Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-12-25
EapEaTECAI.
THE DEPosiTE BANKS.


The Bank and its paEt!sans have long endeavorcd
magnify the services which it claims to have rendered
the country, by the aid Processes have given the
Treasury in the fiscal operations Of The Department 1t
has often boon asserted that this aid Of the Bank could
not be furnished by State Institutions; and therefore it
became indispensable that the Bank should be- tnucd
The stockholders of the Bank at the trennal meeting
i'm September, 1881 adopted Che following resolution viz
That the Bank through the whole cours of its
ralons has electuay assisted the Treasury i'm the col
lection and distribution Of the public revenue and that
Of late years it has been sgnay efficient in preventing
the discharge Of the public debt from disturbing the ope
rations OF commerce, or the and value Of pccu
airy Investments
The public already aware that the balance Of the
public debt amounting bctHpcn four and five millions
OF dollars s to be paid the ast Of Jaiiary next This
payment naturally Gala for extensive transfers of
ney from the points where it has been collected TO the
points where the payments are to be made.
II gives pleasure 10 state and il will lie
gratifying 10 all those who apposcd TO the continu-
ancc Of dangerous monopoly 10 learn, that such
the facilities possessed by the Opposite Banks trans
fer the public money where required TO be disbursed
tlat nearly the whole which wac required TO be
placed IN Phlladphil By different Banks the last Of
this month has alfcady been provided there in anticpa-
ton. letter from the Gisard Bank of Philadelphia
which we have seen, gives the amount Of means nca
dy provided to pay the United States loan without our
being obliged TO disturb regular Customer Of the Bank
or, probably, refusing dollar Of good business paper
Here VIC find the siate Banks, as cgtetuaily aili,e
the Treasary IN transferring tie pUjfc money ai,d prf-
nc operations cf commerce, he md rolre Of
Peeuniary inresments, The Bank OF the U $ did
Ter which II claimed such great merit
But this is not all The letter adds "Suc lis the
condition OF loans that in twenty days from this
date could pay every dollar Of the Government
ney IN our hands towards quidatng per cent loan
If The condition Of tic Treasury was such az to re-
Auire IT."
Now, mark the contrast between the condition and
ability Of this State inoilulion, and that lone since
exhibited BY the Bank If the United States In March
1899, the Treasury Department communicated IL The
Bank its intention 10 pay OF half Of the three per
ccDs (abon six and half mionsJ on the Ist Of july
following which period The Bank bad on hand O. tic
public money about twelve millions Of dollara The
communication brought the President Of the Bank i'm
mediatcy to Washington, TO s0tieu poetpancncnt Of
the contemplated payment from July to October Ia
addition 10 this the Bank entcred into negotiation with
the agents Of FOREIGN stockholders residing IN this coun
try, and sent Ambassador abroad 20 negotiate with
them there, poBponcment &c the payment Of such part
as the Government intended 70 pay the first Of Octo
Der by presuming 20 apcc that they should retain the
responsibility Of the Government and the Bank pay tho
interest that the ank SIGHT hold the money which the
Government provided and placed IN it's handt 10 pay this
portion Of the public debt
Unlike the C,irard Bank, which il able 10 pay over
every dollas Of the public money IL required m twenty
days, 1t could not pay onehalf when required with
three months notice previously gwen but was oblioed to
crave delay from the Government in making its nav
mcnfs, well to enter into cnndesine arrangements
% obtain further postponemcnts.
Afler this evidence Of ability and fidelity on the part