Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1835-03-27

torney. General con- ehn'd urin "a 1851. Air Il had
applied to Mr.. Mcilnr in - to stop il.en but he
came To no decision lie applied 10 Mr.. Dune. hy let
ter, as soon as he int, the Treasury. but got no
answer lie appl, To Mn IGncy soon as he arrived
at Washington m the fall of~fi and MIR fancy decided
that he would not stop them unt the concerns
of the country htd recovered their traum,y and nros
pery, lest the Bank should make il the lncicxt of new
attempts to distress the counry and thus the very thing
winch Mr. fancy refused To do lest should bc made
prctext for expressions, falsely converted into
Pretextto do what he was determined they shoud have
prcext for don.r.
But Mr. b. took higher ground still il was this: that
even At the receipt of the drafts had been stopped in
January February. there would have been no ncccs
sy on that account for curtaing debts aud en,barrass
my exchanges. This ground he sustained by showing
J. That the Bank had at that time millions of dol
lars in Europe lying idle. fund draw bills OF ex-
change upon, and the sale OF bills on this sum
would have met every demand which the rejection of
the drafts could have thrown upon it, 2 That il sent
the money il raised by this curtailment ia Euronr 10 ,b
amount OF three and half millions, and thereby showed
that 1t was collected To any demand al homo
g. That the Bank had at that time (January 1884, the
sum OF $i2O,09 Of public money in hand aud there
tore had United States money enough in possession 60
balance any injury from rejection OF drafts. A. That
the Bank had mates enough hand 10 supply the place
OIL an me drafts even If they all driven in g.
That At had stopped the receipt of these branch drafts it.
sen al me each for its own, in Novcm
per- 1885, and was compelled To their receipt by
The energetic and just conduct of MIR fancy in gvinr
transfer drafts to be used against the branches which
would not honor the notes and drafts of tho other
branches Here MIR. b. turned upon Mr. TYLER report
anu severely arragncd it, for alleging that the Bank al
honorea MS paper at every point, and furnishing
supply OF negative testimony, to prove that assertion
when there was large of positive testimony the
disintcrescd evidence Of numerous respectable
10 prove The contrary, and which the committee had not
noticed. -
Finally, Mr. b had recourse TO Mr. Biddlc's own les
timony to annhilae his mir Biddle 81 affected alarm for
the destruction OF the Bank and the injury the
try from the repuse of these famous branch drafts from
revenue payments IL was in the letter of Mi Biddle
to Mr. Woodbury. in the fall OF 1884 when the recent
OF these drafts actually stopped and in the order
which was issued to the branches continue 10 issue
them as usual Mr. D. read passage from this letter TO
"a al n
treasury arrangement i'm which the Bank felt no intc
that the refusal TO receive then, was chico, n, an
umes oil perfect indifference to the Bank, and would not
have been even notcedby it, if Mr. Woodbury. had not
sent him copy OF his circular. The following is tho
passage read
GAS the receipt of these drafts by the Treasury was an
arrangement exclusively its own, which the Bank felt
no interest," the refusal To them hereafter is an
OBJECT oil equal indifference; nor would ii have been in
any manner noticed, bat that you have transmitted TO
me acoy OF the circular, the silence of the Bank might
DC hlscohstrued INTO an acqucscence in the Of
that paper. Without meaning, therefore i'm the re-
motest degree to question the expcdiency of the mea
sure, 1T is deemed proper to suggest DC.
The phaseology (of the circular rejecting the drafs)
appears to convey the impression that the Bank had
sought to Obtain the receipt of these drafts by certain as
slTances to the Treasury 1t is difficult to Imagine any
thing more groundess The Bank never consulted the
Treasury on the subject did it make assurances
oil any KIND to the Treasury The Bank on IFS own re-
sponsbily issued these drafts The Secretary of Tho
Treasury subsequently asked for information about
,hcn. IT was given, not merely without assurance
Dul without the expression of wish of any kind On
The contrary the letter giving the explanation concluded
win these words "Whether under these circumstances
NJ IS cxpedent to receive them is question for the
elusive consideration of the Department"
Mt H. invoked the attention of the Senate uuon
the fatal contradictions which this letter of Novrn,
per, ana these instructions of January, 1894 exhibit
In January, the mere understanding of a DESIGN in con-
temptation 10 exclude these drafts from revenue pay
ments, is danger of such alarnaiag magntude an
invasion OF the rights of the Bank in such nagrant
manner, prosf of such vindctipe determination TO
PROSTATE; sacrifice and ruin the institution that the en-
re continent must be laid under contribution raise
money TO enable the institution to stand the shock =
IA november oil the same year, when the order for
c 'eJecuon actually comes then the measure is
declared to be one of the utmost Indifference to the Bank
In winch 1t never felt any nterest-which the Trea
sury adopted for its convcnicnce,-which WINS al
ways under the exclusive control Of the Treasury
about which the Bank had never expressed wish nc
which it would have taken no notice II the Secrer ia
not sent them circular; and the cxpediency of which
1T was not intended TO question in the rcmocst degree
Hayng pointed out these fatal contradictions, Mr.. b.
SAID Ut was in which the emphatic ejaculation
might Wen he repeated ''Oh that mine enemy would
write book
TO put the seal of the Bank contempt on the order
prohibiting the receipt Of these drafts TO show its disre
gard OF law and its ability sustain drafts upon its
own resources, and without the advantage of Govern
ment recevabilty Mr. h. read the order bicb tla Pro
sident o the Bank addressed To all the branches on The
receipt of the circular which gave him information of the
rejection of these drafts II in these words: "TAis
regard 10 issuing or P"y1g these drafts chich yO cH
continue heretcfore' What pity said Mr. b. that
the President Of the Bank could rot have thought of is
SUNG such an order this n January instead of send
ing forth the mandate for curtainv debts embarrassing
cxchange eyying three millions and half ALARMING
the country with the cry OF danger and exhibiting Prcs
deni Jackson as vndiclve tyran intent upon the ruin
of the Bank
q The hostility Of the President 4, the nk-TIis
assertion sad Mr. h., inconnenly reiterated by the
PRESIDENT of the bank is taken up and repeated by our
Finance committee to whose report he was now PAVING
on Instament of those respects which he had promised
theni lhls assertion, far tho bank and the com
ntee are concerned in making IT, il am assertion
without evidence and far the facts are concern
ca, IL IS an assertion against evidence. If there is
any evidence oi the bank the committee o suppor
inns assertion IN the forty pages Of the report or the
tnree hundred pages of the appendix the four members
Vi 'e finance committee can produce it, when they
come TO reply That there evidence to contra
dict IT, Inc was ready TO show This evidence CON
sisted in four five public prominent facts which
ne wouid now mention, and in other circumstances
which he would show hereafter The first was f,e cci
wnc he mentioned when this report was first read ON
inc lcth OF December last, namely that President Jack
son had nominated MIR. Bddle at tic head of the Govern
mcht Directors, and thereby indicated him for the Prcs
Gency OF the bank for three successive years after this
hosilty was supposed to have commenced The second
was, That the President had ordered SIRE cas
To issue against the bank Yacate its charter which Inc
has the right under the I'D section of the charter n do
whenever he believed tho charter TO be violated The Ri
that during many years he has required his Sccrc
res oil the Treasury TO stop ic governmental recent of
the branch bank drafts although bis own mi nd no thoir
egahty had been made up for several years mast Tle
fourth, that after all the clamorall The inyocaons
on Heaven and Earth against tic tyranny of REMOVING
inc dePoses-those depOsitcs have never happened To-
DC quite entirely removed An average of near four mil
lions OF dollars Of public money has remained in the hands
OF INC bank Tor each month from tie Isl Of October 1873
70 me lstOf Jan, 1885, incusycy; embracing the entire
time flp ordp 10 t,Lo