Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1834-12-18

We perceive that the Secretary Of the
Treasury has sent TO Congress his report,
! which We presume, will be faithful echo
OF the denunciation of his superior agains,
The Bank. the institution will probably
answer in due season, il. indeed. such
vltuperaton be deemed worthy of reply.
Meanwhile, as the subject of the French
bill has been much labored. we publish
the letter of the President Of the Bank.
| giving the final views Of the Bank in that
matter. IL is impossible, we think not 10
be struck by The calm and digniiied firm
ness of the Board, conirasted with the
| coarse and boisterons defamation of the
Kitchen Cabinet; and this difference not
merely ~ the cause but in the manner of
sustaining it-this appeal TO the laws in.
stead OF the mobs --must enlist on the side
OF the Institution all sober minded citizens
BANK OF THE UNITED STATES,
| Nov. 2Sth, 1884
/ SIR-Yonr favor Of the 18th Of July
I last reached the Bank during my absence,
! and finding on my return that my letters
| addressed TO you at Washington had been
/ published in the newspapers OF Nashville.
it seemed useless TO prolong discussion
which could only intlame the passions of
| the country in the midst Of its elections
! have therefore forborne 10 answer your
letter until the time had passed for the re
petition Of similar appeal from the laws
] The whole case appears TO be exceed.
ingly simple There is difference OF
opinion between the Treasury and the
Bank about the damages on bill OF ex
! change Tbs is matter of account
which depends on the existing laws, and
the Acts Of Congress provide specifically
before what tribunal, and in what manner,
the question must be tried Thus by the
Act Of the Sd Of March, 1897, it is pro
vided. that il any person, accountable for
public money, fails to pay it. "it shall be
the duty of the Comptroller aud he is
hereby required 10 institute suit for the
recovery of the same and in such a suit
ono claim for credit shall be admitted
upon tlal, but such as shall appear TO
have been presented to the Accounting
Officers Of the Treasury for their exami
nation, and by them disallowed in whole
or in part" The Bank has accordingly
presented its account for damages, which
has been dsallowed. II has then retained
/ a SultlCitHA VI HRVhO ibOHGJ lOE
the purpose, and invited suit by the
Treasury so as 10 bring the subject before
the Court II did this and so stated il
Gas the best if not The only mode" OF set
Ting the question. But as the money it,
self was an object of Indifference to the
Bank, which sought only TO indicate It's
own right, and the retaining il was a
mere form, TO comply with the Act OF
Congress, the Bank at the same time re
cues,ed from the Secretary 10 know, whe
Their there was " any other mode of sub.
hitting the right Of The respective parties
TO the judicial tribunals more acceptable
10 him-and would have instantly released
the money on any arrangement with The
Treasury TO bring the case before the
courts.
There is a still more summary process
( Of obtaining decision BY the act o
Congress, of May 9Th, 1920, if the pub
lie money he withheld, the first Complrol
Ter of the Treasury can issue a warrant o
distress against the party in default, who
: may then appeal TO the Courts Of the
United Safes.
Either of these courses is open 10 th'
, Executive Fit choose neither, the Bank
; having done IFS duty, is content. Before
| the proper tribunal, the Bank will Away
! be ready 10 prove.
1. That the bill Of exchange on III,
, French Government was drawn withou
the slightest authority whatever from tina
, Government TO draw it.
q That the Bank proposed TO the Trea
snry TO collect the money as its agent
Q and not 10 pay it until it was receives
: from France, thus avoiding the very EN-
e barrassment which has occurred but thi
(. the Treasury declined. and requested ih
Immediate payment by the Bank as
purchaser.
8. That OF the money so paid by III
D Bank, the whole was Immediately appro
prialed by The treasury, and a part use
4 in the current expenses Of the Govern
+ ment
o 4. That when the Bill was protested i
y Paris, az was inevitable, and the none
paid by The agents Of the Bank. 20 say
4 The credit of tbs treasury, the claims {
e damages by he Bank was an Indispensa
d bic act of duty, as that alone would enab'
). the treasury 10 claim damages from ii
!. French Government, which, if the Ireas'
G ry had any right 10 draw at all, was
: much due as the principal.
l. That the universal and inilexlb
,e rule Of the treasury is TO make every on
d paw damages; and as il has required
/. The stockholders of the Bank 70 pay dan
Of ages, when their bills sold 10 the ireasur
&c have been protested, SO should it now n
re damages to those Stockholders, when th'
n in turn have bought bill from the trea
N ury which becomes protested.
ic All this will be made manllestwhenev
Is the Treasury resorts to the proper trle
I'd nal. Until then, it seems UNJUST to pr