Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-09-23
DO deemed expedient have the honor 10 be- very res
pectiuiy, youfs. N RIDDLE. P,eside,,
Hon. LEVI WOODBURY.,
Secretary OF the Treasury, w ashinpton


TREASURY DEPARTMENT. July ll,b. 1894
SIR; Your two communications under date oil the Ia
INST have teen received The course pursued by the
Bank over which you preside in determining to yiibolJ
portion Of the dividends due on the stock Of The ,S
States has excited much surprise in this and
" w present nne, Is more TO he regretted, Congress
- nor IN session 10 provide for the deficiency thus caused
In The estimated revenue from the bank stock the
year. 'S"'
The claim for damages on the bill Of exchange drawn
upon france TO answer which il stated that
oil part 81 the dividends is now refused WIS .ao,, A.. ,
ns Department before the dividends were
10 The credit OF the Treasury and some months before
recent session ot Congress commenced Conseaue ntiy
was presumed that the cian II not Abandoned ,va,
DC presened and pursued before that body in the manner
usuai WIN claims against the Uuited States when he
'a',er has not Instituted any action al law ap,n,t The
claimant. - -" 's"'' "o
ns,uss these considerations could have been am.
hcpa'ed as probable that all he accruipg would
not be paid with prom pttude and Ga.lv ,vhen !, 49,
so"nth Tue case OF failure in stakeholder 10
ms subscription TO the capital OF the Bank was tie onl
"',e Tue charter makes express provision that he
'shsii lose the benei OF the dividend and /, his To-
stance that tho United States, though large s,ockhoier
was not pretended 10 have been guilty OF any breach Of
th' provision Notwithstanding this il would seen, from
Your communications that the United States ,hoyb init
-.y connected Win the Bank. 10y having conferred the
gea, privileges ini,s charter, by still using il daily as
hsesi agent Tor certain uposes and by beg entitled 10
supervision oil its concerns through Congress has
without previous notice. and only by am nued or co..,
sfucve power not in the opinion Of this Deusrtmen N,
raned or necessary been deprived the use OF mos, OF lie
uuens and iot the purpose OF satisfying
sehea oy the Executive, and have never been
ny either oil tue ole branches oil Government established
by tue Constitution. -'.''>
In 'hs condition OF the subject, since the Bank did no,
ueem proper to present TO Congress- the customary t.
ouna Tor settling such disputed demands sgains, the q
S'aes-or during its late session. apprize either tina,
oody or his Office oil the ned to
DC pursued IN thus Selling upon large portion of the
puoc dividends while sreay in possession OF more ,bau
million OF dollars belonging 10 the 6. vernment but
her,o uncaiiedor 10y it, creditors tho 1reasury-is
department uoes not consider that ii has yet enjoyed
suitable opportunity In relation TO xpecied mca.
sure 10 know te views procure the desirable ac,io OF
OohgesF sn, therefore, does ee justified in making
az 'his ne. any arrangement with the Bank or any
suggestion IN respect 10 legal prose cuons nor in
nsns IN any mode "ihe justice prOprety' Of the po
ceeIhgs The Bank has been pleased 10 adopt
D"t 1t WI" endeAvor on the whole subject 10 present an
early report 10 Congress its session. and TO the Pre-
nueh OF Tie United states In the time If the
p"nN desires before report is prepared. that the acts
ana reasons In detail which its ecsons aud ciay
s Claim Vr damages on the bill Of exchange are founded
shooi be examined by this Department. the statement Of
uem whenever forwarded, will receive respectful con.
uerahon have the honor 10 be- yours,
LEVI WOODBURY.,
=, g, Secretary oil the Treasury