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

for the deposites, which al that time were very
great-ten million pounds sterling. The Chan
cellor OF the Exchequer agreed with the Board.
that II should pay round sum Of + 100000, or
$2,220,0 0e, and should lend, free of interest the
sum OF three million of pounds sterling, or Sl3,-
1888 33 l-3, in exchequer bills, payable, Six
months after the expiration of the war, which pro-
baby ceased in 1915; since tchicf period,
pensatlors ,phdterer has beer, gipen by the bank
for the use of the deposites. The Committee pre-
yyassyycli known to Mr.. Secretary Dallas, who
drafted the charter of the bank OF the United
States, in 1917; aud, with a view Of preventing
all discussion on the subject, during the continu-
ance OF its charter, he did stipulate that the bank
should pay the sum already mentioned, Of q mil.
lion and half OF dollars, for the use of the depos
ties; sum greatly higher, in proportion, than
that paid by the bank OF England, comparing the
immense depnsi.es of the latter with those in the
bank OF the u States.
The bank Of England is paid by government for
services which il renders; which circumstance
was no doubt, also known when the charter was
granted in 1917, and is carefully provided against
in the charter. The bank of England does not
pay the pensioners. Tirat service is rendered at
great expense, by the several Departments. That
duty ia performed at heavy expense, by the bank
Of the United States, without any cost 10 the go.
vernment, and with risks to itself. The last year
twenty thousand dollars was RENTED to cashier
to pay the pensions; he failed. and the money was
The money received from the several parts of
Great Britain, is transported at the expense and
risk Of government to the bank. The United
States bank is compelled, by its charter to trans
port the money received in any part Of the Unit
ed States to any other point where it may be want
ed, at its own risk, and expense. and free ofcharge
from loss of exchange.
The bank Of the United States is bound 10 pay
the interest on the debt, and the principal (when
ordered by the Commssioners) without any charge
whatever n that
OF paying the pensioners, involve the bank in a
cost annually, Of fifty thousand dollars, stated
by the President Of the bank: there is also little
risk from frauds. The bank lost $3,000by fraud
committed on Il the last year, in paying the debt,
or interest thereon, and prosecuted for another
to the amount Of $4,000. The parties who had
fraudulently received the money, have (ailed and
the loss is 10 the bank, which would have been TO
the government, il Commissioners Of Loans, Gas
formerly had transacted that service. The bank
! of England is iDtrusted with what is called the
management Of the debit for that service it is paid
ESQ per million, on 600 million, and $500 per
| million, on Ell ,290,5l7; making, together, the
sum OF E255,3s per annum, or 81 1898 The
bank OF England is also allowed for minor servi-
ces, making sum total Of E263,736 sterling, for
one year. or 81 ,lT09S7, which the government
oil Great Britain pays TO the bank for services;
while the bank OF the United States is bound by
ats charter TO perform similar services for the Unit
ed States, without any charge whatever 10 the
government, and at its own risk in making pay
ments. ltwould appear to be reasonable that some
allowance should be made; for the bank Of the u.
States, toi'h It's eagle eye, has not Gas shown been
ahle TO avoid frauds. The bank of England sus-
taned loss Of E200.000 sterling, in its manage.
ment OF the debt, by the fraud committed on it by
FanntlerOy alone.
The 4th resolutions says-thata public debt is
! public burthen; this is fully admitted by the
Committee, as seli-erident proposition. 1t pro-
ceeds-that the present debt is burthen on the
people OF the United States to the amount Of fif-
teen Ini!lans per annum, from which they may be
relieved in four years. by a timely and judicious
| application OF the means within the power of Con-
! gress.
The Committee have no document which they
can submit, to show that the ten millions per an
| nun paid towards the redemption of the public
debt, and its interest, imposesa burthen Of fifteen
( millions on the people. Whatever it may be, il
imposts; and cannot be avoided in any other way
than repeal Of certain duties to take place when
| ever the debt shall be paid oil.
! The 9th resolution recommends the abolition
OF duties which do not interfere with the manu-
features Of the country, 20 be made as soon as the
debt is paid off TO the annual amount Of ten mil
| lions Of dollars.
The Committee are Of opinion that it will be
! proper to abolish certain duties whenever the debt
shall be paid of, or nearly so; that timely notice OF
such repeal should be given 10 those engaged in
commercial pursuits, so that they may sustain as
little injury as the nature of the case will admit;
but TO what amount the Committee are not at this
lime prepared to say, nor at what time the repeal
| shall take place. The Committee offer, as their
| opinion, that, in all probability, the debt will be
paid off, except an unimportant amount, (the three
per cents. and bank debt always cxcepted,) in ali
the year 1882; and that some time in that year, Oil
no unforeseen circumstance shall occur) arepeal oil
some OF the duties would be expedient and proper.
But they believe that the whole subject can be
acted on more advisedly at the next session, when
the Senate will be better Informed of the proba-
BILE effect on the revenue, resulting from the late
| tariff. They therefore submit
That it is inexpedient to act on any Of the res6u.
tons submitted 10 the Committee, al The present
session.
BANx OF THE u. STATES,
January so. 1929 )
letter the 9Th instant in which you slate that ia juy
1884, the will probably end .noOsh Of tie
i've millions applicable that te redemption Of the
public deht-and enquire whether, in that event, the
owns, the eIoIs Of that yesr You fur
thsr euqure whether the Bank would make similar
Before the soa Of d. Year. s'f ss
amount To complete the Eve million, which the
have this morning submitted the subject 10 the Board OF
directors VINO hye unanimously instructed me n reply that
ss. The b." .s. .aeh s s.,,. ' G
Inc Board Of Directors, to facise every .Ieion with.
tina, IT, either OF Of tn. period. mentioned the Com,
''oneu Of the Sinking Fund pay OF i've million, Of
me public debt and cannot the whole else
where, the Bank will supply the deficiency in The
yonpropo's go far ihs stock wLeh it usy iLsnowa will
have the honour 10 he,
Very respectfully, Yours,
N. BIDDLE, President
Hon Gen Samuel Smith, Senate Ofthe United States, wash
| 70 be confinuen.1
J r0D rTcs HY