Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1829-04-14


Treasury did. from usage, conceive il had right
tokeepa surplus Of million for extraordinary and
unforeseen occurrences. IL was thought more !
proper 10 give legal right to retain a certain a.
mount, ofsurrlus il. the Treasury, than 10 leave
AT the discretion OF The Secretary. Two millions
were, therefore, by the act of 1877, Authorized as
the proper amount TO be retaineJ; but the Com.
ruissioners OF the Sinking Fund have, il appears
considered it discretionary, whether a surplus 10
that amount should be retained. The report at
the last session, IRON the Treasury, accompanying
the report OF the Comm. on Finance, showed that
the surplus hic should be retained lin wears when
there was debt redeemab,e,) never amounted to
to millions On the Let january, 1897, the surplus
amounted only 20 the sum Of Sl,o6i.5l0; the sur
plus amounted only TO the sum OF 81 ,o6I $40; and
on the same day, in ISIS, To 81 O2I991; aud, by
the last report il amounted only TO S6T5 900, on
the LIST day OF January last. The truth lie, that il
is almost impossible Tor the Commissioners to
ascertain the precise sum that will be in the
Treasury at the end OF the year. What says
the 9TH s,cton, That whenever there shall
BE-, at any after the adjournment Of Congress, in
any year, surplus Of money in the Treasury, a
bove the in appropriated for the service OF such
year, the ",ayment Of which, the Commissioners
viii yet h; We in the Treasury, at the end Of the
year, ba ance equal to two millions of dollars;
then such surplus shall be appropriated to the
Sinking Fund, to be paid at such time will best
suit the Treasury and shall be applied by the Com.
missioners thereof to the purchase or redemption
of the Public Debt"
BY an examination Of the Sinking Fund act, il
will be seen that the application OF any moneys
under that act, lover and above what may be ne
cessary 10 meet any demands for principal and in
terest actually due under engagements of the u.
States) is tobe made at such times the state Of
the Treasury will best admit.
1t is therefore usual for the Secretary OF the
Treasury, whenever, in his opinion, the state of
the Treasury will admit of such application, to
make the same known TO the Commissioners Of the
Sinking Fund. In forming this opinion, the Sc
cretary takes into view not only the actual condi
al he n ito n
the close OF the year, and the probable means and
demands of the ensuing three months; SO as TO es-
innate how much may probably be applied within
the year. and how much az the termination of such
an interval may be necessary TO give notice to
the holders Of the stock 10 be redeemed; which in
terval is usually about three months. The Secre-
tary having made known to the Commissioners
the sum that can be applied, the Commissioners
direct its application, ard The Secretary gives no.
tice accordingly.
by referring to The various Treasury reports,
ann particularly that of the oath Of March, 1898,
TO the Chairman OF the Committee of Finance of
the Senate, il will be seen, that in forming tho es-
innate above referred to by the Secretary, and in
directing the application Of moneys TO the debt, it
has not been deemed necessary 10 retain surplus
% two millions over and above the amount of the
unsatsed appropriations whenever the retaining Of
such surplus would interfere with the application
OF the ten millions. On the contrary, it appears
that sometimes not enough is retained even to meet
those appropriations. The conduct Of the Treasl-
re- in this respect is doubtless regulated by the
prospects of the Treasury, and occasionally, per-
haps, by the desire to pay off particular portion
OF the debt, rather larger than the amount that.
would otherwise have heen applied. II seems to
have been the opinion of the Treasury that the
obligation to retain two millions exists only where
an amount is to be applied greater than what would
be applicable under the annual appropriation Of
ten millions; or, in other words that il refers only
TO the operation OF the 4ih section OF the Sinking
Fund act.
1t may be observed that the application OF
moneys under the Sinking Fund act may be class
ed under three heads:
/. To the payment Of interest. and such por.
tinns of the principal as may be demandable.
Those payments are TO be made q: such times
as they may be due.
2. To the payment or purchase of the principal
of the debt, by the application of SO much Of the
annual appropriation Of ten millions, as NAV re-
main after the payments, alluded to under the
frst head. The payments under this second head
are to be made at such times as The state of the
Treasury tciH best admit.
8. To the payment or purchase Of principal, by
the application Of any surplus 0vIy tt0o millions
alter providing for the appropriations for The
pthlic service (Which remain to DE satisfied. The
payment under this head are also to be made at
such times as the state Of The Treasury ,Uiu best
admit.
In fne-the Committee believe that the law
has operated safely and we'll, and that change il
wholly unnecessary; change might operate in
jurinusy. and could result in no positive good.
The third resoution'is in the following words
" NH me DdNR ought 10 De required TO make
compensation 10 the people OF the United States.
for the use OF the balance Of public money in its
hands"
On This subject the Committee of Finance sub
mitied particular and detailed statement at the
last session, to which they refer, and make part
of the present report. 1t may, however, be pro-
per TO take a further view of the subject.
The Committee repeat their opinion, that the
charter gives to the bank the use of the public
deposites, without any other remuneration than
surt as are distinctly authorized in that instru-
naen!; that the eXactior OF any other, would, in
the opinion OF the Committee, be direct violation
Of the charter. The 10th section says, distinctly
." That the deposites Of the money Of the United
States shall be made in the bank of the United
States, and its branches" This is positive, and
cannot be misunderstood. The goth section saws,
ges and benefits conferred by this act upon the
said bank, the President, Directors, and Company
thereof, shall pay TO the United States one million
FIVE hundred thousand dollars in three equal pay
ments." The banks were TO pay, and have paid
che million and half Of dollars, for WHAT For
The exclusive privileges and beDeftS conferred by
The act What are the benefitsl The Committee
can perceive none, except the depostes, for which
this bank has actually paid already, and cannot
IN the opinion OF the Committee, be called on for
further compensation, without an evident
violation OF their chartered rights.
The 10th section enacis, "Jhat the depos,es Of
the money Of the United States shall be made in
the bank and its branches, unless the Secretary of
Tie Treasury shall, at any time, Otherwise order
or direct in which case, he shall lay before Con.
gress the reason oisuch order or direction" 1t il
admitted, that the first branch Of the section is
conclusive, as to the right OF the bank to the de-
po5ites without charge 10 ii; but il is argued that
the second part qualities that right and that the
authority given to the Secretary TO Withdraw the