Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1832-12-11

me BEST Terms at which they 10 obtained both in Lon
don aud Hoand the cost hereofo be placed TO the debit
Of the bank and the certificates Of the stock so
TO remain with Messrs. Barring, Brothers & Co. 1t was
also stipulated that ii the amount of stock so
and OF that retained by the holders should oye.r ~. Ice,
than i've millions Of dollars, Mcssrs. Barring Brothers s.
Co. should make up the deficiency in the bank should
find desirable TO draw for it any part ofthe whole
advance 10 be reimbursed by the Bank October 1888
Pursuant TO this contract purchases Of the three per cent
stocks actually made OF the Bank 10 the
amount OF l,i74,S27 33.
II is also undo stood that the Bank, by let ar from
President 10 Messrs Barring Brothers Co. dated the l5,
OF October 1882 disavowed ach OF the arrangement
made by its agent related TO the pu, chase the stock
on the giound Of that provision in the charter wbch de-
cIares that the Bank shall no, be at liberty TO purchase
the contract in regard TO the amount purchased il wa. i'm
the letter proposed that the certificates should h.
Transmitted Without delay, that the Bank might ceve
payment tor tbs without which it would not be
in actual possess Of the funds and that the stock being
thus reimbursed TO the stockholders the amount should
be passed 10 their credit the books OF the Bank and
hey continue 10 receive interest OF three per cent nav
able quarterly, until the LIST u October, 1888
IL supposed 10 be optional with Messrs Barring Pro-
theirs and with the stockholt who have stipulated
Tor posiponeuent Of payment, To consent TO the change
proposed by the letter OF the President of the Bank OF M
ION October to in' upon the performance OF the OIL
course the certificates cannot be finally be.
fore October, 1888. However this may be- aud notwitl
standing the Bank has disavowed the authority of the
agent TO purchase, il is certain that delay for consider
able period OF time has been and yet be
IN the surrender OF the certificates Of stock large a.
justification in the grounds OF the transaction assumed
by the Bank Tor arrangem nj in m by hich
large an Amount of the public funds should retained by
the bank at the risk OF ihr Government after had
ed their application 10 tbs payment OF the public creditor
Iii apparent however, that the approximations arising
out oil the arrangements as is understood have been
concluded by the agent Of the Bank and of the con.e-
quences TO which it might lead, especially should
the parties IN Europe insist upon its ulflment,
than the great amount Of the Banks especial
~ I'm It's western branches, together with other
connected with its dealings, which occupied the at
tenon OF one branch of the Legislature since the last
nuai Report from this Department, have tended disturb
the public confidence in the Of the nstit.
on and these, taken in connection with the necessary
arrangements in anticipation of finally closing its business
have suggested inquiry into the security of the Bank
! as the depository OF the public funds
The obligation OF the Government, however, incurred
oy the notice Tor the payment OF the public debt Oco-
Der and January at the several loan Offices rendered any
change in this respect inc xpedentat without such
an examination into the actual condition Of the Bank
usce 10 the institution not less than to the community
at large, required Such examination as this Depart-
ment authorized by the charter TO make has been
rected aud IT is submitted TO the wisdom of Congress 10
decide whether it shall be extended further.
The act of the 10th of May, 1900, which directs the
annual report from the Secretary the Treasury would
seem also 10 require that he should in that conmunca
tion give information TO Congress of any matters either
existing or Hpprehended which seriously the col
iscuon oil horevenue. And in the discharge of that duty
it his painful task advert the now in ag-
taon in the State OF South Carolina aItog ether TO pre-.
vent, at early day, the execution OF the present
nue. laws within that State.
Such steps authorised and required by law have
already been taken TO the due collection Of the revenue
But II the extraordinary have been
ed by those exercising the authority of that State should
be carried out TO the extent which unhappy seems
too much reason TO apprehenj il is clear that all the aids
which the existing laws afford will be inadequate that
object Until, however, those measures shall be further
matued and more distinctly and officially known the
Executive, II is deemed proper TO abstain from more spe
Sihc reference 10 The subject in this report: though its
great Importance and the deep solcitude which has
cited have already directed the attention of the Depart
en 10 the remedies which that contingency
The notice of Congress is respectfully invited to the
accompanying Report from the Commissioner of the Cen
erai Land Office showing the transactions that branch
OF The public service during the present year. and exhibit
ing both its present condition and the deemed ne
cessay by that officer for its proper aud successful adm
nistration.
All which is respectfully submitted.
LOUIS M'LANE,
Secretary Of the Treasury.
TREASURY DEPARTMENT,
December Z