase the degradation of its currency, with a view to attract foreign commerce. Even in the condition which the currency had reached in 1816, Boston, and New York, and Charleston, would have found it advantageous to derive their supplies of foreign merchandise through Baltimore; and commerce would undoubtedly have ta ken that direction had not the currency been corrected. To avoid this injurious diversion of foreign imports. Massachusetts, and New York, and South Carolina, would have been driven, by all motives of self defence and self interest, to degrade their respective currencies at least to a par with the currency of Baltimore; and thus a rivalry in the career of depreciation would have sprung up, to which no limit can be assigned. As the tendency of this state of things would have been to cause the largest portion of the revenue to be collected at a few places, and in the most depreciated of the local currency, it would have followed that a very small part of that revenue would have been disbursed at the points where it was collected. The government would con sequently have been compelled to sustain a heavy loss upon the transfer of its funds to the points of expendi ture. The annual loss which would have resulted from these causes alone, cannot be estimated at a less sum than two millions of dollars.

The price current appended to this report will exhibit a scale of depreciation in the local currency, ranging through various degrees to twenty, and even to 25 per cent. Among the principal eastern cities, Wash. ington and Baltimore were the points as which the depreciation was greatest. The paper of the banks in these places, was from 20 to 22 per cent. below par.At Philadelphia the depreciation was considerably less, though even there it was from 17 to 18 per cent. In New York and Charleston, it was from 7 to 10 per cent. But in the interior of the country, where banks were established, the depreciation was even greater than at Washington and Baltimore. In the western part of Pennsylvania, and particularly at Pittsburg, it was 25 per cent. These statements, however, of the relative depreciation of bank paper at various places, as compared with specie, give a very inadequate idea of the enormous evils inflicted upon the community, by the excessive issues of bank paper. No proposition is better established than that the value of money, whether it consists of specie or paper, is depreciated in exact proportion to the increase of its quantity, in any given state of the demand for it. If, for example, the banks, But the principal loss which resulted from the rela in 1816, doubled the quantity of the circulating medium tive depreciation of bad paper at different places, and by their excessive issues, they produced a general de- its want of general credit, was that sustained by the com gradation of the entire mass of the currency, including munity in the great operations of commercial exchange. gold and silver, proportioned to the redundancy of the The extent of these operations annually, may be safely issues, and wholly independent of the relative deprecia- estimated at sixty millions of dollars. Upon this sum tion of bank paper at different places, as compared with the loss sustained by the merchants, and planters, and specie. The nominal money price of every article was farmers, and manufacturers, was not probably less than of course one hundred per cent. higher than it would an average of ten per cent. being the excess of the rate have been, but for the duplication of the quantity of the of exchange beyond its natural rate in a sound state of circulating medium. Money is nothing more or less the currency, and beyond the rate to which it has been than the measure by which the relative value of all ar- actually reduced by the operations of the Bank of the ticles of merchandise is ascertained. If, when the circu- United States. It will be thus perceived that an annual lating medium is fifty millions, an article should cost tax of six millions of dollars was levied from the indus one dollar, it would certainly cost two, if, without any trious and productive classes, by the large monied capincrease of the uses of a circulating medium, its quanti-italists in our commercial cities, who were engaged in ty should be increased to one hundred millions. This the business of brokerage. A variously depreciated rise in the price of commodities, or depreciation in the currency, and a fluctuating state of the exchanges, open

1830.]

RECORDS OF PENNSYLVANIA.

a wide and abundant harvest to the money brokers; and it is not, therefore, surprising, that they should be opposed to an institution, which, at the same time that it has relieved the community from the enormous tax just stated, has deprived them of the enormous profits which they derived from speculating in the business of exchange. In addition to the losses sustained by the community, in the great operations of exchange, extensive losses were suffered throughout the interior of the country, in all the smaller operations of trade, as well as by the failure of the numerous paper banks, puffed into a factitious credit by fraudulent artifices, and having no substantial basis of capital to ensure the redemption of their bills.

Jan. 8.

285

Governor at John Harris's. Jan. 13. Gov. at Carlisle, to meet the Indians. A friendly Indian had been to Kittanning, the residence of Shingas and Capt. Jacobs, and found 140 men chiefly Delawares and Shawanese, who had above 100 English prisoners, big and little, taken from Virginia and Pennsylvania. That more or less of the Six Nations live with the Shawanese and Delawares, in their towns, and accompany them in their incursions, and take part in the war.

Jan. 14. A messenger (Indian) sent by the Govern or from John Harris's, up Susquehanna, reported, that he found no Indians at Shamokin, and therefore proceeded higher up as far as Nescopeck, where he saw 140 Indians, all warriors, dancing the war dance; they expressed great bitterness against the English, and were preparing for an expedition against them, & he thought would go to the eastward. He was told that the Delawares and Shawanese on the Ohio were persuaded by the French to strike the English, and had put the hatchet into the hands of the Susquehanna Indians, a great many of whom had taken it greedily, and there was no persuading them to the contrary; and that they would do abundance of mischief to the people of Pennsylvania, against whom they were preparing to go to war. Six Indians attended at Carlisle.

But no adequate conception can be formed of the evils of a depreciated currency, without looking beyond the relative depreciation, at different places, to the general depreciation of the entire mass. It appears from the report of Mr. Crawford, the Secretary of the Treasury in 1820, that during the general suspension of specie payments, by the local banks, in the years 1815 and 1816, the circulating medium of the United States had reached the aggregate amount of one hundred and ten millions of dollars, and that, in the year 1819, it had been reduced to forty-five millions of dollars, being a reduction of fifty-nine per cent. in the short period of four years. The committee are inclined to the opinion, Feb. 2. Governor returned on the 26th, from a that the severe and distressing operation of restoring a month's tour to the frontier counties, to put them in a vicious currency to a sound state, by the calling in of posture of defence and build a chain of forts and blockbank paper, and the curtailment of bank discounts, had houses all along the Kittochtinny hills from Delaware to carried the reduction of the currency, in 1819, to a point the Maryland line near the river Potowmack: which he somewhat lower than was consistent with the just re-expected to be completed in a month, and render the quirements of the community for a circulating medium, settlements within them tolerably secure; "but that the and that the bank discounts have been gradually enlar- expense of defending the province in this way will be ged since that time, so as to satisfy those acquirements. very heavy, as it has already gone near to consume the It will be assumed, therefore, that the circulating medi- £60,000; and this may possibly induce the Assembly um of the United States has been fifty-five millions of dol- here to come into vigorous measures for removing the lars for the last ten years, taking the average. war into the enemy's country."

Even upon this assumption it will follow, that the na- Intelligence from Scarooyady, who had been sent by tional currency has been one hundred per cent. more the Governor to get intelligence of the dispositions of valuable for the last ten years, than it was in 1816. In the Delawares on Susquehanna river, that they declaother words, two dollars would purchase no more of red in plain terms, that they shall pay no regard to what any commodity in 1816, than one dollar has been capa- shall be said to dissuade them from hostilities against the ble of purchasing at any time since 1819. It is obvious, English; that they are determined to fight the English therefore, that the depreciation of the paper of particu- as long as there is a man left; that when they have conlar banks, at any particular time, as compared with spe-quered the English, they will turn their arms against cie, furnishes no criterion by which to ascertain the those Indians who will not join them now. general depreciation of the whole currency, including with much difficulty he had gone through the settlespecie, as compared with the value of that currency at ments of the Delawares, and had but just escaped with a different period. A specie dollar in 1816, would pur- his life. That he designs to go into the country of the chase no more than half as much as a paper dollar will Six Nations, to Onondago. purchase at present.

(To be continued)

RECORDS OF PENNSYLVANIA.

Abstract of the state records at Harrisburg, made by Thomas Sergeant Esq. when Secretary of the Commonwealth, and by him presented to the Historical Committee of the American Philosophical Society, Nov. 3, 1819.-1748 to 1758.

That it was

Letter from B. Franklin to Governor, dated Fort Allen, at Gnadenhutten, Jan. 25, 1756-"Dear Sir, We got to Hays's the same evening we left you, and reviewed Craig's company by the way. Much of the next morning was spent in exchanging the bad arms for the We reachgood, Wayne's company having joined us. ed, however, that night to Uplinger's, where we got into good quarters. Saturday morning we began to march towards Gnadenhutten, and proceeded near two miles, but it seeming to set in for a rainy day, the men unprovided with great coats, and many unable to secure effectually their arms from the wet, we thought it advisa(Continued from p. 268.) ble to face about and return to our former quarters, 1756-January 3. Governor Morris visited Easton, where the men might dry themselves and lie warmReading, and Lancaster, to provide for the defence of whereas had they proceeded, they would have come in the frontiers-informed that the Indians on the east wet to Gnadenhutten, where shelter and opportunity of branch of the Susquehanna had given the French Indi- drying themselves that night was uncertain. In fact it ans leave to seat themselves at Nescopec. rained all day and we were all pleased that we had not A detachment of 95 regulars arrived in Phil-proceeded. The next day, being Sunday, we marched adelphia from New York on the 6th, and part were or-hither, where we arrived about 2 in the afternoon, and dered to Easton and part to Reading. 300 men were posted on the west of the Susquehanna, and 3 forts or dered to be built.

Jan. 7.

Jan. 21. Much commotion excited in Philadelphia at the officers enlisting indentured servants, and express

sent to Governor.

before 5 had inclosed our camp with a strong breastwork, musket proof, and with the boards brought here before by my order from Dunker's mill, got ourselves under some shelter from the weather. Monday was so dark, with a thick fog all day, that we could neither look out for a place to build, nor see where materials

Gen. Shirley, commander-in-chief with all the powers that Gen. Braddock had, sends a speech to the Six Na tions 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.

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 stock-
ades 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 hin-
dered by rain most of the day. Thursday we resumed
our work, and before night were perfectly well enclos-
ed; and on Friday morning the stockade was finished,
and part of the platform within erected, which was com-
pleted 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
work, which I thought might give you some satisfac-gainst it.
tion. Foulk is gone to build another between this and
Schuylkill fort, which I hope will be finished (as Trex-
ler is to join him) in a week or ten days. As soon as
Hays returns, I shall detach another party to erect ano-
ther at Surfas's, which I hope may be finished in the
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,

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. Feb. 16. General Shirley refused to give orders a Feb. 24. Some of the Six Nations at Philadelphia, by whom intelligence was obtained that the Delawares were still hostile. Presents made them, and they were agreed to be placed among the Conestoga Manor Indians, for security.

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.

B. FRANKLIN."
Fort Allen, at Gnadenhutten, Jan. 26, to Governor
"Sir, We left Bethlehem the 10th inst. with Foulk's
March 13. Militia formed by proclamation into a regi
company,
46
the detachment of M'Laughlin's 20, ment for each county.
men,
A troop of horse, 2 companies
and 7 waggons laden with stores and provisions. We of foot, and 1 of Battery volunteers raised in the City
got that night to Hays's quarters, where Wayne's com- and Liberties, and officered.
pany joined us from Nazareth. The next day we march- March 19. House adjourned to 15th April. Differ
ed cautiously through the gap of the mountain, a very ences about bills.
dangerous pass, and got to Uplinger's, but 21 miles March 27. Conference with 13 Indians, viz:-those
from Bethlehem, the roads being bad and the waggons sent to Pennsbury, Scarooyady, and another returned
moving slowly. (As before.) This present Monday we from his visit in December last, to the Indians on the
are erecting a third house in the Fort, to accommodate Susquehanna and the Six Nations, and those who lived
the garrison. As soon as Capt. Hays returns with the at Aughwick before Braddock's defeat, and since at
convoy of stores and provisions, which I hope may be Harris's. The account given by Scarooyady of his jour
to-morrow, I purpose to send Orndt and Hays to ney is a very interesting picture of Indian population
Haed's to join Capt. Trump in erecting the middle fort and manners. The substance is, that in going up the
there, purposing to remain here between them and Susquehanna he found all the Delawares, but about 30,
Foulk, ready to assist and supply both, as occasions may were hostile. They would not hear his advice and
require; and hope in a week or ten days, weather fa- threatened him. Tediuscung, who was in Philadelphia
vouring, those two forts may be finished, and the line of last summer, had English scalps. He went on to the 6
Forts completed and garrisoned, the rangers in motion, Nations, and they sent to the Delawares prohibiting
and the internal guards and watches disbanded: unless them from attacking the English, and threatening to
they are permitted and encouraged to go after the ene-punish them for it; and had sent deputies into the Dela-
my 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."

ware 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 engage ment 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 all 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.

now

Feb. 4. House of Assembly met. Informed they 13. Accounts that the people of the back counties were summoned to consider the plan of operations were about to meet at Lancaster and march to Philadel agreed on at New York; which was to be kept secret. phia, and make some demands of the Legislature, Urging supplies; and stating that the chain of Forts in sitting which was sent to the Assembly, and notice gir the most important passes of the mountains was almosten to the Justices of the Peace, &c. complete.

War declared by proclamation by the Governor. The

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Then Mr. Israel Pemberton on behalf of some of the Quakers, offered to mediate between the Governor and the 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.