Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-02-13
Tsyenty-Efth songress---2d sess.
IN SENATE.
r.
iueSany, rc0TMfy y.
COMMONWEALTH BANK AT BOSTON.

the Senate: calling for information respecting the
amount Of the public moneys in the Common wealth
Bank at Boston, be referred 10 the Committee Fl.
nance.
In this report said Mr. Webster, the Secretary says
that instructions given by the Treasury
Department to tender bank notes Of any denomination
10 public creditors officers; and he says Of Inc same
time that il mpract;cabe pay all The pubic cred
ilors especially The senbnard in specie, as sufficient
could not he collected The law, therefore, has been
plainly one way and the practice the other ihe nct OF
Congress says no bills not equivalent 10 specie snail oe
offered in payment; and cunmend this report to The
particular md careful perusal of those who suppose
they Gun maintain specie currency for Government,
while they suffer the general puper currency OF Inc
country 10 BIZ deprecated. In ing optuion The State
OF things detailed in this report is correct sample
or lureasle of what shall experience" on u
large scale when the Sub Treasury bill shall have be
law, and nominal specie currency, for revenue
purposes. shall have been established Although The Law
existing precise and positive, that Government o.
cers shall pay all public creditors in specie nr bsequ
yacnt To SPECIE and shall offer them nothing else, yet
the Secretary says that has been impaclcab' 10 no-
tain specie tor this purpose, either OF the banks OF lie
merchants and this he says al Time when there ~ sup
posed 10 Je large quantity OF specie ~ The country
Here then is exactly such stale OF things rs We pro-
Dose TO establish by sub reasues and an exclusive spe
Gle CURRENCY. We see here precisely how the sysrm
will work While there are banks amd banks there Will
be- the specie will inevitably get ino the banks; ana
whenever any disaster happens 10 The banks so That
they suspend specie payments neither The Government
nor the merchants get the specie out Dues to 20,
fc'hhe" u'''''' VIZ m ~, H. J IN .nc I'm
dues rom oo'et"'i'e"' VIZ "'' v" p 81 tJ, md
Tue o'heI manu. 1" '';s O4NS n J''nd an nrcIns;ve
specie currency will he useless and unnecessary. The
result of all will be that excluSive specie currency will
ne always sl'nef unnecessary ~ ,''P' -
be a supsriuily or un mpossibIty.
ne following SUMS VI Puo''' ann 'ff ~ "
Srcretarys report, To he in drpusite III that banE
ISL The sum standing 10 the credit OF the
Treasurer Of the United States, S''io'o
I'd Sum reported as standing 10 the creah ~,
of the collector, o"i'ii
Sd. Amounts 10 t!re credit oil the late pension
agency, l'4oa7
4th. Amount s'ahuihS u INC c'rn't ~ VIE IN ooo
commissioners for building the custom house 'Oo0o
9th Amount 10 'he c1eo' Oh ''"J"' o'''G' I'm
Ordnance Department. ro,o ''"
9Th. Amount TO the credit OF the usl o!'cc .c,,
Department., 'Ioif
9Th. Amount 10 the ere dit ot the faymaslef- ON
General, '4o
Making total Of S33993f
The Secretary represents these deposes 10 nave Deeh
made ranrraiy IT, fe the suspension of specie pay
mens but that Si50.00n received by The BANK IN
October and December last, drafts which had been
issued by the Treasury IN iavnf Of me oanK nF'oFe '
s,sprusinn No money has been directed tn be deposit
ed in III. bank since the suspension IL s not sla'ru
what security exists for the payment OF this large sum-
or whit is the chance of its payment.
As %
and boun,les lind attached 10 the report letter from
the President of the Bank in which he says, that n
all cases where bills Of this bank or any other bank
have been paid BY This bank 10 pensioners or le al
lorneys, they we're voluntarily received ny lheln =
The nature OF these voluntary receipts of payments. III
deu,cc:aled paper has been sufficiently shown by The
letter and the affidavit which have laid before thu
Senate. The affidavit seems not to be deficient IN
facts. ,.
Here Mr. w. rcoo Inc ahdaFH OF .nr' ficAe''ns-
and
The whole annual anunt OF prnsnns paio al boston,
is three hundred ana twenty th"Sa"o u"''as' :" ''r
ahouts One hAH lhiS SUN - ''e ""'''eu """
thousand dollars; ana Tue agent as MS ~,
pynI the PENSIONS actually enjoys Inc use Of 'ns sum
the whole year
Suppose the use Of the money tn he worth SIX per cent
per annum the compensation thus made to the pension
agent in Boston Is noir 'han nine 'n"rsan"
," III New iia'nPs''le' M"s' W. ~ as .rJ A,
agencies one al reE.s''ut a'u "'I I,,s nv
Tue portsmouth a" o, Tls ,rsnI iherlarr
the!eao"u,"' 10 H,nu I half ,h; s,, saw G,icen
ms usuu''y VII "a dII,,s tho interest of whch
lhousana i've "u 't','.anJ I,Jin,s
"o''a VIC E"d nns;on Office The amount Of annual
Al ehe So"c"'u Ps: ,,,nJ dIlars One half ,r
paymeh'S Is s"'y ~ Lnmd ,La ,rs,, rpcsvss Cor
TINS sum oeins usuaJ =" ""' ~ Wv ,i &c ,h,, on.
dlschargng the du'iPs ol us o''G' ',,e u'' M
hall, say oil thf'y '"'re '"ous""o , -, .,aa,,
rate Of SIX per cent per annuH' 'M"""'s W "eer"
hundred, or two lh'usann o"I's suns d
en- from Official s't'ene".'' "'u I's o
The other general i"c'S "o'u'"tu n'"' ,a e., I.
1t will probably Strike 'p .."".' ~ Wv mIu
s"as tISr hasa dnys If pro..sed economy and rp.
pey ~ ,ha T.-i nlocr all will admit that This mnde
81 NAL comn.nsa,i"n is the worst in The world
vi cnII IF tho Government every tIay al hazrrd
ho ,nndn If MAKING compensation or this amount
~" ."s con he Teconccd 10 the words Of tfe
u i'aos which declare that there shall be no
"c' u ,;,hou, authority of law | hope some
co, n,Psn"n ,rI, undertake 10 explain
'el'a" VIZ. h believe no, in nil. the list will
In mos ss aSsns are Presidents of State Banks; but
,n" o,noin,n,enIs nevertheless are personal appoint
"e pJ o hanks themselves are not bic for
,ho ,,s Gdeli,v As have already said, the agents,
tne aarh's .ue''! a;.or,c Cre,nn,.nt ri W hands
,iNe p.' s dischnrTe of The duties Of their office
,"a ,'t ,ba, The Committee on Finance will see the
5' - same further legal provision on this subject
49,, .,a,Lir,r nm This snbisct, | will (snid Mr.