The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-12-29


he says OF the slightest importance on thai sublec 10
comprehended In this singular oracular line The
sale Of one OF the bonds becoming expedent, was
effected within The limitations prescribed" or the
specific terms Of The SALE 10 whom sold, the mode OF
payment and other particulars OF the transaction, he
Is altogether silent II had been stated, and gene
rally believed that the bond had been sold 10 the bank
itself But there Is nothing IN hereport which gives
the slightest intimaion of who the purchaser was
Then as to the proceeds OF the bond what was done
with them, where deposited, how applied, there Is
the like mysterious reserve and ambiguity There
is nothing in the report Of the Secretary TO assist
conjecture on this point bu, small document sub
in which special dpostes have been made 10 the ere.
dit of the Treasurer Of the United States, derived
only from debts due from banks, and the amount IN
each subject TO dram on the LIST OF December, 1855
This list comprehends but two banks" the Bank OF
the United States Of Pennsylvania, in which the
amount Is 81 ,73s 4SSn Zone million seven hundred
and thirty-eight thousand four hundred and eighty
eight dollars,) and the Bank Of Virginia, Rich
mond, with the pittance Of S32 lag" uhirty two thou
sand one hundred and forly-six dollars) Now, whe-
her these deposites in the Bank of the United States
are the proceeds Of the sale Of lis bond Of whate
yer other funds they may consist, we are LEFT wholly
in the dark. We are told, with vague generality,
that they "are derived from debts due from banks"
but from what banks, from the bank Of the United
States ITSELF or from some other banks or part from
one and part from another, We are leit without any
means TO solve the enigma. From this singular and
ambiguous phraseology, it would seem as IL the Sc
crelary were DESTROYS 10 cover up by the obscuity
Of his language all traces Of his negotiations with
the monster bank, as the honorable Senator from
Pennsylvania (Mr Buchanan) graphically describes
But in the midst OF the darkness in which the Secre
sry's report had enveloped the subject, broad and
strong light breaks in upon all at once, from another
quarter OF the horizon. Within the last two days, We
have account Of these negotiations and arrangements
from the other high, contracting pary,he PrssdeKs OF
the Bank himself He shows nothing OF the coy rss--
and diplomatic vagueness Of the Secretary; APP
parenty conscious that if there had been any loss OF
dignity or OF advantage Of consistency, in the nego-
atIons with his adversary, it was, at least not
on his side every thing in his statement 10 direct ex-
pliclt, positive and unequivocal He announces 70 the
country through his letter TO Mr. ADAMS, that his diff
ferences with his old antagonist are settled that be
has no longer controversies with the Government Of
the Union;" that arrangements had been msde') he
courteousy adds "as honorable TO the Executive of-
beneficial to the public service, y switch had
brought the Government into efficient cooperation with
the bank for the re-estabshment Of the currency"
yes sir had brought (mark the phrase) the Government
into efficient corporation with the bank that I'm the
month Of july the Government had agreed TO receive
anticipated payment Of the bonds of the bank to the
amount Of between four and FIVE millions Of dollars IN
credit 10 The Treasurer ON the books Of the bank; :
and also, that arrangements were made for the more
distant public disbursements in the notes Of the bdnk
Under these circumstances, the bank is willing to dis
arm it procaims cessation Of hostilites "t abd
Gates its involuntary power" and desires only re-
pose" II may well, indeed, retire from the heid OF
controversy, under such circumstances, TO "rep0ss
on the laures Of its victory.
Now, Mr. President this letter is the first official in
formation we have had Of who the purchaser of the
banks bonds It shows as had been generally
believed before that they sold to the bank itself
"a fact which, from some canse or other, the Sc
creiary seemed sedulousy to withhold. II shows also
in what manner the bank was to pay the purchase
- abr hn
sold for money in hand The Government, says
Mr.. Bdde, agreed TO receive payment .in credit to
the Treasurer the books Of the bank" But the Sc
cretary of the Treasury, speaking Of the Government
funds in the bank, describes them Gas we have already
SEEM as special deposifes Presenting that the public
proceeds Of the sale Of its bonds will be for the Sc
cretary to show what Of special deposte can be
made Of a naked credit the books Of bank. This,
it seems TO me, would be sort OF tusns nafurG IN
banking accounts The president Of the bank also says
that the Government had agreed to receive anci-
pated payments Of its bonds to the amount OF between
four and FIVE millions of dollars. The only anticipated
payments shown by the Secretary, in his statement OF
the Treasury receipts for tho year. are one OF
s7l. beng the proceeds Of the third bond and another
Of 81 00O part Of the second bond, being aggre
gate Of 49, s54, s71-three million eight hundred and
fifty four thousand eight hundred and seventy one dol
lars only The president of the bank finally informs US
that arrangements were made for the more distant
Secretary wholly silent to any such arrangements.
He WILL doubtless, be glad Of the opportunity propose
to afford him Of explaining these discrepancies and
OMISSIONS and of showing on which side the error or
fault lies.
At all events these transactions should be thoroughly
and distinctly understood by the country. The charac-
Of the Government and the public interests demand
it. Was the sale of the banks bonds, their
sion into credits the books Of the bank has been
called, simple and naked transaction Of sale. or
u ard
the bank should have the deposte Of the public moneys
accruiDg from Them Till they wanted for actual ex-
penditurc that it should enjoy also the benefit arising
from the unequal rates Of exchange, in transferring them
to the points where they would be required for dis
bursement and that the circulation Of the bank should
be aided and extended by the Government by its making
Of the notes Of the bank in its distant dsburse
ments? Has the bank been made depository ard fiscal
agent of the Government for the arising from the
sale Of its bonds only, for other also transferred
from other sourccs7 All these are questions to
which the public attention is keenly awakened and it
will be satisfied with nothing short of thorough eluci-
daton Of them. II the hostlites so long existing be-
tween the Government and the bank have all Of sud
den ceased and their controversies been happily adj
used, the president Of the bank informs u.s. the
country is interested in knowing what terms, and by
what MEANS the adjustment has taken place. Is the
cessation of hostes an armistice only or final pa
ci6catonl is it treaty Of peace, or Of both amty
and peace! Is il alliance, convention OF sub
sides If an alliance is it offensive and defensive, or
defensive only If convention Of subsidies, which
party pays the subsidies and which furnishes the
tngen. Of auxiliary troops II finally, the bank db-
dicaies its involuntary power" is it total and COM
plete remuneration Of its claims to empire or does
it abdeae the throne only that il may be the power
behind the throne, greater than the throne itself"
These questions acquire still graye1 character
and deeper interest from the significant speculaons
INDUCED on the appearance Of Mr.. Biddles letter
by certain leading journals known to be friendlyto
the bank, and supposed to be, more or less CONVEX
SAINT with its views. One Of them commenting on
The letter OF the president Of the bank, says, the
bank WILL no doubt, in the course Of short time,