Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1816-12-12


be respectively paid.
lhe revenue rs collected throughout
the Union, but the amount of the cellec-
lion Is very different in different places;
and IL has happened, not unlrequently,
dat the demand for payment was the
greatest when the means OF pay ment were
The least.
The rule which has already been men
toned, was applied, wherever il WAS prac-
hcaDle, ny directing warrants to be paid
at tue places OF rendering the services, or
furnishing the supplies, for which they
we're respectively granted. But if the
Treasury possessed no funds nj those
places, the differences OF exchange rem
dered It extremely difficult to locate the
payment OF the warrants in "A manner e.
qutablc, impartial, and satisfactory. -
For some months after the war, the Trea-
sury was scantily supplied with the local
currency OF every place, except the Dis
trict OF Columbia, and the city of Balti-
more; and consequently, during that pc
Rod, the warrants which could not be dis
charged, at the seat of the original trans
action, were paid in the currency of the
District, or of Baltimore. The progress
sivc accommodations OF the revenue, opened
wider scope for payments, enabling the
treasury 10 draw next upon the banks of
| the banks of New-York The public
funds i'll the banks of the southern and
western States, having also become gene
rally adequate 10 the local demands, it
may now be considered that the active
resources OF the Treasury are co-extensive
| With the Union, excepting always the cas-
| tern section. The difficult task of locat-
ing the pay alent of warrants, still, howe
yer, continues, and must continue, as
| long as the differences of exchange shall
operate. 1t is fiscally impossible to pay
| all the demands upon the Treasury q: one
| place ; and every holder of a warrant is
naturally DESTROYS to be paid at the place
| where the medium is of the highest cur
| rent value. Under such circumstances,
1t is TO be expected that individuals will
sometimes feel disappointment, and OK
| press dissatisfaction; but ii has been the
| constant and anxious endeavOr of the
| treasury to perform its arduous task,
with the exercise OF a sound discretion,
| guided by the acquisitions ofthe Depart
| ments, by the origin and nature OF the
debts, and by the state ofthe public funds.
| T. The Treasury has been compeled!to
4, encrease the number, aud extend the
range OF banks employed as the deposit
tories Of the public revenue, with conse-
qnenccs unayoidably inconvenient and
| injurious.
AS soon as the differences of the cur
REM value OF bank notes were introduced
! ana particularly when one bank refused
to credit, as cash, a deposit of the notes
OF another, the Treasury was driven to
choice of expedients; that is, either to
take the hazard of the accumulation of
masses OF revenue IN the hands of indivi-
dual collectors and receivers, or to recog-
ME, as places of deposit, the banks (be-
| ing, however, banks of unquestioned So
hdiiy,) established in the districts which
were most affected by the course of ex-
changes. Many powerful reasons, led to
an adoption of the latter measure in
strncilons were ISSUED to the collectors
and receivers 10 aci accordingly and the
number OF banks thus necessarily en-
| ployed by the Treasury from Maine to
Louisiana, may be stated at ninety four.
10 the inconvenience incident to this
! multiplication of the places of deposit
was added the compiexity inevitably ari-
sing from the various kinds of paper in
circulation as money, upon some of which
| minute calculations were required Ge-
neraiiy speaking, the Treasury has with
| each Bank four accounts
| An account OF cash, meaning Tin the
| absence of COIN the local currency.
| An account of special deposits OF
| bank notes, being notes issued bv
Banks, other than the depository.
An account of special deposits of
Treasury Notes, bearinginterest.
An account of deposits of small
Treasury Notes, not bearing inter
| est.
Owing to this untoward condition ofthe
machinery for the collection, custody.
and distribution OF the Revenue; to the
great extension of the business OF receipts
and expenditures (; and to several acct
dental causes : fhe punctuaI statement
| and settlement ofthe Treasurer accounts
have not been found practicable. To
expedite and facilitate, however the ac-
compllshment of that object, proceed
| InSs have been instituted 10 withdraw the
treasury notes from the Banks for the
purpose Of cancelling them to ascer-
tam tile character OF the Bank notes upon
| special deposit, for the purpose of claim
ing payment, or an effective credit, from
| the Banks which issued them and TO in
duce the Banks Of the interior TO
transfer, from lime TO time, the Trea-
surers balances, to the Banks of the
commercial cities on the Atlantic, for the
! purposes OF a periodical settlement. The
| success OF these proceedings, the opera
| ton OF tie Bank of the United States the
| collection of the revenue in the lawful
currency and, above all, the improve
ments contemplated by Congress in the
| constitution of the department are OBJ
Jects OF high and urgent importance, de
mandlng constant vigilance and care.
The successive attempts made bv This
department TO relieve the admin Sfro t;o,,