Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1834-03-27

not consistently with his avowod sentiments,
sanction any national institution, he desires TO
seek for agents amongst the banks incorporated
I by the several states in their individual capa-
| city.
1 (D) "The President, having designed you as
the agent to make the necessary inquiries, / beg
I leave TO present 70 you the views hat he enter
tains your guide; il being understood that YOU
arc 10 make inquiries Of an tae banks in the prin-
cipal cities. in which primary banks are 20 be
selected in order that an ample scope for selee-
4 tion may be had.
| (E) "That one bank be selected in Baltimore
4 one in Philadelphia. two in New York, and one
J in Boston, with night on the part Of the Gov
ernment 10 add one in Savannah, one in Charles
/ ton :. C., one in the State Of Alabama, one in
New Orleans, and one in Norfolk, upon their
4 acceding 20 the terms proposed, all which shall
receive the deposites in those places respective
| ly, and be each responsible 10 the Government
for the whole public deposites of the United
States, wherever made.
| (F) 80. That those banks shall have the right
| by convention Of their presidents or otherwise,
10 select all the banks at other points throughout
the United States, in which the public money
shall be deposited, with an absolute negative by
the Secretary Of the Treasury.
(o) SO. That the Secretary Of the Treasury
shall have power TO discontinue the deposites in
any bank or banks, break up the whole ar
| rangcment, whenever he may think proper, he
giving in such case the longest notice OF his in
ten,icn TO do so, which the public interest may
( warrant.
(H) Cd That the primary and secondary
banks shall make returns Of their entire ccBd-
ton 10 the Secretary Of the Treasury monthly,
or ofener if he shall require il, sd report TO the
Treasurer weekly the state Of his deposites with
them respectively; and that they shall also sub
ject themselves 20 a critical examination Of their
books and transactions by the Secretary Of the
Treasury, or an authorized agent, whenever the
Secretary may require il.
() ''5. That the arrangement of the gov
ernnlcnt be only with the primary banks, which
shall be responsible 10 it, not only for the safety
of the entire deposites, wherever made, but for
making payment at any places in the United
States, without charge 10 the government, in
gold or silver, or lis 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 IF an agent, temporary or
perm anent when the Secretary may appoint 10
examine into their affairs
(K) go That they will render, or canse 10 be
rendered, without charge. every service, which
can now be lawfully required Of the United
States Bank
(L) az. fUnimportant1
(M) t'S. If the banks, or any sufficient num-
Der of them, shall be disposed TO make such ar
rangcmcnts are contemplated by the Presi-
dent, il will be necessary to inquire OF them
whether their several charters authorize them
TO make such arrangement as is contemplated;
that is, whether the President and Directors
may lawfully cutter into the engagements requir-
cd.
(N) s'e. In order 10 ascertain whether the
proposed arrangement is practicable, under cir
cumstancos that may be expected TO arise, in
quiry should be made Of all the banks whether,
if this arrangement should be made prior TO the
4th Of March, 1896, it viii be in the power of
the Bank Of the U States to embarrass or inter
rupt il; and whether any proceeding OF that kind
is to be unprecedented. In case any such proceed
ing may be apprehended, it will be proper TO in
quire what would be tho probable effects Of any
collision or contest (bctween The selected banks
and the bank Of the United States, or other
banks favorable TO or combining with IT'D not
only upon the banks themselves, but upon the
community at large.
(o) go. In order that full investigation may
be had upon matters deeply interesting TO the
country il is desirable that the views Of the Pre-
sident herein expressed should be fully communi-
Gated 10 the banks proposed to be made public
d positories; and that the banks should be rcquir
cd to give specific replies in writing, embracing
statements Of their affairs respectively, ON the
first day of the present month-thc capital actu-
ally paid in-the amount of notes in circulation
the amount of specie actually on hand-the a
mount of deposites-t the amount Of debts due TO
the banks respectively amount due by them
respcctvely-the nature and amount Of the bank
property Of cach--and all other facts that you
may deem necessary TO be known TO enable the
Government to act advisedly, and TO understand
made repositories.
(P) Experiencing that any proceeding what
ever, especially at the present time, may be
likely to promote what is called stock specula-
ton, with all the mischieis and tendency Of
gaming, ] respectfully express my conviction,
that your agency ought not 10 be regarded as
matter to be kept secret, but on the contrary,
that its object should be explicitly ayowed on all
proper occasions. Secrecy is not necessary, nor
is il practicable if it were so; SO that TO attain
public object, the means should be open in them
selves and in their Developments. il will Of
course be proper TO communicate from time to
time the progress you may make.
] (Q) Having thus, sir, placed before you the
/ views Of ;he President, and such suggestions on
my own part as seemed 10 be calleo Or, II be-
comes my duty to myself, in order to guard a
gaInst expectations, u the rart Of me banks,
! that may not be realized, or usapprchension
elsewhere, distinctly TO say that the perform
ance Of the present act ofduty, an executive
( agent, is not to be understood as indication of
aay intention on my part, under existing crcum-
! stances, toexercse the power vested in me by
/ i7w. Whether such emergency may not a
rise q may warrant the exercise Ct that power,
it is unnecessary now TO anticipate; II is sufficient
to observe that in my opinion none such exists at
present"
i " In The afternoon of the same day in
which delvcTc these instructions TO the Pre-
sident for examination, instead Of \ message for
| a personal explanation, received letter, OF
witch this a Guy
Is. President O, he United States TO the Secre-
tary Of The Treasury.
v asHrSGToN, July %, 1888.
~ deo- sir:-I cannot perceive the pro-
--s ~ = concluding paragraph (a) in the
Ct, ait 0. Lotions, proposed to the agent Of ia.
lujrv, winch YOU have submitted 10 this
morning, unless you are determined net TO acqui-
esce ii. he d. cision which the President, on adj
visement with his cabinet, may make after full
view OF all the circumstances of the case. You
may not be aware that such is the construction
which the paragraph authorizes, and that il is
| manifestly at sariance with the views which
render the inquiry inexpedicnt The great OBJ
ct TO be obtained by the inquiry is TO ascertain
whether The state Banks will agree 10 become
the agents Of the government, on the terms pro-
posed for the safe keeping and transmission Of
The public moneys. If they will. the ground