Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1832-12-21

Secretary # the TrSasury and the u s. Rink
nc following article and correspondence from the
National Gazette of Monday, EXHIBITS in it's true
hight tho character OF the late understandable at.
Tack upon the Bank by the Executive of the Ma.
tlon' NO commentaries arc necessary to give &c
TINS entire transaction tho coorng and character
1t merits.
'Ihc most extraordinary and objectionable part
OF tho (Trelsury) Report, that which rclutes TO
the Bank of u. 5. We say what we sincerely
believe, or positively know, when VIC affirm thai
the Secretary has here much surprised and scan
daliSed multitude of sensible and patriotic citizens
who are free from all party or pccuniary influences
INC injury Is enormous which his statements and
NEUTRALITY-SUSPICIOUS. calculated to produce not
moreiy TO tho institution apart, but to tho general
prosperity and convenience of the country The in
tercsls OF large number of unofftndiIg stock
holders, and tho national treasury itself; and this
without any correspondent or percc ptblc benefit TO
be termed Lawful and pubic. AS the story of
the Three per Cents, upon which he dweIls has
been variously given in tho administration papers.
with moro or less representation and In ,Istcc
we have made inquiry at the proper source for cor.
rect details, and received an authentic account The
whole matter, then is simply this.
On the 18Th ofJuly last tho Secretary of tho Trea
Sury wrote TO the II esident OF the Bank follows
"IkEAsuEY DEPARTMENT, July 10, 1892.
''oiR-lt was not until o-day that have been
"Jbo TO ascertain the amount of the appropria
"tOns made ut tho last session Of CONGRESS- and
"lherelorc L have not been able to decide before
NOW upon the amount of the three Der cents TO
"bc redeemed OH the LIST Of October. ] find as
'was supposed when you wcro here tint ,ve all
"bc aeic TO pay oil about two-thirds at that time
"a notice VIII accordingly bo given in Tomorrow
"PaPer tor the payment OF that amount on the l.,
got Oclobc:, ana the remaining third on tho LIST
got January. This has been ddDDfed ptfh The U,dsr
'Stinaing had bettcesn US, th0t If ii shouLd hgpDe,
"that the Pub!ic monies are insufficient 10 co,gptef,
those pigments, The Bank mill deL1y the prsseaf1.
''tioa 81 my eertyicdtesef ,chick it may hare The
"coaHOtu qtH tie juads are sufficient To meet them
he UOjh I'm
"the iRterudL
"You aill be pleased to indicate such transfer,
'oi iunos as may DO desirable preparatory to the
'proPo.Cd payments.
81 an, sir, very respectfully, your obedienf scr
''yant.
LOUIS MLANE,
"Secretary Of the Treasury
~ BiDDLg, Esq Prest. Bank u. States
To this letter the following answer was given
"BAHK or THE UNIrED STATES, July %, 1892
"Sit-l have had the honor OF receiving your
rtier of The 18th inst. aPprlSDg Of your inien.
'urn to reimburse two thirds OF the per cents on
"the sl of October, and the remaining third on the
"lSt Of January next. You further state this course
"has been adopted with the understanding had be-
tween us that if it should happen that the public
"m0ries,a:e nGuthcIentlo complete these payments,
the Bank will delay the presentation Of any cert.
"lcetes of which 1t may have the control until the
funds sufficient to meet hem-the interest obe
paid by the United States during the interval
Ihe Bank has tahcn Unnecessary STRIPS to obLair The
'V'" y CO''St"1dOtC POF'O" ~ MeSc ccrtyJcntts,
'aHd lo'u eTyehee3uiiy employ il il, such manner
''aS nlHy best sui Tie convenience Of The goreynmept
Il have the honor to be- very respectfully. Yours.
WEon. LoUI5 MLASE.
Secretary oithe Treasury, Washington, d. c."
From these letters it appears that the Secreiarv
not being Of being able to pay ali the three po
cents, requesed the Bank to withhold the ccrii6.
Gates, and that the Bank promised to do So
What the Secretary anticipated Will actually hap.
pen that ie on the lst Of January next the Govern
nshi srM not has (Hnas Of 'ts ne" sufficient 70 pay