estate at Cincinnati, where there is every reason to be lieve that the whole estimated loss, now amounting to $420,000, and included in the above sum of $3,192,064 43 cents, will be fully repaired out of the property now belonging to the Bank.

2nd. By the arrears of interest, at the four western offices, which, for some years past, furnished an average annual income of 111,000 dolls.

3d. By what may yet be obtained out of the sum of 1,571,000 dollars interest on the bad and doubtful debts, and on the large mass of bad debts, which, though for greater caution considered unavailable, are in a train of final settlement, and are still yielding considerable sums. Under a view of these circumstances, it was not deemed advisable by the board of directors, in July last, to add any thing from the surplus fund to provide for these losses, considering the funds already assigned as sufficient to repair them; in which opinion this committee entirely concur.

The surplus fund of reserved profits, accordingly stands at 1,518,298 dollars 61 cents.

From these statements it will be perceived, that within the last few years there has been a very large addition to the resources, the operations, and the profits of the Bank; and which, in the opinion of the committee, is ascribable principally to two measures of the Board of Directors, which have given an entirely new aspect to its affairs; and which are so intimately connected with the administration of the Bank, that the committee deem it proper and useful to notice them particularly.

1st. The first-the conversion of a large proportion of the Stock loans of the bank into investments of a more active character. The loans had been for the most part made to individuals, who were not able to pay, and whose stock being therefore forfeited to the Bank, became in fact a diminution of its efficient capital. This stock being sold produced a direct profit of $71,000 per annum-the difference between the employment of the proceeds, and the highest dividends on the stock while it remained part of the capital-besides enabling the bank to multiply and extend its connexions in business, and give greater activity to its operations.

the success of which has, in the view of this committee, laid the foundation of the present prosperity of the institution. It would lead the committee beyond the proper limits of a report to state in detail the reason of this course, but the principle on which it was founded was briefly this:

That the universal receivability of the notes of the bank was of no disadvantage if the local currency of the place where the notes were issued was sound; and it was the duty of the Bank to the United States, and within its power, to make it sound. Accordingly they pursued the system of issuing freely and exclusively their own notes-of receiving generally the notes of solvent State Banks, and making frequent settlements with them, thus improving the currency by introducing the notes of the Bank of the United States, and by preventing the over issues of the State Banks. By a gradual and judicious execution of this plan the effect followed, that without private or general suffering-without causing the failure of any Bank, or any individual; and without inconvenience to the Bank of the United States, the banking operations of the country have been brought under an efficient control; and a large amount of the notes of the Bank of the United States have been gradually substituted for the depreciated or doubtful currency, which was so injurious to the southern and western states. This signal triumph over the greatest of all the difficulties of the bank, for the achievement of which a debt of lasting gratitude is due to the able officer who presides over the institution, has dissipated all the doubts entertained of its power to supply the necessary amount of notes, and has permanently fixed the basis of a wide, extended and profitable usefulness.

The means thus derived from the increase of notes and the sale of stock, were devoted to discounts and loans, particularly to that class of loans which are at once the safest and the most useful-the discount of bills of exchange. With these means the bank has been enabled to extend its operations in both foreign and domestic exchange, in such a manner as greatly to enhance the profits of its business, at the same time that it has afforded facility and security to the commercial transactions of the country. As an illustration of the progress of this branch of business-the most valuable to the bank, as being the great auxiliary of its circulationthe committee remark, that the amount of domestic exchange purchased by the bank in the year ending the 1st of July, 1828, was $22,084,222, on which the profit was $451,203 17; whilst the profit on the purchase of domestic exchange in 1828, was $95,240 25, and thus it appears, that the profit on domestic exchange has increased to an amount so great, as considerably to exceed all the expenses of the bank.

2d. But the second measure alluded to by the committee which wrought the most important change in the situation of the Bank-that which may be considered as decisive of its usefulness and prosperity-relates to the nature and extent of the circulation of its notes.-The issue and circulation of its notes by a bank is among the most natural and legitimate sources of its profits. To the Bank of the U. S. established for the purpose of supplying and sustaining a sound currency, the inability to maintain a circulation in any degree corresponding with its capital, was therefore both injurious to its interests and fatal to its usefulness. This inability was To exhibit the effects of this system, the committee supposed to arise from the provision in the charter-present a comparison between the existing state of the making the notes of the bank universally receivable for bank as mentioned above, and that reported by the comduties to the government-which it was presumed mittee of stockholders in October, 1822. would oblige the bank to provide funds in many places State of the Bank, August 30, 1822. to pay the same note, and consequently require a greater fund of specie than of notes, thus causing the bank to diminish rather than increase the amount of the sound currency. The consequence was, that the bank was apprehensive of issuing its notes freely, particularly in the southern and western states, but often felt itself obliged to resort to the issue of the notes of the State Banks. The whole amount of its own notes in circulation on the 1st of January, 1823, was $4,589,000. At the meeting of the stockholders on the first of October 1822, this subject was presented for consideration, and it was recommended, that application should be made to Congress, for an alteration of the charter in that particular. In compliance with the wish of the stockholders, application was made to Congress and the request was declined, as it had previously been. Obliged by this refusal to rely on their own resources and their own responsibility, the Board of Directors adopted a course,

Capital paid in
The Circulation
Deposits-Public
Private

$34,992,139 63 5,456,891 90

3,559,792 96
3,216,699 78

Due to sundry Offices and Banks, and to
individuals in Europe,
Unclaimed Dividends,
Contingent Fund to meet losses,
Disc't. Exch. and Int. since July,
Profit and Loss,

Funded Debt,
Loans, viz:

Personal security

-6,776,492 74

1,964,898 36

129,741 28 3,743,899 00

388,237 01 51,897 07

$53,504,196 99

DISTRIBUTED.

$13,020,469 27

22,072,405 46

dow, shaded, however, from the rays of the sun by a plentiful growth of forest timber and underwood. A considerable range of forest trees stood also between it and the southern extreme of the city.

main spring of our Government-Patriotism keep its
works in order. May the popular voice wind up its
chain, and may its hand point to the public good.
Bakers. May an oven seven times heated" be the
fate of him whose only objects are the "loaves and
fishes."

Taylors. May Fate with her shears cut the thread of that man's life, Fame dishonour him with the name of Goose, and Society baste him, who endeavours to Cabbage from his country.

On the first settlement of Philadelphia, no inconvenience was sustained by its inhabitants, from the proximity of the Neck, because its soil lay under so deep a Stocking Weavers. May he who first broached the shade, that no septic exhalations could be generated in formation of a new government, have a wreath of lauit to contaminate the atmosphere. Nor did this humidrels twisted round his brow, and a garland of honorary tract of land prove productive of disease among the ci- flowers wove for his reward. tizens, even after it began to be stript of its woody covering, while the range of forest trees stood as a guard between it and the city. But when the British army had possession of Philadelphia, during the revolutionary war, this cordon of timber was cut down to serve as fuel for the troops. The consequence was precisely what ought to have been, and no doubt by many was anticipated. The septic exhalations from the half cultivated Neck now found their way to the city, particularly into the southern and nearest part of it, marking their footsteps with disease and death.

But this evil, formidable as it was for a time, was not without a remedy. Nor was it long before this remedy was applied. The increasing population of the city, with the concomitant increase of trade and commerce gave life and vigour to agriculture in all the adjacent country. This was particularly the case in the Neck, the soil and situation of which were found peculiarly favourable to the growth of grass, fruit trees, and esculent vegetables of almost every description. For many years past, this whole tract of land (now one of the most valuable in the United States) has presented a vast extent, almost unbroken of meadow and garden, under the highest cultivation But very little superfluous moisture now prevails in it, and the process of putrefac tion has scarcely an existence.

The result of this happy revolution in the agriculture of the Neck, must be sufficiently obvious to you. The tract of land, once so pestiferous, has ceased to pour forth its streams of febrile poison along our streets, and Philadelphia is now, except when visited by malignant fever, one of the healthiest cities in the world.

The mere cultivation of grass and esculent vegetables,has then, without an intervening range of trees, (for the trees have never been restored) rescued our city from the exhalations of the Neck.

American Register, 1809.

TOASTS Given at York, in Pennsylvania, by the bearers of the flags, in the procession formed to celebrate the progress of the Federal Constitution. July 4, 1788. Toast given by the bearer of the flag of the United States. May our powers explore every inlet of the habitable globe-our flag ride triumphant on every ocean. May Impartiality wield the sword of Justice, and Impetuosity the sword of War.

Flag of the state of Pennsylvania. The state of Pennsylvania-may she hold the federal balance, and become the arbitress of the continent.

Coppersmiths and Founders. May we be brazed together by a love of country as by borax and spelter, and rivetted by an energetic government.

Potters. As often as the wheel of time revolves this day, let gratitude tell of the heroes, who were proven as by fire; and may a tear of remembrance fall for such as were cracked.

Rough Carpenters. May his head be divorced from his body by the broad axe of justice, who does not square his conduct by the rule of right.

House Carpenters. The new political mansion-May its apartments be commodious-may three rafters be added to the ten which already support its roof: and may its lights be great and many.

Blacksmiths. May the thirteen states be welded into one united empire, by the hammer of conciliation on the anvil of peace, and may the man who attempts to blow the coals of discord, be burned by the sparks. Nailors. May our government be well pointed and have a good head.

Painters. The new constitution in its true colours; neither caricatured nor flattered, and may the brush of investigation correct the glare of light given by its friends, and the profusion of shade thrown on it by its enemies.

Glaziers. May the Paine remain forever uncracked, that threw light on the subject of our late war, and may the rays of truth be drawn to a focus by the glass of ge

nius.

Sadlers. A curb bit and a traverse rein to the importation of foreign luxuries; and may the man who denies his encouragement to home manufactures be stirruped round the world.

Hutters. May he who twangs the bow of tumult, be stripped to the pelt, then dipped in a kettle of blacking; may his head be brought to the block, and their union constitute his character.

Shoe and Bootmakers. May we wax a great and happy nation; be bound by principles of mutual regard, actu ated as by one soul, and may our prosperity as a people last until the end of time.

Breeches makers and Skinners. May he be shorn against the grain, smoked and welted, who has not brains to know that the bands of the old government were too loose.

Tobacconists. May the leaves of antifederalism be twisted together, and fastened by thorns, or be rolled into tubes, and end in a puff.

Wagon Makers. Three more spokes to our new Magistrates' Flag. May Justice with her sword pro-wheel-a federal band for its tire-a willing people for tect her scales-may nothing but righteousness turn the its axis-political wisdom to set it in motion; and may beam, and may she write on Jophistry what convulsed its progress never be retarded by the lock chain of opBelshazzar, "thou art weighed in the balance, and art position. found wanting.

Farmers' Flag. Perpetual laurels to the men who have "beaten the sword of civil dissention into a ploughshare"-who have sown the seed of good government: may it spring up without tares, and may each revolving harvest witness its increase.

Masons and Bricklayers' Flag. May the component parts of the Federal edifice be squared by the plummet of impartial justice, inseparably attached by the cement of citizenship.

Clock and Watch Makers Flag. May Virtue be the

Saddle-tree makers. As we are chips of the same block; branches from the same tree, may we be glued together by a general efficient government.

Blue Dyers and Stampers. May Fame stamp immortality on their names who have died for our country.

Tanners and Curriers. May every limb of that man be hacked-may he be leathered through society-and have his hide completely tanned--who is mean enough to curry favour.

Weavers. For ever honoured be the names of those, who, rejecting even the thrumbs of the old web, have

1

cut it out of the loom, and wove another to clothe the political nakedness of their country.

Tin plate workers. May the shears of liberality and extended policy cut away local prejudices, and may the late heat of political disquisition only tend to melt the cement that is to solder us together.

Scythe and Sickle Makers. May the sickle of industry be filled with heavy harvests, until Time with his scythe shall mow down empires and ages.

Butchers. As the marrow is connected with the bone, or one joint with another, so let us be united, and may no cleaver ever disjoint us.

New Year's day, being a day of customary festivity, Gunsmiths. When the implements of war are requi- an extra proportion of rum was served out to the solsite to defend our country's rights, or resent her wrongs, diers. This, together with what they were able to purmay coolness take the sight, and courage draw the trig-chase in the neighbourhood of the line, was sufficient to inflame the minds of men, already pre-disposed by a Printers. May no government be so potent as to re-mixture of real and imaginary injuries, to break forth strain the liberty of the press, or so impotent as not to be able to check its licentiousness.

ger.

Brewers. May he be choaked with the grains, or drowned in his ale, whose business it is to brew mischief. Barbers. Hot curling irons and a dull razor, to the enemies of our new system, and, notwithstanding the wig they once took upon them, may they remain as they now are, in the suds.

Turners. May the anti-federalists be "turned from the evil of their ways," and be held no longer in the vice of groundless opposition.

Coopers. May the new government prove a binding hoop to the states, and never suffer them to go to staves. Brick-makers. The materials which compose our new constitution-may they sustain the heat of party rage without a crack, and come out more perfect from

the kiln of faction.

into outrage and disorder. As soon as night came on, the camp was observed to be in great confusion, and by eleven o'clock became quite tumultuous; the troops avowedly threw of all obedience and prepared to march. In vain did gen. Wayne, and the officers of the line, exert themselves to reduce the mutiny and restore order and discipline; the affair had gone too far to yield to their exertions, and one of the officers unhappily lost his life in the attempt.

At length the line left their camp, in a most tumul tuous and disorderly manner, and marched to Princeton, where they fixed their quarters.

General Wayne, uncertain whether this mutiny arose from British influence and disaffection, or only from the grievances they so loudly complained of, thought it most prudent to get this disorderly body, if possible, organi

Rope Makers. May the production of our trade bezed into some regularity, in which situation the mutithe neck-cloth of him, who attempts to untwist the po-To this he was the more encouraged as they had reneers might be treated with and the truth discovered. litical rope of our union.

Mathematical Instrument Makers. The political compass—as it has been graduated by the finger of accuracy, may it prove our guide in the winds of legislation, and preserve its counterpoise, however shaken by the storms of foreign invasion or domestic broil. Joiners. The unanimity which augurs that the hatchet

shall soon be buried.

Surveyors. May the needle of the new government be magnetized by an honest love of fame, and make the applause of the people its pole-may the sights be taken by the pervading eye of genius-the courses be shaped by integrity-and may there be no variation from nation

al honour.

Merchants. The new constitution-may it prove 100 per cent. better than the old one; may justice, mercy, and wisdom, be found in the invoice of its excellencies: and may its nett proceeds be good order at home, and respect in the councils of Europe.

Lawyers. A mild judge, a believing jury, a blundering opponent, a good cause, a handsome fee, and a federal client, to every advocate of our infant constitu

tion.

Physicians. The political physicians, who in place of mending have made a constitution-may it retain its health and vigour, without the aid of medicine, and may the quack undergo, at the same time, the double operation of cathartic and emetic, who prescribes bleeding.

AN ACCOUNT

Of the Revolt of the Pennsylvania Line, Jan. 1, 1781. As the public will probably expect some account of the late unhappy movements in the Pennsylvania Line, and the proceedings had thereupon, we have, from authentic documents, enabled ourselves to give the following concise narrative of that transaction.

peatedly and in the strongest terms denied the least tincture of disaffection, or any intentions of deserting to the enemy. He accordingly recommended it to them to choose a number of serjeants, to sit as a board and represent their grievances, so that redress might be had, if their complaints should appear to be well founded. This advice they readily attended to; a board of serjeants was accordingly formed, and the business seemed to put on a more manageable appearance.

Intelligence of this affair was soon conveyed to New York. The enemy were highly elated on the occasion, and exerted themselves to the utmost, not abating their diligence, although the rain poured down incessantly. Four or five thousand troops were immediately embarked, in order to make a descent on Jersey at South Amboy, under a full persuasion that the Pennsylvania line waited only an opportunity to join the British troops.They were confirmed in this idea by a person from Woodbridge, who went over to Staten Island and informed, that such was the determination of the board of sergeants.

On the arrival of this news at Philadelphia, the president of the state, and a committee of Congress, attended by the Pennsylvania troop of horse, set out for Trenton.

In the mean time, some negociations had taken place between the board of serjeants and General Wayne, but not to any effect. The general was yet in doubt as to the real designs of the mutineers; but a circumstance now occurred, which seemed to evince the fidelity of the discontented troops. A spy from New York, attended by a guide, appeared before the board of serjeants, with a paper, rolled in sheet lead, intimating that if the Pennsylvania would direct their march towards South River, a large body of British troops should be ready to receive them; and promising very large emoluments to It appears that considerable discontents had for some every soldier who should thus desert his country's cause. time taken place amongst the soldiers, on account of un-No sooner did this emissary make his errand known, certain enlistments, deficiencies of clothing, arrearages but the board of serjeants rejected the proposal with of pay, and the depreciation of the currency; which, as disdain, and sent the spy with his companion under guard VOL. II.

20

line shall be settled. Those who are discharged to receive the above articles at Trenton, producing the general's discharge.

The president hopes, that no soldier of the Pennsylvania line will break his bargain, or go from the contract made with the public, and they may depend upon it, that the utmost care will be taken to furnish them with every necessary fitting for a soldier.

The president will recommend to the state to take some favourable notice of those who engaged for the

war.

The commissioners will attend at Trenton, where the and the regiments to be settled with in their order. A clothing and the stores will be immediately brought, field officer of each regiment to attend during the settlement of his regiment.

to General Wayne, with a reserve, however, that they should be re-delivered to the board if demanded. President Reed having, on the 6th, advanced near Princeton, (being also fully authorised by the committee of Congress to make propositions) wrote a letter to General Wayne, in which he expressed some doubts as to the propriety of going within the piquets of the insurgents. This letter being shown to the serjeants, they immediately wrote to the president in these words:"Your excellency need not be in the least afraid or apprehensive of any irregularities or ill treatment, that the whole line will be very happy how expedient your excellency would be, in settling the unhappy affair." Encouraged by these circumstances, but without any great confidence in them, more especially as the board of serjeants had demanded the spies from Gen. Wayne, and at this time had them in possession, his excellency determined to venture amongst them. That he had no firm dependence on their pacific assurances, appears by a passage in a letter written to the vice president, at Philadelphia, just before he went into Princeton; wherein he says, "I have but one life, and my country has the first claim to it. I therefore go with the cheerfulness which attends performing a necessary, though not a pleasant duty." Upon his entry into Princeton the whole saries were again delivered up; but his excellency havline was drawn up for his reception, and every mark of ing been informed by General Wayne, that at the time military honour and respect shown him. After this in- they were first brought to him, he had promised the two terview the negociation commenced in regular form.- soldiers who conducted them fifty guineas each, as a reDuring the treaty the president had the address to per- ward for their fidelity, he determined to fulfil this ensuade the mutineers to advance to Trenton; for, not-gagement; and accordingly sent for those men, and of withstanding all favourable appearances, he still remain-fered them the promised gratuity. This, however, they ed jealous of their situation.

After a correspondence of some days, in which great tenaciousness was shown on the part of the malcontents, and equity with firmness on the part of his excellency, articles of agreement were finally assented to and confirmed on both sides.

The articles were as follow, viz:
Proposals made to the non-commissioned Officers and
Soldiers of the Pennsylvania line, at Princeton, Jan.
7th, 1781.

His excellency Joseph Reed, Esq. president, and the honourable brigadier-general Potter, of the council of Pennsylvania, having heard the complaints of the soldiers, as represented by the sergeants, inform them, that they are fully authorized to redress reasonable grievances, and they have the fullest disposition to make them as easy as possible; for which end they propose. shall be detained beyond the time for which be freely and voluntarily engaged: but where they appear to have been in any respect compelled to enter or sign, such enlistment to be deemed void, and the soldier discharged. Secondly, To settle who are and who are not bound to stay, three persons to be appointed by the president and council, who are to examine into the terms of enlistment; where the original enlistments cannot be found, the soldier's oath to be admitted, to prove the time and terms of enlistment, and the soldier to be discharged upon his oath of the condition of the enlistment.

First, That no non-commissioned officer or soldier

Thirdly, Wherever any soldier has enlisted for three years or during the war, he is to be discharged, unless he shall appear afterwards to have re-enlisted voluntarily and freely. The gratuity of one hundred dollars given by Congress, not to be reckoned as a bounty, or any men detained in consequence of that gratuity. The commissioners to be appointed by the president and council, to adjust any difficulties which may arise on this article also.

Fourthly, The auditors to attend as soon as possible, to settle the depreciation with the soldiers, and give them certificates. Their arrearages of pay to be made up as soon as circumstances will admit.

Fifthly, A pair of shoes, overalls and shirt will be delivered to each soldier in a few days, as they are already purchased and ready to be sent forward, whenever the

Pursuant to General Wayne's orders of the 2d instant, no man to be brought to any trial or censure for what has happened on or since new year's day, but all matters to be buried in oblivion. JOS. REED,

JAMES POTTER.

On the conclusion of the above articles the two emis

declined accepting, saying, that they only obeyed the orders of their superiors the board of sergeants. The hundred guineas were then offered to the board of sergeants, who returned this remarkable answer:-"Agreeable to the information of two sergeants of our board, who waited on your excellency, that in consideration of the two spies, they informed the remainder of the board, that your excellency has been pleased to offer a sum of gold, as a compensation for our fidelity; but as it has not been for the sake, or through any expectation of receiving a reward, but for the zeal and love of our country, that we sent them immediately to General Wayne, we therefore do not consider ourselves entitled to any other reward but the love of our country, and do jointly agree, that we shall accept of no other."

The two spies were tried by a court martial on the 11th, agreeable to their sentence, near the great road 10th, and being duly convicted, were executed on the leading from Philadelphia to Trenton ferry.

However unjustifiable the conduct of the Pennsylvania line may and ought to be deemed in the first instance, it must be acknowledged, that they conducted theinselves in the business, culpable as it was, with unexpected order and regularity. And their fidelity in refusing the large offers made by the enemy, in delivering up the spies, and in refusing the hundred guineas they had so justly merited, exhibits an instance of true patriotism and disinterestedness, not to be found amongst mercenary troops, who bear arms for pay and subsistence only, uninspired by their country's rights, or the justice of the cause which they have engaged to support.

In pursuance of the articles agreed to, and the plan adopted, commissioners have been appointed to settle with the discontented soldiers, man by man; their terms of enlistment carefully enquired into; their wants supplied, money advanced on account of pay, and certificates given for the remainder. The commissioners have already made a considerable progress in this business, to general satisfaction, and this disagreeable affair is likely to have a better issue than could have been expected from its first appearance.-Penn. Packet.

*This appointment was made afterwards by the committee of Congress, as the most proper channel of authority.