Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1832-12-08

foreigners, might produce in October, and des-
patched au agent TO London to make an arrange.
ment with the house OF Barring, Brothers & Co.
for the post pOnement Of three mIilons, tor which
they we're the agents of that house, and also for
tao millions in addition.
| 1t had not. at that time, been decided by the
government at what period the whole OF the three
/ per cents should be paid; aud the agent OF the
Bank was authorised to make an arrangement
for po,tponement for SIX, nine. or twelve
months after that period;-the Bank agreeing
to pay the interest in the meantime.
/ Under this general authority, the agent con-
Guided on the 22d of August, 1852, q contract
with Messrs. Barring, Brothers & Co to buy up
the three per cent. stocks ON the best terms at
which they can be obtained both in London and
Holland; the cost thereof to be placed to the
debt Of the Bank, and the certificates of the
stock 80 purchased to remain with Messrs. Ba-
ring, Brothers & Co 1t was also stipulated,
that, il the amount of stock so purchased and Of
that retained by the holders should, together, be
less than five millions Of dollars, Messrs .ring,
! Brothers & Co should make up the deficiency
in case the Bank should find it desirable to draw
for II or any part of 1.-THE whole advance to
be reimbursed BY the Bank in October, 1885,
Pursuant to this contract, purchases Of the three
per cent. stacks were actually made on account
Of the Bank to the amount of Si.474,82 SO.
! Il is also understood that The Bank, by letter
from its President to Messrs. Barring, Brothers
u Co, dated the 18th of October, 1882, disa-
vowed so much of the arrangement made bv its
agent as related to the purchase of the stock. on
the ground at that provision in the charter which
declares thst g the Bank shall not be at liberty
to purchase any pubic debt whatever" In
! lieu of the stipulation IN the contract in regard
to the amount purchased, il was IN the same let
ter proposed that the certificates should be trans
miried without delay, that the Bank might re-
ceive payment for the owners, without which it
would not be in actual possession OF the funds:
aud that the stock being thus reimbursed to the
stoc kholders, the amour, should he passed to
their credit on the books of the Bank. and they
continue 10 receive all interest Of three per cent
pay able quarterly, until the lst OF October. 1855.
| Ii is Supposed to be optional aih Messrs.
Barring, Brothers. and Co., and with the stock
holders who nave stipulated fur a postponement
Of payment, 10 consent TO the change proposed
| by the letter of the President Of the Bank of
the 18th Oct, or to insist upon the performance
of the original arrangement, and should they
pu, sue the latter course, the certificates CannOt
| be finally surrendered before Oct. 1885. How
ever this NAV be, and Notwithstanding the Bank
| has disavowed the authority of the agent to pur-
! chase, il is certain that delav for considera-
Die period Of tine has been and must yet be &C.
casioncd in the surrender OF the certificates OF
stock to large amount, and it is not perceived
that there is any sufficient justification in the
ground. Of the transaction as assumed by the
! Bank for an arrangement in any form, by which
so large an amount of the public funds should
b. retained bv the Bank at the risk Of the Gov
sersment after it had directed their application
4 o., ,I,, vp,.ut of rho puhi:r creuitur
! /. apparent. however. that the apprehensions
arising out of the arrangement. as it is under.
stood to have been concluded BY the agent of the
bank. and Of the consrqus noes to which il might
lead. more especially should the parties IN Eu-
roDc insist upon its fu fiIment, not less than the
yreaC amount ot the Banks transactions, espe-
caly IN It, western branches, together with other
matters connected wi'h its dealings, which have
occupied the attention Of one branch OF the lie.
.i,la'ure since the last annual Report from this
Department, have tended to disturb the pubic
confidence iU the management OF the institution;
and these, taken in connection with the necessary
arrangements in autic patton OF finally closing its
business. have suggested an inquiry into the Sc.
curity Of the Bank as the depository OF the pub
lie funds
The obligation of the Government. however,
incurred by the notice for the payment OF the pub
lie debt IN October and January ar the several
loan offices, rendered any change in this respect
iuexpe,lient. least without such an examna
tim into the actual condition Of the Bank, as
Justice TO the institution, not|e than to the COM
muni,y at large, required. Such an examina
ton as thi, ID. artmentis authorized by the char
ter to make, has been directed; and it is submit
ted to the wisdom of Congress to decide whether
il shall b. extended further.
The act of the l0;h Of Nav. 1890, which di
reefs the annual report from the Secretary Of the
Treasury would seem also TO require that he
should, in that commun;c ton, give Information,
to Congress Of any matters, either existing or ap
pretended, which seriously concern the collec
ton of the revenue Ahd IN the discharge Of
that duty II is his painful task TO advert to the
measures nov in agitation in the State Of South
Carolina, altogether TO prevent, at an early day,
the execution Of the present revenue laws within
that State.
Such steps are authorised and required by
law have aiieady been taken to the due collection
Of the venue. But, If the extraordinary mea
surcs which have been commenced by those ex
crcising the authority Of that Stale should be car
=. 81, irh ,h,r ily hare