Vandalia Whig and Illinois intelligencer. [volume] (Vandalia, Ill.) 1832-183?, 1833-10-09


year in payment of the public debt. 1t wa
IN May; 1892, that its loans arrived at th'
maximum, and in the preceding March, 81
, sensible was the Bank that it would not b'
, able to pay over the public deposltes, wheI
it would be required by the Cover nment, tina
! itcommenced secret negotiation without thu
appreciation or knowledge OF the Govern
f, rnent, with the agents, for about S., 100,0Ot
of the three per cent. stock held in Hol
land, with view of indut. ag., them not tc
come forward Gov rr"scenf4fhr one or more
{ years after no h"H.a fec Ffeo Fl i'N
7 Treasury Depa uen. aa a.ae9tWau
would have email jhs blni 10 t9ea aat
use during that Ii he 1ao'i- 1n27Y SCI
!IaPart for the paymt 80 f'ese s'r@s~
u Alter tile negotiat, io' cohrter' 'h7
i Secretary OF the Irhslfy ni'.m-' 'he
4 Bank that 1t was his Intention TO Pay on QUO
half OF the three per cents on the first OF
the succeeding July, which amounted TO a.
bout St,5O0 900. The President. OF the
Bank, although the committee OF investlga-
ton was then looking mo It's affairs at Phil
adelphia, came Immediately to Washington;
and upol representing that the Bank was de-
slrous o accommodating the importing mer-
chants 3t New York (Which it failed to do)
and undertaking. to pay the interest Itself,
; procured the consent of the Secretary, alter
consultation with the President, to. postpone
: The payment until the succeeding first oil DC
} tober.
:. Conscious that at the end OF that quarter
the Bank would not be able to pay over the
deposItes and that further INDULGENCE was
not to be expected of the Government, an
agent was despatched to England secretly to
negotiatewilh the holders of the public debt
in Europe, and induce them by the offer of
i an equal Or hioher interest than that paid by
the Government to hold back their claims
for one wear. during which the Bank expect.
ed thus to retain the use of SIS 1000, 900 of
public money which the Government should
set apart Tor the payment of that debit
The agentmade an arrangement on terms,
in part which we're in direct violation of the
charter of the Bank, and when some incl
5 dent connected with this secret negotiation
accidentally came to the knowledge of the
public and the Government, then and not
I, before, so much of it as was palpably in VIC
lation Of the charter was dsavowed! A
modification Of the rest was attempted with
; the view of getting the certificates without
payment of the money, and thus ahsolvina
> The Government from its liability to the hol
I, ders. In this scheme the Bank was partial
Y successful, but to this dav the certificate.
of portion of these stocks have not beer
: paid, and the Bank retains the use of tn,
money
MS effort 10 thwart the Government II
] lile payment OF the pubic debt, thatlt nigh
{ retain The public money TO be used Tor lhe
D private interest, palllated by pretences noto
, riously untounded and insncere, would hav'
t Jusihed The instant withdrawal OF the pub
nc deposlles. The negotiation itself render
eo doubtful the ablllty Of the Bank to NEE
inc demands OF the treasury, and The mis-
representations by which 1t was attempted tt
oe JUSTIFIED proved that no reliance could be
paced upon lis allegations.
IL the question OF remova! OF the de-
posites presented Itself to the Executive IN
ne same attitude that 1t appeared before the
mouse OF Representatives. at their last SEES
SION, their resolution IN relation to the safety
OF the deposIes would be entitled to more
weight; although the decision of the question
oil removal has been confined by law to a
no'her department OF the Government. But
me question now occurs, attended by Other
circumstances and new disclosures OF the
most serious import. 1t is true, that IN the
message OF the President, which produced
ms inquiry and resolution on the part OF the
HOUSE OF Representatives, 1t was his object
TO obtain the aid OF that body in making q
thorough examination into the conduct and
condition. OF the Bank and It's branches IN
order to enable the Executive Department
to decide whether the public money was
longer safe In Its hands. The limited power
rof the Secretary of the Treasury over the
subject. disabled him from making the III