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On the other hand, no deduction is made for losses upon dis. counted paper, &c., which your
committee do not feel warran. ted to estimate at less than $20,000.
It is deemed proper by your committee to remark, that it appeared there were $27,400 at the Galena Branch Bank, and $58,000 at the Bank of the State of Missouri, of the notes of the Bank of Mineral Point, which had been redeemed by the Bank, and were held, subject to the order of Mr. Knapp, and had accordingly been taken out of the amount of the circulation of the Bank. For verification of this fact, your committee were obliged, from the nature of the case to rely entirely upon the affidavit of Mr. Knapp.
The conclusion arrived at by your committee, from the statements furnished by the cashier under oath, and from their own investigation, is, that the corporation has the ability to pay all debts and liabilities.
Your committee would remark, however before they close this Report, that it appeared in testimony of Mr. Knapp, that $8,000 of the bills of the bank, signed by him as cashier, had been forwarded to Green Bay some time during the last year, for the signature of Mr. Doty, the then President ; but that said notes had not been returned to the bank, nor had he seen any of them in circulation ;-these bills have not been credited to cir. culation account, and do not appear upon the Bank's, as indebt. edness of the Bank. They would also state, that the item “ Notes of other Banks,” embrace the sum of $27,785 in notes of the Bank of Gallipolis, and that these notes came into the Bank on account Sales Bank Stock, and are subject to be returned and other current funds substituted there. for.
Your committee cannot conclude this report, without bear. ing testimony to the willingness and alacrity manifested by Mr. Knapp the cashier, and Mr, Brace the teller of the bank, ig afford. ing your committee every facility in prosecuting their investi. gation. All which is respectfully submitted,
JNO. H. ROUNTREE,
Chairmam of the Committee, JAMES MAXWELL,
WILLIAM BULLEN. Mineral Point, September 25, 1840.
[A.] Statement of the affiairs of the Bank of Mineral Point, on
18th Sept. 1840. Bills of Exchange, secured by shipments, lead, $160,057 22 Bills discounted,
64,308 12 Bank, Missouri,
1,775 28 Cash-Specie, Government drafts,
due from U.S. Treasury, $48,492 01 Notes of other Banks,
29,397 00 Cash Items,
80,537 94 Galena Branch Bank,
796 58 Real Estate,
8,000 00 Overdrafts,
884,77 Banking House, Fixtures, Engravings, &c.
[B] Testimoney of Porter Brace, Moses M. Strong, and Samuel B.
Knapp, in relation to the management and affairs of the Miner. al Point Bank, and of alledged violations of its charter, at the Banking Room, 22d Sept. 1840.
Q. When was you appointed ?
A. By Mr. Knapp. Is not aware that any action of the Di. rectors was had upon the subject, although there may have been.
Q. Did you, before you entered upon your office, give bonds for the faithful performance of your duty! A. No.
Q. Have you ever given any such bond ?
A. Entered upon his office in June, 1838, agreeably to a pre. vious arrangement with Mr. Knapp.
Q. Is there any book of the Bank in which there is kept a record of the transactions of the Board of Directors ?
Q. Have the Directors of the Bank since you have been Teller here, held regular meetings at stated times ?
A. They have not.
Q. How often in your opinion, since June, 1838, have the Directors of this Bank met ? A. Perhaps five or six times.
Q. Have the stock, property and affairs of this Bank been managed and conducted by seven Directors ?
A. Cannot answer as to that.
Q. When was the last meeting of the stockholders for elec. tion of Directors ? A. On the 6th July, 1839.
Q. Who were elected directors at that time?
A. John F. O'Neil, Ebenezer Bingham, D. Walter Jones, Henry D. Stringham, Charles F. Legate, Samuel B. Knapp, and James Morrison.
Q. Have either of these Directors resigned their office.
Q. Are all the Directors stockholders in the Bank ?
Q. Has there ever been a dividend made to the stockholders of the profits of the Bank ?
A. Not to my knowledge.
Q. Have the Bank or its officers refused to pay in the legal coin of the United States any of its notes on demand when same were due ? A. They have not.
SAMUEL B. KNAPP-SWORN. Q. (By Mr. Strong.) Has the Bank dealt directly or indi. rectly in the buying or selling of lead or shot? Q. It has not.
Q. Has the Bank refused to pay in the legal coin of the Uni. ted States any of its bills or notes when the same were due and presented for payment? A. It has not.
Q. Was one half of the capital stock paid in, as required by the charter, before the Bank commenced issuing notes ?
A. The minutes of the first Board of Directors shew 100,000 dollars of stock to have been paid in, in the mode prescribed by the charter, before the bank commenced operations.
Q. Has the Bank at any time owed an amount by bond, note, or other contract, exceeding twice to amount of capital stock actuaily paid in? A. It has not.
Q. Have you entered into a bond approved by the Directors for the faithful discharge of your duties as Cashier ?
A. Has entered into a bond in the sum of 20,000 dollars, securing good conduct as Cashier of the Bank of Mineral Point. The Bond has never come before the Board formally for appro. val, but is on file in Bank, and under the control of the Directors.
Q. (By Chairman.) Are all the bills of exchange owned by the Bank based upon shipments of lead, and upon lead under the control of the Bank A. Yes.
Q. Have the notes of the Bank of Gallipolis been received in the course of your regular business? A. Yes.
Q. Will you exhibit to this committee the stock ledger of the Bank ?
A. I decline exhibiting the suock ledger, for the reason that I do not know that it would be agreeable to the principal stockholders to have publicity given to their names as stockholders, but will cheerfully exhibit all other books and papers appertaining to the business and affairs of the Bank.
Q. Are there $27,000 in the Branch Bank at Galena, & 58,