Page:A History of Banking in the United States.djvu/383

 All the banks of, six in West Jersey, and fifteen in the interior of Pennsylvania resumed about March 20, 1842. The report from Delaware, in 1847, was: "Delaware has, up to the present time, never had a broken bank."

.—Philadelphia paper was quoted at par for the first time March 26, 1842. Of the rural districts it was said that every county in Pennsylvania had its own currency.

In January, 1843, "Bicknell's Reporter" said of the relief notes: "If any one can devise an immediate plan whereby the people can get rid of about $700,000 of paper trash, he would be entitled to the name of a public benefactor." A month later, the Legislature orderered the Treasurer to cancel $100,000 per month, but in April they reduced this amount to $50,000 and resolved to make further attempts to sell the public works. The total amount of the relief notes issued was $2,186,550; the amount outstanding in June was $684,521. The number of counterfeits was said to be equal to the original.

Mention is made of these notes from time to time, during the following years, in the Governor's messages and other documents. The statements of the amount outstanding do not show a steady diminution. In 1860, the Auditor-general reported that there were still $102,336 outstanding, including re-issues.

After 1842 it becomes very difficult to follow the liquidation of the United States Bank. It was dropped and forgotten as soon as possible. There was great dissatisfaction with the proceedings in liquidation, on the part of the residuary interest. The Bank seemed always to get worsted, although it could not be said to be wronged. In January, 1842, a meeting of stock-. holders tried to revoke the trusts. A fuller meeting, two months later reversed this. This meeting was "large, tumultuous, and disorderly." Mr. Schwab, of New York, cited the trustees to show cause why they should not give security for the faithful discharge of their trusts. The decision was against him. Two acts were passed, one May 4, 1841, vetoed by the Governor, but passed over the veto; the other, May 5, signed by him, under either of which the trustees might be appointed without the requirement of bond or inventory.

The Bank had bought the Merchants' Bank of New Orleans for $1,076,500 in order to use it as an agency. In April, 1841, that bank was worth, at the market, $906,000. The best bid which the liquidators could get for it, at which they sold it, was $575,000, from Edward Yorke. In its assets was the sum of $334,427 in specie. Gouge wanted "to know the exact value of all the bank stock in the country estimated on like principles." The secret was that the Bank of the United States could not use this specie, because the charter required that the Merchants' Bank must always keep one-third of its