The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1839-01-19

And what does this statement show !! Why, that
for nearly five months past the weekly balances Of pub
lie money deposle in the Bank Of the United States
have never been less than two millions of dollars
sometimes three and half millions, within trfle-
frequently, as much as three millions-and even the
18th Of last month"; 1.-THE latest period to which the state
ment comes DOWN. the sum Of So, 1892 OF the pub
lie money still remained dcposite in the Bank Of the
United States-a very nearly equal to the whole
amount of the bond for which, under the law the Bank
was to have paid tive months ago, money in hand -
And this large amount Of public moneys on depostie in
the Bank Of the United States, too, at period when
according statement made in the Secretary Report
all the rest Of the money the Treasury with the ex-
cep,on of what in the mint, " is believed to have
been sometimes less than $780, 600, two hundred thou
sand dolars' Can any man, with such facts these
before his eyes, doubt the actual and intimate fiscal
connection between the Government and the Bank of
the United States
Another allegation, involved in the resolutions and
the remarks made in support of them, that the sale
of its bond to the Bank also accompanied with
stipulation that the proceeds Of the bond not to be
paid at Philadelphia but at distant places, between
which and Philadelphia the difference Of exchange was
very much in favor of Philadelphia, and that the Bank
TO have the benefit of that difference far it
could turn it account. Do not the proofs furnished
by the Report Of the Secretary, completely substanate
this allegation! 1t is true the Secretary says, "no
such understanding agreement existed the side Of
hls Department. at the time the sale OF The bond
made But he proceeds to show that such an agree
ment was made between the War Department and the
BANK which he subsequently recognised and faithfully
carried into effect The letter of Mr. Biddle to the
secretary OF the Treasury Of the 18th August, '3s,
shows that Mr. Poinset in treating for the sale OF the
bond expressly stated to Mr. Bidde that "ths money
1.-THE proceeds of the bond) will be wanted at the South
and West, and the manner Of drawing for it NAV be
subject OF future arrangement between US" Mr. Bid
die then adds, accordingly, received from the War
Department detailed statement Of the times and
places and amounts of the disbursements for the next
three months" and he says he concluded the purchase
OF the bond IN the confidence that ",he arrangements
we're actually made with the War Department to paw
the money in the South and the West" We have seen
that when the first drafts drawn by the Treasurer
on the proceeds Of this bond and made payabe in PM
laaepnd, Mr. Blddle promptly demonstrated against
'hem as an entire departure from the terms OF pur-
chase We have seen also that Mr. Woodbury. at
length acqulcsced in the reclamation Of Mr. Bidde
and entered into specific arrangements with the Bank
o me payment OF the proceeds Of this bond at desgnat
.N pon's IN the South and West, where, from the de-
sYs1en. SonalSon OF the currency, and the continued
ofa,ch specie payments by the banks" the rates
tho dTn, we're very much in favor of Philadelphia-
e u'e',nco' III some instances amounting m az much
as 10 and l6 per cent ~ ''"''"'''s " 10 ''usn
At the same time that these arr,r,ro,,o -.
win prospect to the proceeds Of The ,h;d 10 ;a;is
arrangements were entered into nv k S "ouu' ''.,'
treasury win the Bank to receive paymen ~ H. 80
,I y" 'ne seconu ooha at various ds,an, nlaces
mostly, also, in the south and ives, rhoan P"ceS'
ments' 1t is admitted by the Secretary in HE NY,
operated IN some respects, benefcaly 10 the Ran -,
but at the same time, he says, they were no, n"
cla to the treasury With view to Obtain scoo
oy which some general estimate, at least. m,gbt ho
formed Of the benefit dervable from these arrargco
to the Bank one Of the resolutions of INQUIRY allowed
on my motion, by the Senate called for :. list OF ali
tno branches or agencies OF tho Bank of the United
states on which the Treasury Department has drawn
ufa'lS the amount of public money directed to be
laced a. EACH and Of the drafts severaly drawn on
Them lnpursuance of this call the FOLLOWING sa,emen,
mas been communicated by tho Secretary.