Martinsburg gazette and public advertiser. [volume] (Martinsburg, Va. [W. Va.]) 1826-1833, 1832-12-20

rTotn Nnicn sOoulu
be deducted the,
ineffective sum Of 400, 600
And the Danish indcti.
nifty OF $4,000
----2 ,094, 900 %
Making the actual deficiency as, S92 on
This Danish indemnity 10 the money which
Denmark pays private citizens. The Cow
eminent holds it in trust aud has no right
to dispose Of il. That this is correct, an
pears by what the Secretary himself says OF
the French indemnity .in the year 1885,
says he, .'the first instalment, payable urs
"der the convention with France, for indcm.
"nities TO American citizens, will also be- re-,
"ceived into the Treasury, though Il wiR
form NO part Of TIE disposdbB means" Now.
IL a French indemnity forms no part of the
disposabc means. why does Danish indem-
nityp Yet il is with this Danish indemnity
that the Government Is paying its own debts.
The actual state Of the Treasury, then, ac-
cording to this report, will be, on the ist Of
Jauary. clearly. this, 4.
II the monies belonging to the Government
be counted, there Is deficiency Of $780,
600 Ii the Danish jndemnity--tbc money
Of our citizens placed in the Treasury foe
safe kcep:ng--be used, the deficiency will
be only s6f5 81; and if another instalment
OF their private property, can be collected,
it will turn the balance In favor of the Trea-
sury TO The amount of Se41,f07 %. Ia any
event, there is obviously a. deficiency of funds
really belonging to. the Government This
is mentioned 10 shew how much more dcsti-
tute OF means the Treasury would have pro-
badly been, but for this very arrangement a..
bout the three per cents, which facilitated
the payment Of the debts due to the Govern
ment.
!. But the state OF the case in July last was
this:--
The Government had engaged to pay
fifteen millions Of dollars, Of which between
eight and nine millions were payable to Eu-
ropeans-and being uncertain whether il
would have the means of paying, requested
the Bank 10 withhold portion Of the claims
upon IT, This determination to pay, without
the certainty of being able to pay, was made
at the moment when the Cholera was in
New York and PhiladeIphia, and threatened
the total prostration Of the business Of the
country--nvolving, Of course, great hazard
Of the revenue. Of which twelve or thirteen
MILLIONS Of dollars were payable between Ju-
ly and January.--But the Bank Of the Urie
ted States, from its intimate connection with
the foreign, and domestic commerce of tho
country, has always endeavored, with partic-
jects Of protecting mercantile credit, and
securing the payment Of the revenue.
II the Bank could have disregarded these
great interests. nothing was easier than 10
make its debtors pay their loans, however
inconvenient to them. But at a moment Of
general distress. such measure could not
| fail TO be extensively ruiDous. II Is easy
| the Government, when il has fifteen millions
Of revenue scattered over Che whole country,
70 direct that, on, given day, so many mil
lions shall be paid at a given place But as
in our moneyod system these millions ars
not accumulated in the Bank, but lent out
TO be used BY the citizens until they are
wanted, the detail OF thus withdrawing them
from business requires the greatest precau.,
ton, or Infinite injury may be done to the
community. II was with this view, and with
this view exclusively, that the Bank, in or,
der TO weaken the pressure Of SO exhaustinS
drain upon the country, at a period OF gen.
eral dismay, though il would be useful TO OBJ
tain the control Of from three TO five millions,
held IN Europe, sf most Of which the Bank
was the agent, until the business Of the coun-
try should have tune TO resume its usual
course, and the community might recover,
fom its confusion. As the 1st Oct was so
near at hand, the matter did not admit of
protrscted correspondence. and therefore one
of the Directors Of the Bank was requested
TO manage it in person. He did so, and the
arrangement was as follows: certain a.
mount of the stock was purchased, and held
subject 10 the control OF the Bank another
part was postponed till next October. AZ
soon as this arrangement was known to be,
in progress. the Bank Immediately extended,
relief whenever needed. particularly at New
York, where great uneasiness existed on ac-
count Of the engagements OF the community
for the month Of October, and at some Of
the western Branches. When at length the
Arrangement itself reached this country,
finding that the cholera had passed, the Bank !,
requested its agents to postpone paying the.
debt no longer-to reimburse themselves
out of funds which the Bank actually had.
in their hands-to collect all the certificates
and transmit them to tho United States, in
order to close Immediately the whole trans
action. And in fact, these certificates will
probably return sooner, in consequence OF
being thus collected, than if they had been;
Flen to find their way home in each Individual
case. ~.
This ia the whole history OF the three per
| cents, about which there has been such
! preposteiou Gus sa cutlery. And to what does
lii amount Why. that the Bank, in a sea-
| son Of pestilence. in order to avoid additional
pressure on the community. at its own RISK