Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-01-11

Government by order Of this Secret Exchange Commit
tee without the knowledge OF the Secretary, any
Der of the without the knowledge of the Co.
vernment Directors OF the Board, of the
Stakeholder Directors Of the Board, despatched General
Cadw sliader In July, 1882, on a secret mission to
England. with power TO do whas With power to
negotiate Posiponement with the foreign holders Of
the three per cent stocks TO the OF FIVE millions
foe whole year beyond the period which the govern
ment had given notice the re endorsement would take
place That this mission and the objects Of were Sc
cret and intended to be kept proved by the esno-
ny on oath OF the Government Directors OF the Bank, OF
PORTION OF the stakeholder Directors and by the esiimo
fore the Committee of WAYS and Mesns at the last ses.
sion oil Congress This secret agen proceeded 10 England
aud made contract on behalf OF the Bank, through
Messrs Barring Brothers. and Co. whereby they were
thorxed make arrangement, with the holders post
pone the preservation OF their certificates payment for
whole year. and 10 leave in their hands the (;overnme
certificates, Us collateral rity.-The Earrings
also authorized il IL could not be postponed purchase
in the debt Tor the Bank. in direct violation OF that prov
sion OF The charter which prohibits the Bank purcbas
ing or dealing in tie Government securities. OF all ths
The Government remained uniformed, and il by the
mees' accident ha't became OF the information
became at last possessed OF IT, through the public
papers, in the msDner he would state The Earrings
who were the agents Of the Bank in this natter issued
circular addressed TO the foreign holders in which they
state that they have the authority oil the Bank Of the u
States TO make the arrangement copy Of this circular
by accident, made its way TO this country and pub
shed in the New York papers the 18th October, and
through this channel the Govcrnpent first informed
of this mission Of the Banks agent and of the
rangement made by him, with foreigners TO defeat the
cherished policy OF our own Gov ernient in the
OF its debt 1t appears further, from the testimony Ge
neral Cadw hmsef that the Bank informed
tho arrangement the first oil October, 1884, and Of
course must have known that that portion Of the
which authorized the purchase Of the stocks for the Bank
was I'm direct violation OF the Bank charter Yet this
Of the contract disavowed by the Bank until after
the appearance Of the circular of the Bangs in the New
York papers, and when it became evident could be no
longer concealed from the Government Then, indeed,
on the 18th October, that part Of the contract is davow
ed-Here, then, was palpable interference of this
secret committee OF the Bank without the know ledge
q he rI of n nf fle
Government from the payment Of its debt When the
whole matter was discovered the first apology of the Bank
was the pretended apprehension that the Government
might not have sufficient funds, the day. make the
payment; and an attempt Is made TO throw the RESPONSE.
bilty the Secretary OF the Treasury although as il an.
pears, he was never consulted about the measure, and
knew nothing in relation it, The fact was there was
msney sufficient in Bank the day. That, then, would
not do The next prctence that the Bank wished to
retain the funds to extend facilities TO the importing mer
chants 10 pay their duty bonds but it appeared from the
Bank statements, that there was in fact curtaiment
and not extension OF accommodation the
Cities where the duties chiefly payable That then,
could not have been the true reason. The next pre-
tence was, the appearance OF the Cholera, and the
fear that the trade OF the country would be deranged by
It: but when the first postponement asked in March,
the Cholera had not made its appearance the Anne.
can continent much less in the United Sates and when
1t was determined TO despatch General Cadwallader TO
Europe, had not made its appearance in Philadelphia
Can an institution which would thus act be faithful is
cal agent oil the Government! And he here affirmed
that the conduct oil the Bank in this alone
furnished sufficient reason why the public moneys should
South Carolina, complains that this old natter he terms
IL, is again brought up. There is other precious
item oil nforRaton connected with this subject which
he begged to state to the House. The secret agent
as appeared in the testimony before the COMMITTEES
oil ways and Means, an agent of the Bank, and not
OF the Government, paid for his services, not
by the Board of Directors, but by order of the Sc
cret Exchange Committee, the sum of S5, OO0 and the
expenses OF himself and part OF his family amounting
to an equal or greater paid fifth Of tho
Bank was owned by the Governments one fifth of that
amount was paid by the Government For what vera
theSe ak inrn We yilI
were in part incurred. In letter Gen. CadwaIIa
der TO the President of the Bank dated London 18th Sep
being now closed, you will receive the results of the
dongs in Holland, through Messrs Barings il is nv in
tenon TO cross from Brighton to Deppe the 18th inst
and after Jroicking IN Paris for brief space we
shall return in the Havre packet which sails on the 10Th
October
Here was an instance of heavy expense for mission,
paid to thwat the plans of Government one. filth of
which went out OF the pockets of the people.
But under what article OF expenditure under what ac
count was this sum, for ofckng Paris to be found
cassed the books of the BankIt was not found along
with the other 'items of defeace"-It might be- thai
after hunting through all the bank accounts some foolish
pryng Government Director, found it classed--v
Why, sir under the he al OF foreign exchanges Yes sir
the expenses OF secret mson intended to defeat the
Government in the speedy payment Of its public debt
Foreign Exchanged Can ii be possible that such an in
stuton any longer fit to be trusted the fiscal agent
OF the Government!
This brought him refer to that part the Bank mani
feso, which related 10 the draft on the French Co
The Treasury, according to this Bank mani.
eso, was under deep obligation the Bank the Bank
had IN TACT paid the amount oil the draft
made IN some way appear that the Government had not
in fact the money in the Bank meet il when il was re-
turned. ,oas for the House to mark the accuracv
of this statement The bill returned TO this coun
try on The goth March notice of the protest was pi.
ven on that day. The Bank manifesto asserts that on
NE I'D March there not funds enough the Bank TO
AXE up this draft; that the public deposite only s27
)4S whilst the monthly statement of this very Bank shows
bat on the I'd April the public deposites amounted to
i66,S30 l5-and of this amount, there was then in The
Philadelphia Office 81 ,43S POT 49, On the LIST Nav there
was S3z4 81, aud Oh the 3D. June AIS 81 on
the 9th February, 1885, when the draft drawn there
was ~ to the credit Of the Treasury on
the 10th April, exclusive OF the the draft on
France there 2,479577 OF, the lowest amount of
deposite at any time from the date the draft was ne.
goisted, being nearly millions In the June statement
and every stateDen since, is the following Item "Due
by The u states for damages protested bill of
,n France, $15S ,S42 IT." Thus there were funds ali
lifted in the books OF the Bank itself, than sufficient
10 cover this amount
But he maintained that this bill negotiation ought not TO
De deemed an ordinary money transaction, as between
man and man. No money at all had been paid over for IL
by 'he bank 10 the Governments for, when the bank re-
ceived the draft from the Government instead of adysn.
cling the money, they would have been Obliged to do
u they had purchased from private individuals The money
in the bank, being simply transferred from the
credit oil the Bank 10 the credit Of the United States and
went TO increase the public deposie The Government
by treaty. were entitled TO receive this money from France
and gave Their bill Tor to the bank The bill was pro-
tested in Paris, and the Bank makes a large de,,.nd
agans, the Government for damages When the hill rs
turned here, there was, in fact very trng xpense
incurred. The Bank, however, makes claim Tor DANA
ges
The Government says 10 The Bank I'VE are readv anil |