Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-08-21
S2.639,Oo0 p
50O,000 90
Sc $4,000 70

S2I3o,O2O 70
Thus, while there ia due from defaulting banks which
will likely he lost $7597 29 %, there due from col
ecors of the customs. ard receivers from sales of pub
lie lands 50 I39 geo - Blu, this iG not all. Hy refer
ring to the Executive documents of o3G-1, Nos q. "a
81 and IA there will be found lie, Of balances due
from discussing agents Of the Army, Navy, and others
Of about S3GNNCGO, and in the iost Otce department
al least S23n 600
banks a. teno,urIps and is due entirely from those that
were selected previous TO the Incorporation OF the late
Bank Of the United States. The comparative Losses
from Slate banks aud individual depos,orIes was known
To the Secretary Of the Treasury, (ME Woodbury. when
he made his supplemental report Of 1884; he had care
fully compared hem and upon his official responsibility,
stated Congress that the balances most decided
" in favor Of the State bank repositories For proof Of
this assertion, refer 10 the report itself.
Now Sir the whole amount of ccfacatons on the part
Of HE banks Gcpostories according to the Sccreta
rvs own statement was 81 07 9:3 80 since reduced
by paymen, and security, to 500 12 10; and as debtors
on account of their nn,es hand SO 0U0 In report
transmitted By Mr. Woodbury. this House. the 2Sth
Of February last find The amount Of losses sustained by
the Government Of banks, swel!ed 10 the
enormous OF G5S0OU0 without interest," and includ
ing interest," 10 OOOO!! This is The statement: ain
yer 10 the first inquiry, 10 the amount of balances
against all banks which have been used ns public drpo
-iiores thai secured, will probably be lost, add
inc thereto the estimated loss that has occurred by TAX
ing on public account deprecated bank notes, would
Observe that it is computed those balances, so ost VIII
b. about 81 900 coo, and the loss by taking such notes.
about s35O00O0; making in the aggregate, SG5e0 900
This 10 without the addition Of any interest,
the subsfquent statements. If interest cast on the
above sums, the aggregate would exceed Sl3 0,o'O
The Sccrctarys estimate is, that about 81 ,OOOOOO will
be lost by banks Repositories and he "cOmYues the
probable lose from 'coI!ectnrs and receivers al iron
5000 ST. nG0; tho oss al The 10 cslis;ed
upon actual iscs the other upon conjecture feel
confident, that The Government would profit by an insur
that the losses should not excPed2 or 100000
This 10 a comparison Of losses dcposories Now lei
compare losses 10 the Government by banks and nh!
viduals mere debtors The loss By banks, according
TO The report Of the Secretary from their unpaid noes,
is $50 600; from individuals duty bonds alone about
$4,000 600. But here am met with the estimated loss
of about S. 800 0G0 from the depreciation OF bank notes
used BY the Government IN ISL iJ-'lG Gnd IL
Nov, Sir. the Secretary does not furnish with The
Ct any bank, the amount Of depreciation On any
of their noes the amount of notes used, any other
data, upon which his estimate formed and by WHICH II
can be corrected In this state Of things, might leave
this conrclura estimate Of the Secretary not weigh
ing feather in the argument but there facts within
the reach Of the House, that will scatter this estimate 10
the winds. II Will be seen that the depreciation took
place during and Immediately succeeding The war. and
was the result Of that cssmy. The Government waa
not compelled TO receive single note Of the banks in
payment Of their dues loan But il did; and why?
Because il had no money had exhausted it's credit; and
with full knowledge of their depreciation, borrowed the
notes of The banks 10 enable 10 carry the The
GoveTnmen! had resorled 10 the exPedien Of certificates
OF loans and treasury nocs-and what was their crcdI
In letter addressed by MIR Munroe late President Of
the United States, to SIla, f. Burrows the 20lh of
January, lS3lspeaking Of the condition Of the
cy, at that period, he says:
81 well remember, however, that when | Gale d
by the President 10 the Department Of War; the ST.
Of August, loli, the Certificates Of the Treasury
selling at $50 in the $780, by which $50 lost 1t
evident that if reliance placed the sale of
certificates only that .till further decline would en-
sue and that the worst consequences might be appre
hended. The country invaded through the whole |
island and maritime frontiers, and powerful squadlons
the mouth Of every bay and river leading TO our
principal cities, which threatened with attack and
ruin The metropolis Of GU, Union hsd been forced and
public buildings destroyed Such the Of the
county, and the funds when entered the Department
Of War. Under such circumstances. appeal made
TO the patriotism md interest OF the cirs and with
in them by the Department Of War, with the sanction of
The Presden for loans money necessary for their own
defence for that Of the maritime frontier and the Union
For the first loan that obtained, million of dol
lars from the city Of New York which took place fe
days alter entered tbs Department. price was fixed
As Treasury notes selling for $50 in the OO that
claimed, but acceded TO it, 1t left for SUBJ
ssqusn adjustment 10 be settled on fair principles Se
yeral millions Of dollars obtained from The Dis
'r'ct OF Columbia and principal cities throughout the
Union, and, according TO my recollection al par.
Connect this testimony Of Mr. Monroe with the efforts
Of Mr. Dallas, by his Treasury orders Of e4 compel
the banks to receive Treasury notes al par under pain
ut having their paper discontinued in the receipts Of the
public dues. and the evidence conclusive that by U.s.
ing the notes OF local banks beyond their usual boun-
dairy of circulation instead of certificates and Treasury
notes, the Government did not lose but gained although
he notes of the banks had Of war; and tie
destruction OF commerce. omewhai Deprecated but did
not generally depreciac twenty per cent Thus, Sir,