Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-01-04

bsnks had stopped payment. snd mentioning depoets In
Tue Bank OF Columbia he proceeds in page g. set forth
and practice OF the Treasury In relation 10 the ,nosi,e
OF the public money. His language is as follows:
he,e are oil The transactions with Banks which are
believed TO be within the nten, or terms or ,e ,cso
on except certain transactions with m, R.,ts Dis
ei IN The early part of the year 1917 which were spcc
io,h Of Drcsmh.u s s TWO Houses Of Congress, the
documents Of that session. In that report IL stated ma,
"cPos,e OF $4,000 had been made in the Farmers and
ee"'mcs Dank oil Georgeown, to sustain il in its one.
raons immediately after resumnp sperie pavmen,s h
principle and practice OF the Treasury In Sustaining ,s
Banks, disposed to act correctly was in this com.
murauoi frankly disclosed TO Congress when not 1.-THE
shghes symptom oil dissatisfaction wa nanested or the
so proprey oil the practice called directly or Indirect.
After such explicit statemeut Of tho "nrinc;,, o,
praciee OF The Treasury" by Mr. Crawford there can
.n,hk' os no room Tor doub abou, his opinions He gave
tary 81 the Treasury the public deps,,es tban
nave aohc-an acting upon the principle that have as
49,. ,n 70 nun, mat ms conduct was to be regulated by
oe pio'ic interest and he held II law G, ~
give dsPosites OF public money TO local Banks In lime
OF general pressure, fr the purpose of enabling them 10
Practice ear,aa ' nave not in my report, nor in my
10 be made in State Banks upon the principes
nu LOT the reasons, which have already laid before
congress, ana have transferred money, in some nsan
Ges from the Bank Of the United States TO the seIec,ea
Banks IN order to enable them defend the Commute
Ss, ne unwaarrantable attempts of the Bank of the
and distress. e>"" embarrassment
Having thus shown the opinion of Mr.. Crawford 70
nave been as stated it, might perhaps here s,o, R,,
under the circumstances in which this call has bean
upon me- II Is due to myself prove that the mower
Claimed Tor the Secretary Of the Treasury under the
cnarte was recognized by other high AUTHORITY ,borv
er the Bank was established aud been more
asserted by another head Of this Department Il vii;
conSnn o ere ns' an investigation was made into the
conuuGI oil the Bank OF the United States by Commiee
Of 'e House Of Representatives during the second
OF me 10Th Congress The Committee in their renort
presented on the 10Th January, 1872 Document No 90
page 49, express their opinion power OF the Secre
ay Of the Treasury In the following clear aud decisive
language:
" IN closing this report, OF most laborious inves,;g,
hon' the committee observe, that whatever difference Of
opinion can exist among them to the results aud infer
ehces 10 De drawn from the facts stated they
concur I'D giving TO the preceding of act and
abstract oil documents their sanction Thew heve o,
EN- lhe adoption OF any immediate to
corect 'he many evils and mische!s they have
excepting that Of the bill before entioned h
e provisions OF the charter the Secretary Of the
ry mas u' power TO apply prompt and ADEQUATE remedy
whenever the situation OF the Bank shall require H. 5
H. alter the stockholders have become ed with h
announcement OF the institution, they shall adopt no
means 10 prevent is continuance, the Directors The M
serves shall persist in Of conduct recurring
reeuoh, the committee cannot entertain doubt ,hs, The
power lodged in the Treasury Department will
e&ereu as occasion msy require with re fe renee
10 The best interests Of the United States"
indeed The power OF the Secretary the Treasury in
relation TO this subject does seem until lately TO have
been questioned Forit asserted in terms eon,lIv
strong and emphatic by MIR. Ingham in hi. letter ~ NJ
n,uue OF oe'ooer o. 1929 This letter is in the printed
NJ.
SION I'D Congress The passage of the letter 10 which
aliude Is IN page ago oil this document. After com.
ihenung on some objections which Mr. BiddIe had mad.
as 10 the manner in which Mr. Iugham had If ,
action oil The Government the Bank and expisining
wna ne meant by the phrase, Mr.. Ingham proceeds 10
STATE MS opinion OF the Executive authority in reIaon ~
the Bank in the following words: " ~ "
Had, however, this word, [he word Government,1
a ufeu ~ more humble sense, importing the Execu-
i've omeers OIL the administration, even their action
upon The Bank, is, in expressed cases. not merely
'ssVe, out necessary, might reasonably have antic
rncfI0 ntt,a.
yoke jealousy or excite alarm The administrator ia
powered 10 act upon the Bank in various ways: in tbe
pen or removal OF hive OF the directors, in the with.
aw"e OF he pubic deposites in the exacion of weekly
statements, and the inspection of its general
ana IN all the modes incident the management of IN,
Pecuhiary collections and dsburse me ns of the Goy.
ment That these opportunities of action mich, h @
Vef'ed and abused is conceivable but subjected to the
o" on which we early and cordially agreed they
oecome causes oil security and benefits and before dis:
mss inns branch OF the subject 1 take tho occasion n
say u should ever appear the satisfaction of Ie Sc
purposes Of nsi ,ss s Sank used its Peeunry
DE ahess to his trust he hesiaed to lessen Tia
cry LOT sucn INJURY by Withdrawing from lis vaults he
pubic depostes. That such pc wer exists +, no, VIC
certain Than that IL may be exertei for suc, a nurnosa
a.. we Iy 9u1hcation OF it, viz. that the reasons for
S exercise snail be reported to Congress i'm;
Pes tue right and the duty to admonsh against Or
'n'1 The acts that might lead 10 such consequence
from the creation of the Bank down to the war
1879, there appears to have been no doub or The 49,
W tue secretary OF the Treasury remove the deposte
men .ne P9o,ic interest or convenience should re.
IL
ior the purposes Of injustice and oppression The
oil The Treasury would, in the Language Of Mr. Inc
man, oe ahless 10 his trust, il he hesilaed to
faults the public deposifes" ''0" 10
z have the honor to transmit here with conv of H.,
correspondence between the agent appointed dnT1na h
sl summer Inquire upon what term, the State BANK
ouu undertake to perform the services 10 the Cavern
menu "hcn mad been performed by the Bank of the United
yates, ana The said banks. Also copy of the renort
made oy The said agent to the Secretary Of the Treasprv
.so, copy oil The appointment and instructions unds
peHsation. VI Ills coih-
me appointment OF the agent was made before cana
INTO Office has been the usage and practice of The D
pameh' 10 employ agents in analogous cases when he
uuues assigned TO the Treasury and The
NC interests were believed require H. and I nrs.nr
hat sueh practice is justified by law: vet mus, re-
specuuiy suggest that il Is not in nv power IN sa,o -
me senate The grounds which my predecessor sunnos
1u nlnseH authorized to make an appointment further
"s' may appear by his official and declarations
ihe monhiy statements, called for by the third re
ssounoh' are herewith transmitted. send the originals
e mass oil papers called for so great thai there
no, ne prepare the copies without DELAYING this re-
PO, '1nser man may suit the wishes of the Senate
T. am unable TO furnish any part Of the
between he Secretary OF the Treasury and the Presdn
Of the Bank OF the United States, for The first half of ,he
year ioi9 IL was destroyed by the fire when the Trsa
sury building consumed ~ ~ A'ea'
All whIch IS respectfully submitted
H. d. ANEY, Secretary of the Treasurv
The NEW STEAM MAcHINE-Tbe trial of NJ p,
zen new Steam Machine, al New York seems IN h,v.
enre'y satisfactory TO those OH board during the
excursion Its speed frequently not less ,l,a5 90