Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1834-10-09

towards the Government Of the People TO
which il owes its origin. Like foreign
power, without appealing to Congress to
indemnify it for any pretended or real
wrong il may have sustained from the
public authorities, it has boldly put forth
is letters ~ Diaque and reprisal = seized
upon NE pItte prptTl aud coWiscated
q 10 saijsj d4mGzes lghiel, Il had assumed
fss piieiiee- 90 assess, bg q judgment en-
e. Z ~ asaiaa ids treasury By ITS Board
c( kHufefs
D. .at a ihe ietter.
Bmcof he IT, States,
July ., 1884.
SfR,-l have lad the honor Of recelV
ing your letter Of the 81 inst. requesting
that the dividend on tho stock of the
Bank owned b, he United States, should
be placed TO the credit of the Treasurer
of the United States at the office OF this
Bank in Washington, which was this
morning submitted TO the board OF dlrec
tors. At the same time was presented a
copy Of your letter % the cashier OF that
office, dated ,he 2nd INST, containing the
final refusil Of the treasury TO allow the
clam Of the bank Tor damages on the pro
"Afer due consideration OF the con
tents Of these COMMUNICATIONS, am IN
structed by the board Of directors to IN
form you, that ffom the dividend payable
on the 18th of this month there viii be
deducted the amount due 10 the bank Tor
damages, costs. and interest, upon the OH
of exchange drawn by the Secretary oil
fine Treasury on the French Government;
and that the remainder shall be placed to
the credit OF the treasurer in the office at
Washington, in conformity to your re
quest.
Il am further instructed TO say that
this course is adopted by the board OF di.
rectors, not merely from conviction OF
the obvious justice and propriety Of it, bus
because it furnishes the best, if mol the only.
mode Of obtaining a judicial decision IF The
case by tie proper Tribunals To procure
that decision, the board ,ciH giUe eueryJa
ciliig IN their po,cer and j there is any
other mode Of submitting the rights Of The
respective parties 10 the judicial tribunals,
more acceptable 10 you, any suggestion by
you for that purpose ,1iH not rail TO receire
prompt and respectful consideration o. Me
board Of directors. In the mean time, |
have the honor 10 be, very respectfully, |
yours, IN. BlDDLE, President.
Hon. Leei JT'o0dJury,
"Secr'y of The Treasury, Washington"
We now ask OF our readers monetary
recurrence to the facts of the case con
nected with the celebrated Treasury Draft,
in order that they may perceive how des-
perate are the fortunes Of the Tory Party
when they seize upon such a transaction
10 manufacture incendiary articles gainst
he institution and the Wbig Party.
About the period when the first install
nent under the French treaty became
Tue, and before the Chamber of Deputies
lad made an appropriation for the pay
nent of the indemnify stipulated to be
raid to our merchants, General Jackson
n violation Of tue etiquette observed be-
ween governments, directed the Secretary
i the Treasury TO draw upon LCais Phl
ippe Tor million Of dollars and sell
The draft TO the highest bidder!l rhe
Bank of the United States and the Banks
and Bill dealers in Philadelphia and this
,ly, were applied TO, TO purchase the Bill.
but al! refused. The Bank kindly offered |
10 receive the draft and send il TO their
Bankers in Paris for collection, and ac |
the proceeds. No, the Treasury was in |
want of funds, and instead of employing
the Bank in its legitimate sphere OF an
.4gent, 1t was required 10 come into the
market as Bill dealer and buy the bill at
the hazard Of lis being protested for non
payment TO serve the Government and
aid the Treasury, the Bank consented to
purchase the Bill at the current rate OF
exchange, and Immediately placed at the
disposal oil the Treasury the proceeds OF
1t. Thus it will be perceived that the
whole transaction between tina Bank and
the treasury, assumed the character of
similar transactions between merchants,
and IN all respects, the Bark occupies pre-
ciseiy the same position in which Messrs
Prime s. Co. would have been placed il
they had been The purchasers of the draft
Instead of being paid on presentation, il
is well known that the King Of the French
had not the means of paying it-that il
was IN consequence protested, with an
inhmailon that when furnished with the
means, the government would adopt lis
own method of transmitting the same to
the United States, instead Of assuming the
novel and extraordinary character Of an
Exchange Banker! Drafts from one Go
Vernme0t upon another have never been
heard Of except in this instance, and nur
minister was politely informed that this
novel mode OF procedure would not be re
cognlzed. There is no doubt out that the
draft would have been protested under
any circumstances, and il IS probable tina
superstition of the kind deferred GU
large Exchange dealers from buying it
When protested. it was the properly O
the Messrs Barings Of London, to whom
1t had been passed by the Bank. The ia
stitutIon was Of course liable for the whole
amount with damages, and their Banking
friends in Paris Immediately stepped for
ward accepted and paid it for their houor
Then followed transfer of funds 20 Parl!
TO meet the draft. and the draft itself, dis
honored and disgraced, found its wa,
back TO the vaults Of the Bank Of ia,
United States
These are the simple facts of the case
and TO know what the Bank should hav,
done, we have ouy to enquire what course
Messrs. Prime s. Co. or any merchant il
this city would have Dursurd under these