16

would confirm such expression, the Committee are not pre¬
pared to say. It is now too late to escape, by such a meas¬
ure, any portion of the State and City taxes for the year
1867, and it would be a work of considerable time and
labor to obtain the assent of the Shareholders.

As Congress has adjourned, without action on the Bank
hills referred to, the Bank will continue to enjoy, for the
remainder of this year, at least, both the benefit of its six
millions of circulation (which may be estimated as worth
some $300,000 per annum), and a chance of a continuance
of some Government deposits.

With these considerations, the Committee unanimously
recommend that the Board take no immediate action in re¬
spect to a reduction of its capital, but that the further con¬
sideration of the subject bo postponed for seven months.
(Until December next.)

National Bank of Commerce

IN New York, May 2d, 1867.

CHAS. H. RUSSELL, Chairman.
ROBERT LENOX KENNEDY.
J. J. ASTOR, Jr.
E. D. MORGAN.
DENNING DUER.