Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-02-15

sles shu france, was stipulated that tic French Co
rernment should pay 10 that of the United States
hve millions oil francs be distributed among those Amcr
can citizens who had claims anst Franc. for the unay
u capture aud condemnation Of their vessels
PIVPeFVi c whole sum to be paid in annua ns
OF iour millions one hundred sxys thousand six
nuuueu emu Ny-sx francs, each into the hands OF such
b. 70 msi, DC authorized by the Government OF the
" " 70 receive "; the hrst nsalnent 10 be paid at the
ratification. 80 WV eS " w
On The expiration Of the year. the Secretary drew bill
OF exchange, signed by himself as Secre,sry on tho
rfehch Government for the amour, of This nstamcn aud
sou 10 The bank like any other bill Of exchange and re.
OF me Treasurer in the bank
on p'esen!mento the hin at the French Treasury pay
men, was r.iusej The bill accordingly duly pro
u was ihen taken up by third person Tor account OF
hs bank The damages accruing on this bill according
10 law snd 10 constant usage in such cases. are one hum
oreu end my eight housaud dollars
ih's OIL had been transferred by the bank as proba-
oy was, Tue hahk itself would have been answ cradle
or aSmases even at higher rate if third person had
NOT taken up The bill for the honor Of the bank
oh receiving information Of the protest Of the bill the
eers OF me oank as was their duty, gave immediate
tne treasury Department, and accompanied that
noce win tue information, always made i'm such
hathe drawers OF the bill would be held or
ne damages. Such is the substance Of the facts in this
bill on account OF n' and 10 credit the Treasure
WIN he proceeds when received; course of
when naa .'s 10 recommend it, tina, the money be re-
ce"eu OH me o was 10 be received by the
SIMPLY IN trust for claimants the French treaty
was not ultimately destined to the ordinary uses of the
Treasury On the contrary indeed before the dshoror nf
me bill was known, had been made already the LEGAL
duty OF the Secretary place the fund.- so as soon AS re-
ceSed, at interest Tor the benef, of the claimants
bu was thought best to sell the BILL and 10 realize Mt
once ITS amount into the Treasury; and the bill was ,olJ
10 the BANK in preference TO others Offering TO purcbase
Tor no reason 1t Is to be presumed except that the terms
VI me oahk were more satisfactory The bill was thus
purchased by the bank and its proceeds credited 10 the
treasury. ihts was mere transaction OF the
and sale of bill Of exchange There was no ,rus, ~
10 lsca In d..
ter Indeed, the agency OF the bank been
the Secretary preerring TO deal with il moi az An agen,
out os purchaser proposing 10 IL not collect the bill
but TO buy IT, On being RENTED 10 Europe and nresert
Gu Tor payment the bill was protested BY the universal
comhereia law, The Government, the occurrence of
TINS protest. became amenable the bank for the
OF the bill, with damages. These damages NAV he n
ma,ey claimed, with justice, from the French Govern.
men', II The bill drawn upon sufficient grounds and
on proper authority; in other words the obligation Of
the French Government such that il wa bound n
eep' ana pay the bill but unless there be in
e case 10 vary the general rule, which the committee
DO not perceive, these damages were part of the doh,
winch had become due to the bank as much as the nrin
eai sum OF the oi II this be how could the direc.
s e'nqu'sh 'his part OF the debt any more than the
oer They are agents for the corporation thew act
anu nave no authority without consideration, 10
reiease either 10 the or TO individuals debs
due, or properly belonging 10 the corporation
IL has been suggested that the bank should have taken
up us oI' when protested, on Government account
TWO answers may he given TO this suggestion: the fr.i
Is that The bill had been taken up by
Abroad Tor account OF the bank before il was known In
ted Tha
conu Isl mat II would have been unlawful for the hank
to have advanced such amount TO the Government or ON
@ OIL government Tor the purpose of taking up th,
Oil, or ior any other purpose without an .rt of
sress. The express words of the charter forbid i,
But as reason for removing the deposes il anne
10 20 me. me committee quite immateral whether the bank
ue rghl or wrong IN claiming these damages If wrong
WIN not recover them II is TO Judge of its own
rights and II the appropriate tribunals shalt decide that
oo e Iank was acung on this OCCASION ought TO have
ac'ed as ie agent oil the Governments or that il was ts
duty TO take up the bill account of Government ,be
me damages VIII not be awarded 10 it, And in the worst
aspect oil this how its conduct in this h
any possible to Justify the removal of The
hat connexion has this occurrence with the safe
'he puoc treasures, or with the renting of the from
place 10 place. 10 meet the the
according TO the duty of the bank under the %
bank thinks itself entitled TO damages on a protested hin;
and held by ITSELF and drawn by Government
Inc secretary oil the Treasury thinks otherwise ,bere
be no reason TO doubt the sincerity Of the Secretaries
vcion there is as little to doubt the of that
tanned by the bank and it is quite inconceivahle 70 o
committee that the tendency of such differences rs o; e
hion on such question should furnish any reason what
eyer ior Withdrawing The deposite unless be at once
aded mat The Secretary holds the power of s
perfectly arbitrary power and may exercise it, by way
punishment whenever, in any Particular the conduct
or me opinions oil The bank 10 conform TO his pleasure
secretary does not argue this mater.-He offers no
reason opposition to the legal right of the bank TO The
images Claimed Indeed he hardly denies the right He
commences his observations subject bv SAYING thai
me ruing principle OF the bank its own interest and
closes them with another declaration that as fiscal
Of me public it avaed itself of the disappointment Of lis
Pincipai 'or Inc purpose of charging its own profits
Assertions like these, however else thew may he dis
posed OF, canhot be made subjects Of argument
me last charge preferred against the bank is that il
mas useo us means with view TO obtain political power
and thereby secure the renewal of its charter
he very statement OF such a charge as n reason Tor
removing Tic depoes, is calculated to excite distrus in
me wisdom and propreiy of that measures because The
enge 100 nerato be proved is general also 10 be
dsProved; and since 1t must always rest mainly on mere
opinion il might be made at any time bv anv Secre,,
against any bank. Ii would be- therefore ALWAYS ron
official conduct. " '''e' Vi
proof be made out that the funds of the bank have
been applied 10 Illegal Objects the proper mode of
and punishment should have been adopteJ hui yL,, ~
IDS 10 90 WIN The deposites AS in the case oi tho
french DILL the Secretary justify the removal of
he oeposies on any such ground this unless be
eeded that lie may use the power of removal as nunis
men Tor any offence of any kind which the bank in hi;
opinion, msy have committed. The committee hava 81
ready expressed the opinion that no such laude of
eT belongs 10 him, and the assertion of such power for
such cause as Is now under considerations sbovo Thai
power ought never 10 belong TO any Secretary bec.n
The offence, on account OF which here IN h.
exercised, Is political offence, incapable de-
pending merely on the Secreary's opinion aud necesso
my uIa"ing mo lis consideration all the exciting con,ro.
verted topics OF the day The bank il said
to obtain political power" What is the deGni,ion of
such an offence as this! What acts constitute IN, H.
is it TO be iried Who is to be the Judge? VIVA, ,,n;sh
nen snail follow conviction! All must see that charge,
OF 'hs nature are but loose and vague accusations
may be made at any time, and can never he s;or n,I
or dsproVed and 10 admit them sufficient qronds or
Jusly The removal OF the deposites would he IN
10 the Secretary the possession OF a power purely ar
bitrary r'' az
Tie main fact relied for this cause of remova, sbo,
10" extremely unsafe all proceedings on anv sucb roo
SONS must be. The main fact it, that betwes, Dont
1881, and December 1881, the bank extended ;,s 80
twenty millions OF dollars and is further nIIeaod ~
II 70 le"ye 10 doubi OF the move of this extraordinary