Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1836-11-01
Hon. LEVI WoaHEvEl.

4 very severe pre- sure upon the money market.
believing it viii 1--WE you pleasure t" remove the exist.
ing evils, 50 far a. IS compatible with your oihcial duties:
we beg t. suggest, i"r your considerations. The postpone
menl Of the warrants already drawn OIL Banhs III the
city oil New York, and running 10 maturity, in favor Of
Banks in the State Of New lork, lhiIly days from Tie
limc they respectively fall due: aud all those payable to
Banks out Of Tie State, 'h7re and six months; aid, III
The meantime, 10 direct the Banks on whom those war
rants are drawn, Ia place the amount OF those IundS III
the respective places required.
Il NAV be proper TO remark, that we have moi come
here rs delegates or agents Tor ANY institutions or others,
bu, IN our individual capacity, knowing the above facts,
and 10 represent them 10 the Secretary Of the Treasury,
being fully persuaded he feels Il deep interest in tho vel.
lalc "i the country.
We have tie honor 10 be, Sir,
With great respect,
Your most obCGicni servant.
GEORGE GHISWOLD,
BENZ. l.. SWAN.
Ilon. LEVI WooDBvRY.
TREASURY DEPAErMrXr.}
October II, lc3G.
GEHrLEMGN = Your communications Of Tie 90 in
slant have both been received, and carefully considered.
In respect L" your suggestion abou. the Inint, and the
readiness "i the .ilnN VI America to aid the Govern.
mcli without Charge, III procuring i supply of suitable
metal Tor coming. am happy 10 acknowledge The lib"r.
ally o. the offer, and TO state, that The director of the
mint, us long ago as lust August and September, had lu!!
authority conferred on hiIl for this purpose. Al the
same t!uc he WIS requested TO make s~casonGLle prepara-
ton 10 obtain iAe amount Of metal probably needed to
keep The mint N foil and active operation, and was as.
surcri That any reasonable sums OF money would ac rams.
lrrrrd 10 him Ion tia: purpose. ] trust that on your see.
Ing INN, or opening Il correspondence with bin, he Will
give a;y further .nio:nlal!o desirable on This point.
In respect /" Il" other topics in your letters, connected
wil4 lie present safe Of the money market, you do not
err III = believing |; will give me pleasure to remove the
existing evils, IS tr as IS compatible with ny cEiciaI
duties"
But as the ca:scs which you Justly assign 70. those
evils are SO deeply seated and wide spread, and are 50
disconnected win the operations OF THIS Department. Il
is hardly practicable that any durable or efficient relief
can be obtained, except BY Il reu!Ora! or modification Of
Tie causes Themselves. This removal or modification of
the cnirt and primary causes, must depend on the re-
turning prudence, !nUdcIation, and good sense of the
community, s""*ra!iy, in limiting trade within reason.
able bouncaIIcS. nbaCdonlng numerous wild spcculations
in lands and stocks, and in managing their banking con-
Germs with Il sir!c'eT regard TO true banking principles.
Tie only cause over which this Department has any
Immediate control, being the execution Of the late Grp!.
site act, you Will readily perceive that its several provi.
sions having enIaNt tied from Congress, and not the I'rca.
sury, can legally bc chlnged or modified by Congress
alone. In the meantime, those provisions it is my duty,
and VIII be myt"are, faithfully to enforce, while they re-
main Il part al lite law Of The land. But every indul-
gence which cain be granted, consistent with Those pro-
visions, will cl,erinl!y BE- givc!i to the fiscal agents o.
the Treasury, and through them 10 ,ic curntncrc!ni com
munity, as well as 10 all persons uniavurabiy affected by
the operation Ct n portion Of the depnsi!e act.
So far as regards your requests, there liz a discrimina-
ton to be noticed between two species Of distribution Of
the pnbie money repaired Ly the act.
1bt !i!SI c!sN'!Iit!'I 10 lNt u!IiC.Cl DalSS sd !
that no one shall be allowed to h"Id permanently more
public money taan three irnitits tr amount Of It's CAPT.
tai. Tins is not III any degree ppsiP0ned by The act tu
the next year, or ";r other specified time: but is 10 take
eject as soon as practicable. or according to lhr fair con
slruction Of lii" iulrn;luH Of Congress, soon as il can
reasonably b. effected. considering AL the vaII0Is cir
cumslanccs connected with so large and delicate an upc-
ration. In your c:iy alone: lis operation vii. require The
transfers OF sn:nc,'i:n- like ci"h: millions Of dollars from
the old deposite banks 10 new oncs, either i'll the Stale
or out OF it.
The 81 lection and organization Of new banks to re.
ccivr so large Il sum, and the collection and removal Of
so r:rat all dnuum. gradually and safely. have, with the
Ike operation III other srclIous Ui The country: severely
taxed my attention and Inburs for sonlc months, and are
still dutGE il.
Besides this Gsai distribution OF the irposiirs. a second
one is rendered necessary by the drposiic acl, among tn"
dIiirT"n; States III ra'rab!c proportions. ur!cr this las,
operation. the proportions are net required To be actually
paid over 10 The States Till next January, aud quarterly
thereafter during the year.
But the preparation beforehand to ensure their pune.
lual and prompt payment there. has been careful and con.
slant, and COUPLED, whenever convenient, with the lirs,
aud earlier distribution required amnng the banks, 50 us
to prevent The great Inconvenience and pressure in the
money market attendant on dHnble transfers, first from
bank 10 bank near. and next from State to State at IL dis
lance.
| have, therefore. III cases where the public money had
largely accumulated il any banks in any one Stale, and
new banks cou!d be scasolabIy obtained in otl.cr States.
where only q little public money already existed, made
but one transfer to accomplish both objects, and bv = sin.
gle operation have reduced the excess IN certain banks
and IN certain State. and placed in lie States where i,
would be needed next year: and where they before had
not an equal portion Ut thc public money.
In accomplishing these objects with Il view to arr2nrc
upon an equal ana propnItnnaic basis, the drpns:ies
among both the banks and The States, as required by the
law, due notice Of The times and place Of large payments,
has been glren;sn as % proceed in a gradual, ana at the
same time, seasoauhle manner, CONSIDERING a sudden and
immediate transfer Of ,Ee whole, not only inposS6ie,
but'l ulnous t6tflc pmmuni as well as the banks. and
not intended Ef tie act. Whrr it has been asccr,aincd
that thr ~nptra,ion going on was loo rapid for the resources
of the banks br The htighboriIood. wiihnn, great distress,
/ have extended tho rr!.odo of time for the transfers, and
especially those .o:d;staf% States, (Which are less urrent
than the Others under the law y provided it could be
done without defeating the spirit as well as tho words of
the law, and without hazarding its faithful and prompt
Adiering 10 these principles, do not hesitate. Oh vour
re representation, 10 extend the time OF payment for most
Of the transfers not yet due from the several banks in
f1;k city, though the transfers IN your own neigh.
borhood, and particularly those for the reduction of The
deposites 10 their legal amount among these banks, can
with %prorririy. be much longer delayed. Su,ne OF
The outstanding transfers have now 80, CD and 30 DAYS,
Dr. nearly thai, to run, before payable; aud several of
hem amounting III all 10 about one and 4 quarter mil
ions of dollars, are RIO, payable al i distance, but in your
1wn city.
All those payable out of the city and State, over The
AMOUNT Of transfers payable from other States before the
li OK January, are less Than one and L half million Of
Those transfers from your city, which fall due at home
= VIM The State Of New York before the Isl of Janu-
~" H. tnrre'o7e. as you desire, be postponed 80 days
r., ~ Viz; oI" n with ~pEoprie!y, be further extended.
! 'iose WHICH 'a! due out of the State, before the lst Of
January, will at once ali he ostnoned ~ ,nn l., ~ Irnr
aTy, as lhe chisf' though not sole object Of Them is 10
IL may be proper to add, by way Of fur,bs, cyni,n,,;nn a. ; ,ho
,h"t, II all the above ordered transfers 10 uI,sr S,,,s ,om
'cndi,arcs should TAKE place, there woHii s sHns rsm,i6 1Gs &C pts, or sA
i'd dollars %IH. = Of o ii tina am nn"Ic IN ~ us s0 o, om,n capital. abOu, ten millions
Etooao'e pf'fqtttoa OF that State, under the provisions of he