Richmond Indiana palladium. [volume] (Richmond, Ind.) 1837-1839, 1837-10-07

- =. b1lks III lSl i, more state uStttussouS "CAo
employed, and the former systcsn was thus naooi
fed until the charter Of Z second L. s Bank IN
lslc.
The losses from 1871 10 1877 we're considsra-
h.c-No direct losses from banks during that pc
riod appear on the rccons OF the Treasury.
Yhe third plan carried into effect in 1877,
the first specific one pointed out by law. II was
the nct of Congress Incorporating the bank 1t
provid that the public money be placed IN INC
Bank Of the United States aud branches, unless
the Secretary of the Treasury should direct 9th
erwise /, was left to be implied that in other Pia-
ces State banks might be employ cd, or had pre-
viously been done; accordingly, several OF mo
old State banks were continued as pubic oeP"s'-
cries, aud several new ones were from umc 10
time added, til 1888. when all the repositories
were gradually ren,ov cd from the I. ). Bank u
the several State Banks.
Between 1916 and 1888, some large losses oc-
cured They were chiefly by means Of state
banks though some happened with Collectors
.nd Receivers, while the money was IN SneH Gus
tody.
The dcc,Icat;ous BY the banks during thar pc
rio1 and which have not since been collected, a
mount to about 81 100000, without computing
interest 300
Another plan was udon:ei from October, 1883
to july, 1886, of using State banks almost eAciu
sively. During that period, no losses a'c N.
to have occurred by banks, except on uepos..o
the Bank ofAiexandfia, IN TINS Distrie',oa 80,
5lS OF which sl4!s7j have SINCE been Psia, anu
the residue is supposed to be secure.
From June 1886. TO May, 1857, similar hhe"i,
! Cd has been purcued. except that MS terms anI
conditions were specially reCuiS'e1 ~ :" 90 -
Congress.
Tbs l,s, mode. as already reported 10 Con-
oress ceased by operation of law during the ias'
spring, except in relation To tive or SIN oePos..o
banks. which have continued to redeem their notes
in specie.
. The direct losses sustained under IL appear "o"
to be large. Bat, in the end, as recenus eo"n''u
l,,;c, to1
: Likely to amount to any thing.
since las; Nav, tho method adopted has occn
u use those six banks To the amount au'hofl1eu
r onlcr the act of Jane 1896, and 10 resort, IN con
: f,rnitv TO the eighth section OF that acs, " uo
. laws before IN force, as u guide iof Kec"s o
= fcSidue. 49,,
y Those laws required the Treasurer TO keep
!, and disburse the public money; ana inc ov w
: has been since pursued Of employing 'ao -
ing officers, sui cct To instructions from 'i'c
. urer and this Department TO keep the iu,n9 as
$ safely rs possible which they collect. hei;
/ course HIS been 70 secure them in iron sales ana
II vaults of their own. or place them !" spee'"' -
c posite in the nearest bank.
If No losses under this method have YET oeo" ~
- ported or are supposed to have happened.
:. IN SENATE, SATURDAY, September %
q SPEECH OF THE HON.. JOHN iIF -oN.
It O.s tie subject Fl TIE saofreasary System J''
{ coygec,iar and siis5ursing the public rereHnc.
now under consideration was ct $, 'nlch nhi'''e
: ance - The peop.e of the State winch he had III
:, part tho homo. 10 represent here that he eit IL u
> he his duty to claim the indulgence OF the senate
g II short time, while he gave his views on some
. he TOPICS that at this time engaged the pubic ut
.eot;on f,on, one end 10 the other o: the country.
IN a time Of pcofocnl peace. snrfonndcd as We
thought By all the elements oi prosperity, We
are suddenly arrested IN our on" ard hhnFch ny .
widespread dcsoIati0n, commerce crippled, pup
t.rsf
,,uhlic T'raas.,ry bankrupt. The late session OF
cnnoress had bat Just closed, the members had
sc,rce,, had time Ia return TO their hcmes, VINCE
We are summoned I, rctarn 10 Washington TO leg.
isla,c the Gov crnncnt out OF It's dihcuities' "'I
i We find ourselves here in September instead OF
e December engaged in dciibera;ion on the m"oe
h ami manner Of relieving the distresscs OF our
Z country. . ,c
c rba ;nnuiry naturally addresses itself to every
u mind, why Is his 50! what has Pfoamceu ',1
: VIVA, IS the remedy TO be adopted! The honofa-
t lie Senator from South Carolina, (Air Caihoun')
y when he proposed his amendment 10 the Oil IN
i dc. consideration, few days ago, told US hat "s
question should be met boldly and maniuiiy 70 use
has words. let every one ssa'a ne'o sl" cen.
j hand I(said NJ. To- respond TO that noDc sen
J ,;nan. OF the honorable Senator; the qucs.ion
IS I,Il3 be met boldly and fairly; this |. time Q,
D docn anxiety Will. oar constituents; there snona
If he no slu,hing among their piioiic sersau.s
J. toe ehouI sc K freely OF the causes when nave
4 ,,.ool tn. prceeot ernba rrnssmcnt. and acs
=
= 5ron,a.lv on such measures as will FeieFe the
d People, III.
+, Bank Of the United States was the iT.t sap
J. he present en,5arrsssn1ea; the transfer o. u.
pubic dcoosi.es ffa bath TX T. 'is iS;al 81
h t etir,,iated ,,,-se institutions = e-.rhfaaah'
al issues. far teyoti their ability q &c
they H,e s. s P diss5 ssil . ssa1 ss
:. -,,ien-e the people in the ncighbor
g h hoods of these sn, fading that bank ascol
ii msla,ions could be had with facility: cnte e..
d ia,.eiy in specula,ious in public binds town n-
il AMI other property exiravagance IN ,ins as We.
is as in dressing increased their iadebiednass; ~ 2
,oIsl,r End contracted debts beyond their abi.iis
to pay ;specuIatioas were uPper'nos' IN the MN
TX ofc.crv one. .,,
X The Executive Of the United States, seeing ,.o
v ,,...s; domain rapidly exchanging for credit On nc
books Of the bant ds,er%neS 70 e iss DE-
IL issued his Treasury order Of July II, 80; -
mo that nothing but gold and silver shoa'" De
nv oeived in paymen, f5r the public lanas. IN
the operations Of this order. those engaga y,