Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1833-12-24
POLITICAL.
REpaRT
REPORT
VI committee OF Directors Of the Bank of the United
LEON

" Committee of Directors Of the Bank of the Jnitet
:. Sdtes.-[CoNrINUEDJ
Much stress is also laid on the visit OF the President
the Bank to Washington, while the Committee of Inves
gaon were in Philadelphia. The truth was, the lett er
the period fixed for issuing the notice of payment that il
any thing were TO be done ALL il be done only by
personal COMMUNICATION with the Secretary, there
no time Tor correspondence. The gentlemen of the Com.
mttee were aware OF his gong and two of its members
wrote letters to promote his object Besides his leaving
me Committee OF Investigation in full possession of the
Bank and all its papers, Ear rom being subject of re
Froach or suspicion, the urest mark OF his entire con
Gdence that there was nothing in the concerns of b
nahk which they might not examine at leisure during
his absence, and the best proof of his confidence in
them as well as himself The whole subject was before
the Committee oil investigation of 1882, that Commit.
tee ackno~ lodged, viii be from the following
tract h9m their report, that this posponement was not
the work of the Bank. The Committee saw =
"rhey made call upon the President OF the Rank for
the correspondence in relation the ol ,ha
payment, in the following words: "Wil you please Civ,
copy oil me correspondence connected with YOUR appl
cation in March last requesting suspension by the Go
vernment OF the payment of portion of its debt intend
Gu 10 nave been made on the fret OF July next or state
ment oil The arrangement made in relation TO that sub
JecI" Which dependence was commune ated h.,
The President OF the Bank with the following remarks
~ nave made no applicaion'to the Government nor
have requested any suspension OF the payment of
portion OF the public debt" ~
1.-The inquiry, suppose, relates TO this
received letter from the acting Secretary of The Too
sury, dated the 9th March, 1892 inioning me tb,, "
was asout 10 issue notice ON the LIST OF April
o tnern'enion TO pay on the ls of July next one half
OF the per cent stock, and do Il by paving TO each
stakeholder one half OF the amount of his certificate
He added,
If any objection to you either as to the amour,
or mode OF payment, will thank you TO suggest it,
mus invited by the Government in communication
marked CONFIDENTIAL, 10 give my opinions me
contemplated by the Government lelt it my duty TO ex
press my views OF its probable operations in my reply
therefore, dated 18th OF March, stated that FAR as the
Bank is concerned, objection 10 me- it being suf
hcieDt that the Government has the necessary amount
Iunds IN me Bank to make the contemplated payments
en proceeded 10 observe, that in the present situation
OF the commercial community and with very amount
oil revenues 0amoun'ng TO nine mons) be paid before
the lst oil Juy tho debtors OF the Gov would re-
9ue ell the iorbearance and all the aid that could be
given them and that the payment proposed by creating
demand for the remittance of several millions of
70 European stockholders, would tend to diminish the
usual facilities afforded the debtors the
and might endsnger the puncua payment of the
For this reason thought for the interest of the Govern
men, 10 postpone the payment ill the next quarter
iuTher stated that The plan OF paying each
only oRehali OF his loan would be so accountable as il
his whole loan were repaid once
Having thus performed my duty in giving the opinion
asked ielt OF course TO the Government decide On
tne part OF the Bank, sought nothing, requested no.
thing. Alter weighing the circumstances, the Govern.
ment were DESTROYS OF adopting the measure but the diff.
hcuy understood to be this that the sinking fund wouIl
lose the quarters interest," from July to October of the
sum intended 10 be paid in July; that the
ana not feel itself justified in making the
unless that interest could be saved but that il would be
made, provided the Bank would make the sinking Gnd
whole on the LIST of October To this said that as tho
Bank would have the OF the fund.- during the three
months II would consent TO the sinking fund harm
less by paying the three months interest ITSELF as the
matter stands. Wv
Now, it will be seen, that the Bank, in all this hiss
had not the least agency offer its opnon
was asked, in regard proposed by the Go.
vernmen and then offer its aid in carrying that mea
sure into operation
The COMMITTEES are fully of opinion, that though the
Bank neither sought Tor, "requested" postpone.
inen OF TIE payment by the Government as stated in bc
declaration OF the President yet il such
not been made, the Bank would not the LIST of july
nave possessed the ability have met the demand with
community"
The next evidence adduced of the Banks opposition to
hm Is its claim Tor damages Of this he gives the fol-
lowing account:
The Bank became the purchaser of bill drawn by
our Government on that Of France for about 5000 600
being the first insalnent Of the French indemnify The
purchase money was left in the of the Bank being
SIMPLY ADDED 10 the Treasury dePose. The Bank sold the
DIN IN England and the holder to France for col
iecuon and arrangements having been made by the
french Government Tor IFS payment it taken ip bv
,he agents Oh the Bank in Paris with funds Of the
Bank in their bands Under these has
hrough is organs, openly assailed the credit OF the CO.
vernmen aud has actually made, and persists in de-
inand OF hheen per cent S15Sys42 IL, as damages
when no damages, or none beyond some tjHino ex
Pense mas IN fact been sustained, and when The Bank
had nts own possession deposte, several millions of
he pubic money, which IL then using for its o,vn
PROFIT. lisa fiscal agent to the Government which inns
OF further trust?" r' ""S
FIRST not correct to state, that the Bank was IN.
nsca' agent OF the Government in this matter On the
onudry the hscal agency Of the Bank was offered with
OUT Sny charge TO the Government and declined Tbe
uIu NOT wish 10 purchase this bill al all but proosed
.i ~ ~ Pdyihg the money only after il had been re.
ny me agents OF the Bank in France Thus ,ybc,
me secretary o. the Treasury wrote TO the Bank anon,
Nov. 8, 1892, said, ~ " "' answer oa'ed
ihe Bank has 5realy in Paris larger sum than 1, IA,
any immediate use for, yet il is not nd3snosed =, ;
H. because may hereafter have occasion eo H. Gd
and because IL is believed thatif the terms can he
acceptable, the purchase Of the whole by the RAM J
be the best operation for the Goyernment' Mou
the same letter; u"BS'n'i IN
I'm regard 10 the rate, you are the mos, coron.,
Juuse ., US Illness and will merely add that the BsnI
no wanting funds in Paris aud believing that thew wi,,
Io"er hereafter would not make similar purchase i,or
y 1"eI quarter and is influenced exclusively by tbs
en s any Other arrangement would be less sdysnta
90 ~ BIS letter OF the Ilth Of Februsrv Js8a s,rbo
purchase OF the bill Is not in the Iess, Jis'S ne
osnk nor would The rate now allowed be eiven ., wy
one' dra"erihan The Government, for we sbsI srd g. ~
Of ha which carries your BILL large aToun,
o. o'is purchased at 5l5, being nearly 10 ns "
e,s man The price actually given TO the TressnrY cent
a. he Bank then did not wish 10 purchase the hi, H..
ter m %etsa i's agency 10 collect it The following
'o' t -; Oh me 9th OF November, 1882: "'"s
onohil you prefer not fixing rate at bresen, H., .
N"'"Ne' o' higher rate hereafter, the Bank on