The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1836-11-18
TgEAsuRY DEPARTMENT, !

OCt0utF -, lc0l
GEsrLrNFS Your communications OF The 22d
inst have 10Th been received, and carefully con-
sldered.
In respect TO your suggestion about the mint,
aud the readiness of the bank OF America 10 aid the
Government ihcut charge 10 procuring supply
of suitable metal tor coming, | am happy 10 &C
know ledge the ibcraity OF the oifcr and to state
that the director OF the mint, as long ago as last
August aud September. had iull authority confer
red GA nlm for this purpose. Al The same time ne
was requested TO make sessonable preparations to
obtain the amount Of metal probably needed to
keep the mint 10 full active operation, ami was as
sured that any reasonable sums OF money would
be transferred 10 him, for that purpnSe. | trust
that on sour se,iag hlm, or opening corresPon-
dence with han. he will give any further iniorma-
ton desirable on this point
In respect 10 the other topics IN your letters,
connected With the prescut state OF The money
market, you 60 not err in believing /, Will give
me pleasure 10 remove The existing evils, as tar
as is compatible with my Official duties.
Blu, as the causes which you justly assign Tor
those evils are SO deeply seated aud wide spread,
and are so disconnected with the operations OF tins
Department, it IS hardly practicable that any du-
rabe or efficient relief can be obtained, except by
removal or a modification OF the causes them
selves This removal or modification OF the chief
and primary causes, must depend on the return
Z ing prudence, moderation, aud good sense OF the
community, generally, in limiting trade within
reasonable boundaries, abandoning numerous Wild
speculatons IN lands and stocks, aud w managing
their banking concerns with stricter regard Il
true banking principles
The only cause over which this Department has
any immediate control, being the execution OF the
ac deposire act, you will readily perceive that It's
several provisions having emansed from Congress,
aud not the Treasury, eau legally De changed or
modified BY Congress alone. In the mean upe'
those provisions II is my duty, and will DC my care
faithfully 10 enforce, While they remain part oil
the law of the land. But every indulgence which
can be granted, consistent with these provisions
will cheeriuIlt be given 10 the fiscal agents of the
Treasury, and through them TO the commcrcla
community as well US to all persons untavorably
affected BY the operation of portion oil the depo
site act.
So Tar as regards your requests, there is dis
elimination 10 be noticed between two species y
distribution OF the public monty required by tn,
act.
The first distribution is between different banks
so that no one shall be allowed to hold permanent
Iy more public money than three-fourths the a
mount Of its capital. This is not IN any degree
postponed by the act TO The next year, or any spe
cited time, but is TO take effect as soon as practl
cable or according TO the fair construction OF th
intention OF Congress, soon az II can reasonably Dc
effected, considering all the various circumstance
connected With so large and delicate an operation
In your city alone, its operation will require IN
transfers OF something like eight millions OF Dol
lars from the old deposl,e banks TO new ones, ei'h
er IN the State or out of IT,
The selection and organization OF new banks L
receive so large a sum, and the collection an re
moval of so great an amount gradually anu safely
have. with the like operation in other sections q
the country. severely taxed my attention and Ia
bors for some months, and are still doing it,
, Besides this first distribution Of the deposites,
second one il rendered necessary by the deposit
act among the diieren, States in ra,eablc proper