Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1835-12-17

vernment and render the STATES more ueFenoehl OH
,,rcat central power for yearly and important re-
eosrces Indeed i reduction in The price Of public
lands whose unusually large sales the past year are Inc
source of most Of the present surplus, would, their
sales should thereby be much increased seem anoih
r mode far more natural 10 obvate the present dhcuy
But before adopting it, this and various other consdera
tons must be weighed and it must be fully consideted
whether all the revenue anticipated from them at their
prices would not be necessary alter the great
duc1ions in the tariff in 1912 and whether resort to
higher tariff would not then become Indispensable if the
average receipts from lands customs should from any
new legislation become then much diminished, below the
estimates which have been submitted on the present
caslon
VI Dcposisc Banks and Tie Currency.
This Department takes pleasure in stating that the pub
lie money continues to be collected and deposited under
the present system Of selected Banks, with greatease and
economy in all cases. and with greater in some, than ut
any former period The transfers Of 10 every quarter of
the country where it is needed for disbursement have
never been effected with more prompttudc, and have
been made entirely free Of expense to the Treasury.
The payments creditors, officers, and pensioners have
been punctual and convenient and the whole fiscal ope-
ralions through the State Banks, have as yet proved
highly satisfactory. Incidental to this the facilities that
have been furnished to the commercial community
in domestic exchanges, probably never greater,
at so moderate rates. In the OF this year, adj
dtiUna repositories have been selected i'll four States,
where no new before existed, and all the branches
of the United States Bank for some months, have been
discontinued for ordinary fiscal purposes They are how
Congress- for the payment of the outstanding portions
Of the funded debt, and Of invalid and other pensions,
prior TO 1892 except where the Department has been
tilted that the Branches were Withdrawal as in New
Hampshire Connecticut, Kentucky, Ohio, Missouri,
Western Pennsylvania, Maryland, South Carolina, and
the interior of New York. The whole number OF Sc
lcctcd Banks without including branches. is now thr-
tyour, being notwithstanding the addition OF tour new
ones less by six, than last year.
This dminution has been effected by the discontinu-
ance of various DID, and 10 the Treasury, unlmPorant
institutions, employed before 1888, in connection with
the United States Bank and by adding no new ones:
except where the public interests seemed TO render It
imperative Or expcdient great though not the chief
cause Of some loss which formerly happened in the de-
poscs in State Banks is believed 10 have been the null
tplicaton of them TO something over one hundred IN
number The system is now arranged so as proDaDy u
require hereafter, few changes except Ill two or three
instances, concerning which correspondence Is no"
pendng unless is not anticipated, such onerous con
dtons should be cxaced by Congress- OF the present sale
and efficient repositories, as to derange the systr IN
ducc some Of them to withdraw, and compel the Depart
ment TO nlrust the public funds 10 other agents, less
cautious, skul, and trustworthy. Great care has
been exercised in preparing from the last returns MADE
to this Department, and from data since obtained by an
extensive correspondence, tabular statements, winch
show in the most essential particulars the lst OF
January 1880, and as fully could be obtained, the
and condition Of each of the State Banks IN The
Union Of each of the selected Banks. of the L. States
Bank and of all combined. They exhibit further, the
capital and situation of all the Banks in cac! OF the large
cities in the United States we'll Of all in each State,
arranged together for convenience Of reference and the
changes which have since happened, IN Tie condition OF
the Dcpositc and United States Banks. So far re-
cards the CAPITAL discounts &c. Of all the State Banks,
only the general exhibit Of the aggregate results i'll each
State, is communicated; but in few days, al! the
volumnous details tos, points, will BE- submitted to
the House Of Representatives, III compliance With It's
resolution Of the 10th Of July, lS:i2 (H ~
1t will be seen, that the situation Of the selected
Banks as whole, bears cnvable comparison with the
rest.
In all cases deemed proper they have given collateral
security and are all believed to be entirely safe, TO the
extent they nave Lccn conided in Their discounts have
bccn in general. somewhat increased but though tempt
cd by the cnterpslng spirit Of the times, not usually in
creased III degree dispToPor0ned to all Their I'M
mediate available means. They have also, in some
cases been able aid, and have literally aided other
banking institutions in their nc ghborhood b. large
and long balances, and other indulgcnces, would
generally appear have been sanctioned by correct prn
Cyles The names of each, with the amount of money
in each belonging 10 the Treasury, and subject to draft
not only at the commencement Of the present year,
but al the very last returns received be in
three Of the columns Of the statement. Oil. Nos. 9
and b. The distribution OF these SUMS is generally
that which has been given to them by circumstance
connected with their collection and disbursement. NO
occasion has arscn i'll which the department ict Justi-
fled in making transfers Of the public money, except
from points where it had accumulated in the natural
course Of collect much beyond Tie present and early
ancipatcd wants of the Government in that ncigbor-
hood in not proportIoned to the responsibility OF
the public repositories there and TO points where either
would be better secured, probably would soon be
needed for disbursement, could, from The of
trade and exchange be more readily applied to any
objects which gcss wood he likely to sanction.
These transfers when rendered necessary have been per-
formed in such drectlons and gradually that, it is
belle we'd they have tended obvatc rather than create
any pressure in the money market, and TO aid materially
the course Of business in exchanges and the other
rnercial operations Of the country.
fl,,I ihn ~
flowing condition of the Treasury tho regulation Of these
opcrauiIs, with the selection and superintendent Of
the Deposc Banks, is task of small difficulty and
telicacy. and when governed by strict and uniform adj
hcrcncc sound princ piles, has been attempted must
necessarily lead to many disappointed applications. But
in the absence Of that specific legislation the subject,
which has brcn and still is, earnestly rcquested-thc De-
parlnct has moi csi;aed Gt is hoped faithfully to dis
charge, and frankly 10 explain the duties, and the high
and painful responsibility which SO much discretionary
power has Imposed.
For various Of public Importance it was deem.
cd desirable, and measures have been adopted, and
connchdaons urged, that the specie in the vaults OLA
number Of selected Banks, should be still increased
in comparison with their issues and dcpositcs and that
still larger portion Of the whole currency of the
try, especially for snail purposes should be metallic In
Improvement OF the currency during the past year. many
of the selected Banks have not only continued obtain
and pay, when wanted TO the public creditors, Ameri
gold but have entered into sautary arrangements for
the redemption, i'll our large cities Of of their bills,
which may be received III payment of the public dues.
1t is hoped that in the progress OF time these beneficial
arrangements may be further extended TO most if not
ALL Of the bills in circulation, of the large institutions
and the Introduction Of hard money for the ordinary
Of life: be facilitated, by all the Banks ceasing to
circulate bills Of small denominations. 1t is gratifying
find, that since the adjournment of Congress, in ad
don the States Of Pcnnsy lvania, Maryland Virgil
MIA, Georgia, Tennessee Louisiana North Carolina, In.
diana, and Kentu"ky, which, before that time are becv
ed not to have allowed the circulation Of bills under five
dollars, others, viz: Maine Connecticut New York,
New Jersey, and Alabama, have united in similar eGs-
alive measures except Connecticut, has, yet extend
cd the prohibition to only one and two dollar bills.
In Mississippi and illinois, it is understood that bills
under five dollars have not recently been issued and
Missouri has 10 bank issuing bills of any denomination.
So that more than twohrds of the States have already