Article Text
PATRIOTIC BANK, Washington, 14th April, 1834. At a special meeting of the President and Directors of the Patriotic Bank, held this day, for the purpose of taking into consideration the alarming state of the commercial affairs of this District, it was unanimously Resolved, That in the opinion of the Board the interest of the Bank and its creditors requires that the payment of specie for its obligations ought to be, for the present, suspended. Resolved, That, in the opinion of the Board, the report made by the Committee of Investigation, in January last, showing that the Bank had not only the ability to pay its obligations, but to pay the stockholders upwards of 110 per cent. was a true and correct statement of the affairs of the Bank, and that nothing has occurred, thus far, to render the securities of the Bank less safe than at that period. Resolved, That the creditors of the Bank be requested not to sacrifice their claims, as the Board feel authorized to assure them that they will all be paid. In making known this determination, the Board need hardly say that nothing but the extraordinary juncture of affairs could have brought them to the painful necessity of this annunciation. They earnestly invite all persons interested to call and satisfy themselves of the condition of the Bank, and the exertions made by the Board to sustain the institution, and that, so far as discretion and prudence would authorize, they have personally gone. W. A. BRADLEY, President. NATHAN SMITH, JOHN COYLE, THOMAS BLAGDEN, J. W. HAND, THOMAS HUGHES, EDWARD INGLE, PHINEAS BRADLEY, M.ST. CLAIR CLARKE, PISHEY THOMPSON. Attest: G. E. Dyson, Cashier.
