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lCluutQ iliC AotACHhtiSS estANfVOA

 Bank ofthe '. S., July Il, 1894.

 Gentlemen-I have had the honor to re- ceiye your letter of the 10th inst, which was immediately submitted to the Bank Direc- tors. from whom 1t could not fail to receive the respectful consideration due to the sgn- CTS oft.

 The general subject of which it treats, has, as you may naturally suppose engaged the early and anxious attention of the direc- tors. Tor some months past, the principal object of their measures has been to pro- vide for the safety. and maintain the credit of the Bank at all hazards.

 The restrictions upon its business, which they were under the necessity of imposing for this purpose, were as painful to the Board of Directors as 10 the community, and they confidently trusted that the national eglsla- lure, if 1t sanctioned the measures which rendered these restraints necessary, would have provided other means of mitigating their inevitable pressure. But the adjourn lneni of Congress without adopting any measures either of redress to the Bank, or of relief 10 the community, places both the 1 Bank and the country in @ new relation to each other, and imposes upon the diminish ed ability of the Bank an extraordinary de- mand for its assistance.

 To that claim the Board of Directors cannot be insensible. The yfeel that the prosperity of the Bank Is completely identi- fled with that of the country, and they deem 1t not merely duty, bnt a qualification, to interpose wherever the resources of the Bank can be safely employed in the relief and support of the great interests of the com munity. Accordingly on the 27th ultimo, when 1t was perceived that Congress was about to adjourn without adopting any mea- sure for the relief of the country, the Board appointed committee to consider the new duties which that event might deyolve upon the Bank, and their Report was this day adopted.

 That report eontemplates two objects the first is 10 put an immediate end to all the curtailments of the loans hitherto direct ed, a measure which was forthwith adopted; the second regards the future expansion of the loans of the Bank-a subject, as you are aware, of far greater difficulty and de- licacy. The long experience, and the sa- gacity in business for which so many of you, gentlemen, are distinguished, will, think, readily suggest to you that general public declaration of a purpose to add to the loans of the Bank a sum of from five to ten millions of dollars, might be productive of great disadvantages as we'll to the Bank as to the public; and that the more prudent course of expansion, If any be necessary, would be to increase loans cautiously and gently, and at those points which most re- quire relief.

 To such policy the board are well dis posed-and they viii proceed to the consid- eration o6your views with every disposition to concur in thenls so far as the states sesi-.s rsasifs,tio,l, cad the principles on wis7f4iassy think 1t prudent to conduct its affairs, will

 