Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1832-05-11

In specie, funded debt and notes of otherbopls which
at first named date, amounted per monthly statements
10 $2I, 756 SOS 10
ana INC last 10 9,640000 90
Making, just stated diminuion in The active means
Immediately applied the exngushmen of its debts OF
considerably more than half of its former capacity to eff
iect the object
with such an increase of issues, and the influence of
most powerful reaction operating upon the fiscal
energies of the country is exhibited Inv the difference
oil The redemption OF branch periods and pa
ces above mentoned together with such reduction OF
means 10 meet Its engagements, must fear, compel
'hIin sun further TO curall their accommodations.
1t Is evident from the circulars addressed to the branch
es and correspondence with them since October last that
the chei object OF the bank has been to sustain elthe
accompanying this report, clearly proving that
the bank has not increased its facilities to the trading com
munity in any part of the Union.
The Bank OF the United States among other conditions
OF its charter is bound TO make collections of the public
revenue To transfer the any part thereof from one
point 10 another, that may be reuured and TO make any
and all payments for the account of the government
whether Tor principal interest," civil list army navy pen
sos, or Tor any other purpose whatever free OF all
any charges for such services.
FOR performing this duty the bank has claimed and has
received IRON the treasury department. and the country
Could mGy haze S . ygs PAST, inert 10 an extent that
performs were gratuous This and other circumstances
have led the committee 10 investigation of he subect
as E"s me limited lime would allow, before closing their
hors 10 see how far the bank is entitled 10 the credit M
o@lu aHs and e what extent The bank has aided the
.,ii, va l,s usca operations beyond the obligation
The Government, in its collections through the Bank OF
the United States, receives nothing but specie or notes of
the Bank of the United States and makes its payments i'm
nothing else II the of State Banks are nv
the bank i'm place its own il is private matter
such Banks and the Bank of the United States and one
with which the Government does concern itself and
it is to be presumed that the Bank of the u States is too
wacbu and vlanin the protection of its own interests
not TO see mat IT obtains from the State Banks for the
notes thus takcn specie its equivalent or its own notes
in exchange, and thereby be provided with fund from the
collection OF the revenue equal in value, that in which
they are required 10 pay
The largest portion olho revenue particularly from inn
ports, is universally known is collected i'm the Atlantic
cities north OF the Potomac. Those cities being the great
marts OF supply to nearly the whole of the United States
and places TO which remttances from almost every
part of te county, creates demand for funds upon then
from nearly every quarter, constantly and generally at
premium. Therefore, far the bank is called UPON II
transfer funds from those cities TO other places il becomes
maer o Proh AMI not Of expense it, and the greater
the distance the greater the premium; and the larger the
amount thus required TO be transferred by the govern
men and the greater the distance the greater the profit
and advantage TO the bank.
That the bank has aided the Government thus far the
committee arc unable TO discover that they are under
any obligations to the bank for services they are at
loss TO imagine. How far the bank has ade the Govern
ment IN its fiscal operations as it claims TO have DONE will
be seen by communication from the President of the
bank 10 this committee, hereafter advered in another
part OF this report; and also in report of the committee
the stockholders, at the trienna meeting on the LIST
September 1881 in the following words "That the bank
through the whole of its operations has eectuay
assisted the Treasury in the collection and distribution
the pubic revenue, and that Of late years it has beer
sgnay efficient in preventing the discharge of the public
debt from disturbing the operations of commerce. or tn,
value of pecuniary investments"
| Now the committee are not able to discover upor
what principles the foregoing declaration is made. BY re
erring to the correspondence, in 1919 between the tei
President Of the bank and the then Secretary of The
treasury the committee discover that the bank thor
applying the Treasury Department 20 aid il in its opera
tons, and receiving all that il could promise.
i On the goth March, 1S19 tie President of the banl
closes communication TO the then Secretary, Mr. Craw
ford, thus 81 have yentured 10 trouble YOU with tho
views with the hope that you will pardon the liberty
any oil them which you shall deem consistent with th
public good, you will feel pleasure in doing So" Thu
Secretary OF the Treasury, in closing his answer undc
date of the 9th March 1919 SAYS "everv ociitv which
its efforts 10 support specie payments store the cur
rency Ia natural state, may be confidently relied upon
BY reference 10 statement Of ihc public despose
M Inc Bank OF The United States each month, from March
1918. TO March 1892, inclusive marked No 81 ii will b.
seen that from the ls Of January 1928 up TO the non
OF March 1892 there has been only ono period Maven
bcr 1920 when The public deposes did not exceed fot
millions OF dollars in The hands Of The bank and tiey ire
quenty amounted 10 eight nine, Ten and olcyen and
one occasion to twelve millions Of dollars.
BY reference 10 document marked No ss il will h
found that since the month Of March 1924 at al the diff
lcrent periods Immediately following the redemption b.
the Government OF portions Of its funded debt there
no ono Time when The bank not left with more thai
ono million and half Of dollars OF public depoes; and
many instances with four aud five millions which sum
were Immediately after, Increasing by the constant accu
INFLATED collection Of tic public revenue.
Tho bank a IL collects The revenue knows or OUGHT
know ha viii be called upon by the Government 10 re
nbnrsc II, and in all cases Of redemption the funde
debt, three months notice is given by the Treasury
such intention. With such notice and with proper man
agomen on the part Of the bank the committee cannot Sc
mat either the Government requires any aid or that th
community can be effected by the course of the operation
The bank has its legitimate banking capital with vyhic
10 10 IT'S regular business, aud accommodate the comnuni
~ rs 1t collects the public IL is enabled both
avail itself Of the advantage Of employing it 10 is own bene
IT. and the accommodation Of the commercial community