Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-01-04
POLITICAL.
REPORT OF THE SECRETARY OF THE
TREASURY.


Viee President of The United
States and President the Senate:
SIR In obedience TO the resolution of the Senate nj
Secretary of theiTreasury 10 communicates to m.
copy oil the entire letter, addressed by Mr. GRAVEYARD
secretary OF The Treasury, under date the 18th Fee.
oruay ioii 10 the President OF the Mechanics Rank nj
New York. an extract from which is recited in his
to Congress OF the Sd December 1888 and copies of ,h
o'her correspondence Of Mr.. Crawford, with the Bank
1o1u, mar PERIOD to passages in whichhe Secretary al
iudes IN the same report " and that the Secret,rv he III
reeea 10 communicate TO the Senate copy the cores.
Pohuehce oetween The agent appointed during the
summer, to inquire upon what terms the State Rank
would undertake. TO perform the of the Govern
ment which had been performed by the Bank of the I,
ed States and the said Banks copy of the rennr,
one were made by the said agent TO the Secretary
s me name OF the agent, his
ana ih virtue OF what law he appointed.
And also. that the Secretary communicate to tbs S
nae he monthly statements Of the affairs of the Bank of
the United States, for the current wear which bay. no.
been heretofore commun mic ated. ~
Aso me entire correspondence between the Secretary
9I e treasury and the President OF the Bank of the
eight hundred and nineteen:" Wv ' "
have the honor TO state:
L. That the entire letter OF Mr. Crawford to the Pres
dent Of the Mechanics Bank of New Yort S,,., ~
ruary l3 1877, heretofore 10 the Hous
Representatives, by Mr.. Crawford, when he was the
OF the reasury; and is be found arnonp
t u omcis printed documents Of Congress The otbc,
in my report IS sane period s Of Time which
manner, among the printed documents of Congress "a
were communicated by him tohe Senate, or 10 The House
representatives., In his reports OF February H. 1922
FEBRUARY 20 1923, and March 20, 1924 The first and
'ds' mentioned reports were made the House of Re-
;csnm es' ,ne Other to the Senate As these commu-
caohs are OF such recent date, and the occasion which
gave rise 10 them too memorable to he forgotten sun
p,ea 10 De unnecessary in my former report to give
either full copy Of the letter, from which the
was made or copies of the other letters TO-
hey were already in the possession of Congress- and
U"an, examined k more conveniently in the printed do
cumehts, than In manuscript copy.
indeed' II had sent copies to Congress- thew mu.t
nave oeen taken from their printed public
ara aIra adx inf.
building was destroyed by fire in the month Of Mar
ias' before came into office. In the official repor,
wnGn e .hen Secretary Of the Treasury shortly after
wards made 10 the President concerning The desruction
OF the building, he stated that the oS ,b
department. with the exception Of that relating to re-
voutonary claims, and TO apple under the
laws and with the exception also of two record books
containing letters to banks and two containing commun;
Hoos 10 congress was lost This report made pub.
lie al the time, and therefore supposed that The fact NJ
me destruction OF the correspondence of the Department
WIN the exception above mentioned, was so well Known
"at was needless TO advert TO H. No part of the CORES
pondence Of Mr.. Crawford with the banks now
s Department, prior to the LIST October 1919 The lose
o"S G e. merai' 50 lar asregards the inquiry pro-
posed py the resolution OF the Senate because the c,
ers oil Mr. Crawford, which relate TO this subicct arc
preserved IN form equally authentic in the printed do
cumens before mentioned. The letter from, which IN.
extract was copied in my former report was communica,
eo 70 inc Honse OF Representatives, by Mr. Crawford
WIN his report Of March %, 1924 and is to be found in
Ine printed documents OF the House of Representatives
session LIST oil the 18th Congress, No. no. pp H. ~ I,
was rom this printed copy that the extract was taken
O etprth tho Cor
inc oher letters to which referred, indicating the
same opinion, being also among the printed of
Congress, must, presume, consider the direction con-
tahed IN the resolution OF the Senate as call mon mo
10 specify the passages on which relied I proceeded
therefore, TO point out the letters which show tb,t M
Law mioru entertained The opinion ascrbed 10 him. In
ue 70 pace the matter in its true light, and enable the
senate more conveniently apply the passages 10 Which
alluded tits proper that should restse here the opinion
,eereuo me passage in my report TO which the reso
iu"oh OF the Senate refers, is in the following words
Assuming this TO be the true construction of the char,
ter TO The bank must be The duty of the Secretary M
Treasury 70 withdraw the deposiies OF The public mo.
hey rom mat institution, whenever the change wouJ in
any degree promote the public interest Its not
nat tue dePostes should be unsafe n order to Justify
ne removal The authority 10 remove is not limited 10
sueh contingency The bank may be perfectly
enu prepared TO meet promptly all demands upon It'll
m nave oeen faithful In the performance of its duties
ye, he pubic interest may require the deposites In
Cc "hotswn; and that cannot be done wi,out The s
ou OF ,s department, the Secretary of the Treasure
"ou'o De'fay the trust confided 10 him If bs IT,; ~,
cause the depostes to be made ose,vb.rn 'u nv
cnanse wouu advance the public interests or convent
~ sae.y OF The dePoes the ability Of the bank
OF its obigaonssre only part OF Inc
which his judgment must be guided T1s na.I 80, ny
duct" 'b"'a'e MS con
"Thi. principle was distinctly asserted bv NJ c,,,u
iord, when be was the Secretary Of the Tfeasurv &C.,
AFTER the bank obtained It's charter In postscript q, ~
,suer 10 the President Of The Mcdaniel Bank OF NJ
hoIs lated February 49, 1917 he says: 'The Secrets,
rJ, ~ IesssuTy viii always be disposed to support the
L..
' we eposi'es OF the public money, in aid Of their
s,. eSeduons 70 maintain their credit But rs the
proposition oil The Bank Of the United ststes excludes the
uea OF pressure on its part measure of ina, nature
pears TO be necessary at this time ohs, $780,. -. ~
correspondence Of Mr. Crawford with The bssts Boz,
me period aforementioned, might be referred n J1
Inoicaung the same opinions and that day No donb,
seems TO have been entertained Of The power or 81 ~
ouy o. the Secretary in relation to this subject r, do
nU appear 70 have been then suggested TIA, the
ngu OF removal depended the soyency of the R,nr
o me safety Of the public money committed 10 he c.S'
contrary, in the passages above quoted the supeo,
ICY o we STATE Banks Is, by no means regarded az ne
TSsy 20 give him the right make tie transfer 10 them
F0 he declares tina, he will give the depose. 10 the State