Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1824-05-21

received 5y the officers of the bank, and which
could not he received iy them, without iurreasine
hat collision. which IL was my desire to d,m'nish. .
Tbese views, u il believed, were TOO jssi,
meet tho appreciation of the distinguished individual
who presided over, and of the enlightened Board
which then dir cted tho Affairs Of, that Institution.
Aecod'"E,y, Me-. Chevos, III hs amswsr Of the 9th
October, 1879, fhVs expresses himself. " The
ooaru entirely c"ncura with you IN the views you
'"k~, ~ TO the G6vernmeni collections and drpostes
." 'ne Westetn States, which they heiave to be
portion Of the country, ~ well as to meet tho in
teTess OF tho Government, and relieve the bank
rom embarrassing COLLISIONS ~mh local banking ,n-
II happenes, however, that i'm three Of the places
where the hankA were situated wmh which the Sec
.etary had made these Of the
nank OF inc u"'isd States were also es,abi,she H.
ny the charter OF that aak, 10 wac the duty Of tho
Secretary 10 have stated Congress nj lis next ses.
sion, the reasons Why he had directed deposiies of
ne public "oney to he made IN ,hess three hanks.
., re"', 'nfo"sh '"adser'ence, WIS not made
as me Secretary mas stated ia his letter Of the - Il
February, 1873, TO the select rou,m,,,re Of the
louise. Bu, As full explanation Of the mo,,v+s OF
fhe>s arrangements Ind been made 10 the Bank Of
the Cnteu oafes whose intel esis il was the object
OF that provision in the char.er to guard and 40 tha,
institution had approved Of the Rrranee nents, aad
rs the arrangements themselves had been rubiishel
IN various newspapois and as the facts winch were
10 he reported 10 Gong were or general soiorr
~, u submitted, whether the Secretary could have
had any motive fur withholding the formal cou,u,u.
neai'on oil the Information TO Congress-
vi tho POLICY OF the measure adopted by the Sec
Rotary in the employ Of The Wes,era hanks. /, j.
presumed there can lie doubt. That il has no,
oeen en"rey successful, is considered 10 he sub
lect rather Of Than Of censure. Bu, that it
has been mainly hcne6cial IL is thoupht will moi no
denied 10y those who can,i,dIy examine the suhinc q,
in all us bearings. And, although very lille Min, a..
loss" expected, YET, 6 the wi,ole sna, now due b,
be lost, 10 believed that tho advantages which have
resulted to the country, wili have been cheapy pur.
| chased IT that cost.
As some misunderstanding, in respect 10 the spc-
cal deposica seems TO prevail in the pui,lic mind
resulting from tho ina, b,xe n. az
made on the subject, il may be proper to take th.
| occasion To remove a..
About the time that The present Secretary Of IN.
Treasury rock charge Of that Department, The .pe-
cat dspose amounted 10 upwards of three u,II,,ns
NJ tnllars, being, ON tho 3lst of Decrmhrr 1916
S3O3i 459, all Of which has since been converted
| 'h'o cash funds, except S29I ,8O3 Al m. date al
the Secreia,ys report ofihe 9Th Of Felrunrv. I8s3
the amount Of The sreciai eposi,c was e9s1 ion an
cn,i'ne The S29l sos abov uione, OF ,bs ANN
OF sgt ,lO7, about Sol 900 have s'nce been paid;
Hence, II appears, that of the whole sun, now or
special deposiie, only abou' S57t 600 iucudiu. ,.
sum due by the defaultipg W-s,eru banks, hIyc he
come SPECIAL hiring theprrsent Secretary's admin
is'rn'ioh oi tho Department. When n in cons
tina, this embraces p~riod Of about seven ysara,
during which, e,cat disorders have existed and A
great revolution has heen effected in The rurreurv
anu during winch, upwards OF Que hundred aud six :
y'hrer millions Of dollars have hecn paid into the
Treasury, exclusive Of loans and Treasury notes ;
an" that, OF this sum, upwards of veny. one mil
lions and n half Of dollars having been received,
from The sale Of lands, and internal duties and IA
must have heen collected in those portions Of the
country, where the greatest disorders existed (:
when these circumstances considered, il is he
ievrd that the sum which has become uncurrent
during the Sre,e'ary's administration of the Treasu.
~ instead Of furnishing g,ounL either of censure or
snrprize, by its magnitude, Jrs,ifes The concusion
that IN this respect as he trusts, will be found the
case ~ all Others, the Secretary of the Treasury has
not msmanagsd the national funds
In conclusion, the Secretary has the honor IN
state, that, although is belle we'd that every na,eyi
nj charge contained in the address of Mr. E,m ards
has now been sa'isfacro ,ly explained vet, H. in the
opinion al th- committee, my further explanation he
deemed necessary, il will afford him pleasure 10
g'oe II, eiher personally, OF in writing.
This consists Of 52co rs received frsm the Mia
mi Exporting Company, Si8 726 10 iron, the Bank Of
huntsville and SiO9iS So in discharge the debt due y
the Brarch Bank Of kebtucky, a, Louisville.
IL Is believed howeter, that Il i'll now he proper to in
ciude IN the special dePoste the 10y the Bank OF
Columbia amounting TO x27,3oi 81; OF this sum- all but
VU were special when the came INFO
The treasury and WINS placed in this bank The
oil oring converted into cash fuRs Srrre
report Of ite 18th OF February 1922 Having effect
ed ms Object the bank s In condition 10 re.
iund the money, bur arrangement been made by
~n'ch the pay asnt OF IL, with interest," been 10 be-
lieved, well secured
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