Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1834-03-10

Well disposed to obtain information, which
believed would undeceive the president, ana
considering that knowledge OF the facts to be
collected must be useful, in any event. con-
sented. as ministerial act, to prepare letter
of instruction for the Presidents agent. When
had written it waited upon the President on
the 22d of July, not doubling but that he would
confer with me as to the points OF inquiry en-
braced in it, and indicate any imperfectlon or
omission. But in this was greatly dlsappoint-
ed; for he desired me to leave the letter of in
struction for his examination, adding, that ne
would see me after he had considered it.
I will here lay that letter before you. The
paragraphs E. F, G, H, l, K, L, were embraced III
the Presidents plan of state bank agency, quot
ed from his letter from Boston, dated June goth.
The remaining paragraphs were introduced oy
myself
"a Sr-The operations of the Bank OF the
United States, excepting such as may be neces-
sary for winding up its affairs, will cease on the
4th of March, 1886. If, in the opinion OF the
Secretary of the Treasury, adequate reasons
shall Justify the measure, he may at any Tune
prior to that period cease to deposit the public
money in that bank. .
(R) The President, therefore, considers it
his duty to ascertain whether substitute tor
the present public depository may not be had;
in the event Of a change prior to the terml-
nation of the charter, or at the dissolution OF
the bank, should it until then remain the depo-
STORY.
(c) cit is the opinion of the President, that to
conduct the fiscal operations OF the government,
bank agency is necessary; and as he cannot,
consistently with his sentiments, sanction any
national institution, he desires to seek for agents
amongst the banks incorporated by the several
states in their individual capacity.
(p) 'sThe President, having designated you
as the agent to make the necessary inquiries, |
beg leave to present to you the views tnat ne
enfertains as your guide; it being understood
that you are to make inquiries OF all the panks
in the principal cities, in which primary banks
are to be selected in order that an ample scope
for selection may be had
(E) "That one bank be selected in Baltimore,
one in Philadelphia, two in New Y ork, and one
in Boston, with right on the part or the 60
vernment to add one in Savannah, one in
Charleston, S. c.. one in the State OF Alabama,
one in New Orleans, and one in Norfolk, upon
their accedng to the terms proposed, all which
shall receive the deposits in those places re-
spectively, and be each responsible to the 60
vernment for the whole public deposits OF the
United States, wherever made.
(F) "2. That those banks shall have the
right by a convention of their presidents or
otherwise, to select all the banks at other points
throughout the United States in which the pub
lie money shall be deposited, with an absolute
negative by the ScCIetdIy VI tIC lICoSuiy'
(G) '3 That the Secretary of the Treasury
shall have power to discontinue the deposits in
any bank or banks or break up the whole ar
rangement, whenever he may think proper, he
giving in such case the longest notice OF his in
tention to do so, which the public interest may
warrant.
(H) Ga. That the primary and secondary
banks shall make returns their entire condition
to the Secretary of the Treasury monthly, or
ha hall
Treasurer weekly the state of his deposits with
them respectively; and that they shall also sub
iect themselves to critical examination OF
their books and transactions by the Secretary
of the Treasury or an authorized agent when
ever the Secretary may require it.
% {" s. That the arrangement of the govern
ment be only with the primary banks, which
shall be responsible to it, not only for the safety
Of the entire deposits, wherever made, but for
making payment at any places in the United
States, without charge to the government,) in
gold or silver, or its equivalent of any sum
which may be required there to be paid by the
Secretary of the Treasury: that they will also
pay any expenses of an agent, temporary or
permanent whom the Secretary may appoint
to examine into their affairs.
(K) Sc. That they will render, or cause to be
rendered, without charge, every service which
can now be lawfully required OF the United
States Bank.
o. 81 [Unimportant
(M) SO. If the banks, or any sufficient num-
Der of them, shall be disposed to make such ar
engagements as are contemplated by the Presl-
dent, it will be necessary to inquire of them
whether their several charters authorize them
to make such an arrangement as is contemplate
ed that is, whether the President and Directors
may lawfully enter into the engagements re-
quired.
IN SO In order to ascertain whether the
proposed arrangement is practicable, under cir
cumstances, that may be expected to arise, en-
quiry should be made of all the banks whether,
if this arrangement should be made prior to the
4th of March, 1886, it will be in the power of the
Bank of the United States to embarrass or inter
rupt it, and whether any proceeding OF that
kind is to be apprehended. In case any such
proceeding may be apprehended, it will be pro.
per to enquire what would be the probable Ell
fects of any collision or contest (between the
selected bank and the bank of the United States,
or other banks favorable to or combining with
it'll not only upon the banks themselves, but up
on the community at large.
(o) go In order that full investigation may
be had upon matters deeply interesting to the
country it is desirable that the views of the Pre-
sident herein expressed should be fully commr-
nicated to the banks proposed to be made pub
lI:a tbotth ah ShOnl6 p