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

came, and that probably in manner not conf,rmabe
to the Constitution, till aiterhc delay of procuring
amendment tot and even then, expedien because
calculated, njudiciousy to sirengh the General
vernment, aud TO render the States more dependent on
great central power for yearly aud important
sources Indeed reduction in the price OF public
lands, whose unusually large sales the past year the
source OF most of the present SURPLUS would If their
sales should thereby be much Increased, anoth
or rhode far natural TO obvote the present difficulty
But before adopting it, this and other consdera
tons must be weighed and it must be fully considered,
whether all the revenue anticipated from them at their
present prices would not be necessary after the great
ductons in the tariff, in lS42, and whether to
higher tariff would not then become Indispensable il the
average receipts from lands customs should from any
new legislation become then much diminished below The
estimates which have been submitted the present
casion.
VI. Opposite Banks and the Curreney
This Department takes pleasure in stating that the pub
lac money continues TO be collected deposited under
the present system of selected Banks with and
economy in all cases and with greater in some than
any Former period The transfers of every quarter of
the country, where it is needed for disbursement have
never been effected with promptitude, and have
been made entirely free of expense the Treasury
The payments TO creditors officers pensioners have
been punctual and convenient and the whole fiscal ope
ratons through the State Banks have as vet proved
highly satisfactory Incidental to this the facilities that
have been furnished TO the commercial community
IN domestic exchanges, were probably greater
at so moderate rates In the course of this year i'd
donal repositories have been selected in four States
where no before existed and all the branches
OF the United States Bank for months have been
discontinued for ordinary fiscal purposes They are how
X,
Congress- Tor 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
titled that the Branches withdrawn, as in New
hampshire, Connecticut, Kentucky, Ohio, Missouri
Western Pennsylvania, Maryland South Carolina and
the interior of New York. The whole number of Sc
lccted Banks, without including branches is now thir
yiour, being, notwithstanding the addition Of four
ones less by six, than last year
This dminution has been effected by the discontinue
ance of various old and TO the Treasury, unimportan
institutions employed before 1888. connection with
RonE md ,,a
except where the public interests seemed to render it
imperative or expedent great, though the chief
cause OF some loss which formerly happened the
poses i'll State Banks, is believed have been the null
tplcation of them to something over one hundred in
number The system is now arranged probably to
require, hereafter, few changes except i'm three
instances, concerning which correspondence is now
pending, unless, is not anticipated such
dons should be exacted by Congress- of the safe
and efficient repositories, TO derange the system
duce some OF them TO withdraw, and compel the Depart
ment to intrust the public funds 10 other accents less
cautious, skiliul, and trustworthy Great care has
been exercised in preparing from the last
TO TINS Department. and from data since obtained by
extensive correspondence, tabular statements, which
show IN the most essential particulars the of
January, 1885, and as fully could be obtained the
names and condition of each of the State Banks i'm the
Union, OF each of the selected Banks of the u States
Bank, and OF all combined. They exhibit further the
capital and situation of all the Banks in the arge
cities in the United States well of all in each State
arranged together for convenience of reference and the
changes which have since happened, in the condition of
the Deposite and United States Banks. So far as re-
CARDS the capital discounts, &C. of all the State Banks
only the general exhibit of the aggregate results in each
State is commu nica,ed; but in a few dovs ali Tho
voluminous details those points will be submitted TO
the House of Representatives, in compliance with its
resolution of the 10th of july 1882. III ~
IL Will be seen that the situation of the selected
Banks as whole bears enviable 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 have been confded in Their discounts bave
BEEN IN general, somewhat increased hut though tempt
ed by the enierpsng spirit of the times not usually in
creased IN degree dsproportioned to all their i'm
mediate available means. They have also. in some
cases, been able 10 aid and have beraIv aided othor
banking institutions in their neghborhood by as
and long balances, and other indulpenccs as would
generally appear have been sanctioned hv crroo, -
cipes The names of each, with the amount of money
IN each belonging TO the Treasury and subject TO draft
not only at the commencement of the present venr
bat at the very last returns received can be seen in
three OF the columns of the statement IN Nos o
and 81 The distribution of these sums is generolIv
mat winch has been given to them by circumstances
s9S sUss.9H and is iu5 N
he'd in making transfers of the public money eScent
from points where it had accumulated in The nnnrpI
course OF collections much beyond the present md on
ItG'Pa'ed wants OF the Government in that neighbor
hood or IN sums not proporoned the responsibility of
the public repositories there and points where either
would be better secured, or probably would soon be
needed lot disbursement could from the course of
trade and exchange, be readily applied 10 anv NO n,
Objects which Congress woold be likely soon to sanction
lhese transfers when rendered necessary hive been
formed in such directions, and so graduav tbot !. j.;
believed, they have tended obyaie rather than
any pressure IN the money market, and aid materially
the course OF business in exchanges and the other con-
nercal operations of the country.
The department is aware, that in the urescnt over
howIngcondon o! the Treasury the regulation of these
operations, with the selection and superinend ence of
the Opposite Banks, is task of small difcuItv ami
delcdcy, ana when governed by strict and 1njfrm adj
herence TO sound principles has been atemDted must
necessarily lead TO many disappointed applications Rui
III the absence OF that specific legislation on the subject
which has been and still is earnestly No
parimcnt has not hesated Git is hoped faithfully 10 dis
charge, and frankly TO explain the duties and The bigb
and painful responsibility, which much discretionary
power has imposed.
For various of public portance il was doom
cd desirable, and measures have been adopted and re-
hdatons urged, that the specie in the vons of
number of selected Banks should be still more incd
IN comparison with their and deposites and ,ba
s'il larger portion of the whole currency Of The conn
Try, especially Tor small purposes should be metallic In
Improvement OF the currency during the past wear ron
oil the selected Banks have only continued fo Obtain
ana pay, when wanted, to the public creditors Ameri
gou ou nave entered INTO sautary arrangements for
the redemPtion in large cities of most of their Hills
which may be received in payment of the public dncs
III is hoped that in the progress time these
arrangements may be further extended TO most 10 pt
all OF the bills III circulation Of the large institutions
and the introduction of hard money for the ordnorv
uses sol me- be iaclltated by all the Banks ceasino IN
circulate bills of small denominations II il rra,css;,
TO find that since the adjournment of Congress ~ ~
dtion to the States OF Pennsylvania, MARYLAND V;rgi
MIA, Georgia, Tennessee, Louisiana North Coroi;,, r.
diana, and Kentu"ky, which, before that time are beic
ed not to have allowed the circulation of bills nnder five
dollars, Others VIZ: Maine, Connecticut New York
view Jersey ana Alabama have united in similar lcOs.
lative measures, except Connecticut has as vet exe1d
ed the prohibition 10 only aud two dollar biIls
In Mississippi and Illinois, il is understood III, hl
under FIVE dollars have recently been issued and
Missouri has bank issuing hills az au,, -,