The Clerk read as follows: Extracts from letter datedNovember, 1866, of C.V. Quiver, in relation to the failure of Co.: Culver, Penn “In 1861my office was opened at Franklin, and successivelyothersat Titusville, Oil City, and other points, as occasion demanded, by meansof which I ecame intimately connected as a banker with all the interests of the region. The rapid increase of businessmade it bothdesirableand necessary to provide eprinivearteeabseadnfkaincightoieffsicfeosrwietsreaccoconmvemrtoeddaitnioton, caonrd porate banks.” “. “The entire managementof these banks was in trusted to me as fully as private business, had been that of my own factory.” and their successwas most satis: &::: $ 3. $ “From a single private officeat Franklin ourcombination extended by natural, healthy, and appar ently necessarygrowth, until it s embraced 20 and banking houses, including the central office at NewYork, Culver, Penn & enjoyed Co. All of these the highestdegreeof real prosperity, having good credit, ample resources, large patronage, and profitable employmentfor their means.”: sk o::: $ “The Venango Bank at Franklin and the Petro leum, Bank at, Titusville were organized under the free banking law of Pennsylvania. Their circulation was securedby the depositof Government bonds of an equal amount with the auditor general of the State at Harrisburg.”.:: ch“aIngbeodutghhetmafnodr odtehpeorss, ited the securities, and exat my own discretion, subject only to the approval of the auditor general.” o: o:: yo“uYrsoeulv[etshe President anddirectors]never troubled for a moment to know what I was doing or why.” $: 4:: to: “It was left entirely to me to determinewhen the circulation should be increased or diminished and the securitiesdeposited therefor withdrawn.” $ 4.:: “As this circulation was very large that of Venango the Bank being$600,000 and that of the Petro leum Bank $900,000 kInew that its sudden with drawal at the expiration of the time Prescribed by Congress would be an inconvenience both to the banks and the community, and as a matter of prudence I deemed it best to commenceits withdrawal at an early day, and make it a gradual operation.” so 4.:: $.: 3.: “Over $1, 300,000 of the notes of thesetwo banks were redeemed from May, 1865, until March, 1866. the time of the suspension of Culver, Penn & Co., and of the banks in consequence.”