Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1836-12-22

bfFf
l. ilru ninc millions. being almost the last dbl
t,r /, til TTrasuf,. could BE- disinanfed-tao
Iaillisn> 81 iur Ipftis "a al = Tine 81 unusual
,r, sore, low itaHprns IT that Win funds rqtai Is
aifK millions, and VIII sN months H1ilfe, nm
n,illioHs cannot naw tc Observation-Disclosures a
mpng err own ltoTit-i u Time oi great aoan-
luce, u irl1ui hsz 1rding a eon.ulsion ! ! ite Al
.a.r !, ~ H. f.ura ia - Inherent mode - COM
s.uciiaf the operation. Ia, u.a. he SEN b'
contrasting wi,t tie Ss.f.t"fs might have In,
: az "iIi - itts ilare.
Tic distribution Law as.igued 10 him Two duties
10Th san L. and butl, tssi-fbe divnion OF tie
ftrds a.npns the Bsuss aud sir division ""'one
Inc sts.,s. A, to ir nat lac was 10 sclret as
soon =, may h. pra, ~ .1i' an en- rlny rs the de-
oe,itafi,s II the nIonc, ri the United States. such
II the Il lnk. rs M. &c lteat,d Al. SdI,e"tt, a.
eonv, aicni "a the l'otais "r places At "tiei, HE
nvrnuts ~, b. col cid urtisbarsee-' l'rosi'
drd tlai ~ ita,i one such Eank sanii b. located
IA rssh Stltr or Ittutor -" al that no Dap'
snail in,r on deposit moro Than ,troe.ion'l'' oil ITS
rapita.."
lieie ). nc suiiiorit, whatever IL distribute lie
mon , from tie Banks oi onr Siai. IL TIE LAM
Of another Stair. On Ia" contrary, by the t"'iih
,.etia,. all transfers =. Tor any other purpose
whatever t,ctpt III fae.it-,e the public dl,hur,f-
meut. and 10 enmpl, viii the provisions, oil tbs
act IL v b'i'' - ~"
PAL" and !" incase> " here transfers shall berrqn r
ed for purpose. of 20 alzatipu under tine pro'i-
.lonS oil lii, act Ia Consequence al too great an az
cnualation Of deposits IN any Dank-auci trans
frrs shall be made "a the nearest deposit Gdihs
wlicl, are considered safe and SECURE : and al
though the supplement SAYS that nothing shall pre-
ven, him ir,m msking transfers from States 10
States, " wllrn required to prevent large and m
convenient Accommodations IN particular Piae-s, or
IN ordor to ,u duoe u due rqi,lIis and lh>t Pro-
pnrt,on according 10 til. prosl,'"ns oil mat Az,
tho rrnrrul policy Of The law 10 keep the deposits
lng.thfr. unless under peculiar ,n,efbensits' re-
main unchanged.
Under tn, law his duty was ~. clear as POSSE
biz. He was 10 see thai no Bank should have
drno,ltr Of purc than Ilnoe.iourlfs ot It's capital.
The revenue IN In" great ciii's, thrn should be-
divided amonp the haaks IN those el'"', there
h, ny in each Of them solvent Banks enough to
receive A.. There was no necessity Tor srndIng u
doll n OF It out Of these cili",. In Ne" ioik "a
lone, say, le. a. the operation VIII require lhr
transfer ofsonctlinp Ike eight millions ol dollars
from thu old deposit banks TO the new once, either
IN the State or out Of H." But why out ut II nj
all Why could not the iesenne already 'coei-
we'd ~ \. Iols and falling dos IN \. YORK, b" d.
.iIcd among the y. York Banks, To support il"
nadr OF New 20 k 3-Nhv mol let 1t renain ac-
I'VE lllfIt MP 10 llp idNi iluhI WIZ " va I"N"-
he 10 the Slatc,1 But the law required thai
there should be NJ least one deposit Bank IN each
STATE. Be il 50. Thea make il deposit Bank IN
each Stat, If there be not ore already, aud CIV"
II a deposit, which, while it satisfies the law, will
not carry away iaio inactivity fund, ,sal II leht he
useful Ia places Of business. There was then n"
necessity To send a dollar from New York, or III"
othrr commercial cities, mcfcl, Tor III" rnrE'ns'
Of preventing any one Bank tron having morr
ban ,luer-tourlls nlits c"pitai. lhatis clear.
Mr. was II morc necessary for the purpose OF
distribution among tie States. Tn" law says:
" That the mone, which shall be ~ the Treasury
e the United States, on the Isl OF January, 1887
shall bf Law aul,niiz q" Iheir Treasurer or Other
competent authorities 10 receive the Same-'nd
the Secretary uI the Treasury, shall deliver the
sanrlo such Treasures OF other competent au-
thorlic, ou receiving certificates OF deposit there
for" lliSlN the ni.uic .aw.-NoW Md. does II
contemplated
III. unun,, mist te in the Treasury an the Is
Il January, 1897, because up 10 that TING II ~ nu
hnuwn Watcher the Stdt", Will take ,t-Iecl,ni'
oalls and legally, the Treasury is at Washington
practically the Treasury is Wherever thu d. post,
of the public ronics are. But tho SecreIar, u
HE Tredsar> ls an Official person whose ONLY III
cal residence Is Washington. Accorlingl. :
Treasurer Of State surs To the Secretary \
Wdsllnctun-and presents 10 nm the ctrllhtditi
of deposit. Tie Secretary ti.rrcup.," delivers
to thr Treasurer has 81 tc's quota. But no = doe
lc deliver III Is, an actual manual CO nllni
out OF tlr,r dollars No. Bv a check on lh
Deposit Ban, AT " a%>lIin.lnn mo. But he de
liver, 10 the State TftA,arcr a, he does 10 an
nthrr person receiving money. IA drait Tor th'
amount on some one Or more OF the dcpo,,toric
which compose The Treasury. Is not ,n,i, i draft
, the usual and proper made oi making public pay
mrrl. - Iouhlrdly And then We cnme Il
he r.4l question. Ma. II necessary 10 make in al
Vance an, tra,Sfri ot funds wlmtso.I"r INTO tn
several States merely because they bad the optsn
! on certain conditions, of receiving them ! II lhrr.
was 40 such nrc.sit,, lhrn the lSilI section OF til,
law makes these transfers Illegal. Now there j.
CLEARLY NO such necessity. The money WIS 10 b,
deposited with the States not in them. Ii was mr.
er>satllv paid in Washington hv drafts 81 nihc
places. II YOU say that the Secretary must pa,
II into tho State Treasury, II IL not enough Il
bring IL into the Siatr-lr mast take II In the sea
ui Government. Pennsylvania must have he
share; not in PhilidclI hia bnt i, Harrisburg
\. York must be paid ? not IN 4 city oi \. lors
but IN Albany. II the place he mol fixed by la,
llIe mnlu,l convenience oil the parties viii drsig
nate it. NJ" There is no ind. iduaI aud no Stat,
IN ia, Union that would not prefer payments j,
New Iolk ur the norm Atlantic cities, To pa, mcnt
. any whore else. lft,c State otOhio. ir instance
mad II draft on New York, it could sell II to it cit
IzrnS, u,,tulis To than aud protitably to the Urea
snrN. Ii does not wanl the money brought To y
ilio. Every mile ii CO es on the road lessons II
value. We may safely conclude then that ihrr,
Wa. no necessity for sending a dollar of publ
/ ,ht,,A fran \ NArL az sl, mann. | ,.-. l.