Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-10-07

England Tor Tie undrswn balances of the public money
has made an equitable compensation to the British Co
sernment namely, permanent loan OF hall million
hng' AMI temporary loan Of three millions for twenty
years, without interest. Yet, when moved for alike
compensation TO the u. s. proposition was utterly re-
Jec,ed by tie Finance Commit &C. aud treated as an at
tempt violate the charter of The Bank, Al the same
time, ncontesble. that the have been ing
these undrswn balances from the Bauk and pa, ing All in
erest upon their money. think identify
these loan L"tus try. In May 1921 Congress aulor,zed
loan OF five millions o dollars pay the awards under the
treaty Nth Sp in. commonly called the Florida treaty The
Bank oi the United States took that loan, and paid ,e
Dey Tor the United States in January aud Mach 1925 H.
looking over the sta OF undawn halanc, il will be-
zen 'ha they amounted TO four millions the end OF
r urs, and 81 millions at tie end OF the quarter
OF HAT year. The inference is irresistible aud leave
every Senntur make IL; cny adding that have maid
81 l69,S75 upon l.an el CIR 10 the B.nk or
ia irsnserees lhi's strong case but have srouee
one - known ~ every body, that the United STATE
s"bsc lhed seven millions 10 the capital stock The Bank
Tor which She ga her sock note bearing an interest OF
i've per cent annum. have statement from the Re-
ger oil The Treasury, from which, appears I'M To the
sO day OF June last the United States had paid 1925
ooo IN Interest upon that tote; when il s proved nv the
statement OF balances ex! bied. that the United States o
'he whole period Ia which that Interest acciuing had
tht hd or The whole, auj oLce the double OF these seven
millions IN The hands Of the Bank II is stronger casv
lhan that Of The live million osn but is moi the strongest
The strongest l. this: IN the year 1917 when The
b'nk went into operation the United States ow ed among
"her debts, sum OF about cue,n millions aud tia ee
quarters, bearing an interest OF three per In the
same year the Commissioners OF the Sinking Fund ere
authorized by act of Congress purchase that stock
az % per cent. which then is market price U.det
Us authority the amount OF about mi nd hall
was purchased; The remainder, amounting about ti
teen nilou' and quarter has continued Impoverished TO
tis day; and after costing the United States about six mil
Mons IN interest since lSl7, the stock has about tour
millions in value. that's say from Go to nearly 95 Now
here is clear loss of TEN millions dollars TO the United
States. In 1917 she could have maid cG thirteen ulon
aud quarter oil debit With eight millions aud a half OF
dollars now alter paying six mill interest," il would
require twelve million and halt TO pay oil the debt
By referring TO the statement OF undrawn balances il will
be that the u had, during the whole year orISI7
an average sum Of above ten millions Of dollars in
hands OF the 5 Bank, being million AMI hall more thar
enough 10 have bought la the whole OF the three per
cent stock The question, sereore naturally comes up
Why was II not applied to the redemption of these 10 mil
ohs AMI quarter, according the authority contained in
TIE Act OF Congress oil that yeas Certainly the Pank
needed the money; for IL just getting into operation
anl hard escape bankruptcy about i,, lime
as any B'uk that saved om brink OF de
srneuon This is the largest injury which we have sus
'"ned on account OF accommodating the Bank with the
grdulons use oil ,ee vast deposits but, shew my sell
IMPARTIAL will state the smallest OF injury that
has come vi hin my wege. It the case OF the Jo
nus oil fifteen hundred thousand dollars which the Bank
was 10 pay 10 The United States in three equal in
stamenis, for the purchase IFS charter Noninay this
oo""s has been psd but out OF what mone, Certainly
ont oil our own; Tor the statement shows money was
there; aud TURNER showstat il is there; for on The
S0h day of June last, which is the latest return there
still 81 $50 G64 IN the hands of the Bank which is
above $I5G,OOO more than the OF the bonus.
One word more upon the subject oil these balances II
Is now two years since made effort repeal tie Ash
section OF the Sinking Fund OF 1917; section which
was intended to limit the OF surplus money which
might be kept in the Treasury, two millions OF dollars
o ile
the keeping OF two millions in addition the surplus
wished to repeal this section, which thus been con-
sued INTO The reverse its Intention s,d revive the first
section Of the Sinking Fund OF 1890, which ,rec ed
The whole OF the surplus hand TO be applied the end
OF each year, to The payment oil the public debt NY ar
gument this that there was no 10 keen any
surplus; that the revenue, coming fast went out
was Ike perennial tounaiu which you h drain to the
last drop aud not exhaust Tor the place of the last drop
would be supplied the instant il was And supported
'ns reasoning oy reference TO the annual Treasury
ports which always exhibit surplus of four or five mil
io'; and winch were equally in the Treasury the whole
year io'ihd as on The last day oil This was
The srgumen; whirh, in TACT, aveed nohine but now
have mathematical proof of the truth OF my po.ion =
Look at this statement o balances; look the wear 1919
and yoa will find but $500 900 hanh for tia, wear: LOOK
silowcrior 1921. md will find this balance but Sls2
600 Aud What " as the CONSEQUENCE? Dul . G,ver,na,,
stop! did the wnees of the State chariot cease 10 u,u
round in those Tor of Treasury oip Not at ain!
Every thing went on we'll a. before; the operations
OF The led-ury we're as perfect and regular in those
Two years OF insignificant balAuc-s, in 1917 and
lSaS. when five and ten millions were OH hand
This is proof; this is demonstrations /, is the inuba
be ev'd'hre OF The senses which concludes argument
and dpels uncerainiy aud my proposal for the
OF the i Ia section OF the Sinking Fund act of 1917 was
enacted INTO law al the last session OF Congress- upon
the rndaIon OF tie Secretary Of the Treasury
vigilant and pIy officer trust tlat The repeal viii
be acted upon. And that the Bank platter will he wued "a
clean OF federal money in 1881, il in 1921 Su, n
clean taking from that dish will allow is o or Lt.e millions
more 10 20 the reduction OF the public debt, there
can BE- no danger IN taking the last dollar,
experience Oo prove But, quiet every apprehension
tbs point, srnre the last smg geslion of vossiblv
VI any temporary ur 10 provision contained
IN TWO different clauses u the Bank charter copied from an
amendment in the charter oil Bank OF England and
expressly made at tie INSTANCE OF The ministry 10
met the contingency Of temporary deficiency in
| The annual revenue. The Engi.l provision i. hi,
! that tie government may borrow Of the Bank hall
million sterling, al any time, without special sct of
Parliament 10 authorize il. The provision in our char.
ter Is the same, wi the single substitution o. dollars
Tor pounds IL j. in words aud intention st,uling
authority to borrow That limited sum, for tie Obvious pur-
pose OF preventing the keeping OF sum of mo-
ney hand meet CONTINGENCIES "A birb
hardly This contingent authority TO effect
small loan, has often been used ~ Eug I,nd-n the u
states never possibly because there has been no cca,on
0ri probably because the clause copied me
from tie Engl sh charter, aud without tie perception of lis
practical bearing BE THE as il may, il certainly wise
and present provision, such all governments should a.
all times, be clothed with
II any Senator thinks dat have exaggerated the uiuv
suffered by lie United States account Of The uncon
penated masses OF public money ia tile inds OF ie Bark
am nov gcing 10 convince him that he il wrong am
going 10 prove o him thu have uudersta,ed The case
i' have puposey kept back large parl OF and
That justice requires further developement The fscts
That iere are Two different deposies public mon in
Tie BanS; one 10 tiie OF ihe Treasurer OF the United
States, tie other n The oI d,bursing officers Tie
annual average OF the lorner has been about Lree and
the average OF The other Il shout mil ion ond halt ,j
OF this have s~ij wOId. But The essential c,arsc
ter OF both drpositcs j. the sdrc they arc boil, the
properly OF tue United Siae.; both permanent: bol,
available a. much capital the Bank aud bob ma
Compensated. Here is the statement OF the monthly
AMOUNT Of these secondary dcpo es, find them on c
B'nk return; aud TO IL appeal for the verifcaon Of what
| aIlege.
January &l5l86I9 sI Sg3 eO5 9 O., 20,