Madison Whig advocate. [volume] (Canton, Miss.) 1839-1841, 1839-02-23


lcifc terms of the sale, 10 whom Sold
the mode OF payment, and ether partlc0-
lars of the transaction, he Is altogether
silent. 1t had been stated, and generally
believed. that the bond had been sold 70
the bank itself. But there = nothing n
the report which gives the slightest infs
nation of who the purchaser was hen-
as to the proceeds of the bond, what was
done with them, where deposited how
lapplied. there Is the like mysterious re-
serve and ambiguity There : nothing
in the report Of the Secretary even 70
assist conjecture on this point, oaf
small document ~abioined 10 his report
which he calls "a list of banks an which,
special deposifes have been made 20 the
credit of the Treasurer Of the United
States. derived only from debts due from
banks, and the amount m each SUBJECT =
draft on the LIST of December. 1885
This list comprehends but two banks.
"the Bank of the United States Of Peau-
lsylvania, in which the amount = ST.
i 73S.4 49, Zone million seven hundred
and thirty-eight thousand four hundred
and Lightweight dOllarS,) and the --B1nS
of Virginia. Richmond, with the Psttance
of S32.I46.~ (thirty-IwO thousand one
hundred and forty-six dollars-l Vow,
whether these dePosIteS IN the Bank OF
the United States are the proceeds OF the
sale of its bond, or of whatever other
funds they may consist, We arc Ieit
wholly In the dark. We are told. with
a vague gene rality, that they '-arc deftV-
ed from debts due from banks; bot from
what banks. from the Bank Of the Unit
ed States itself, or from some other banks
or part from one and part from another
We are left without any means 10 solve
the enigma. From this singular aad ann
biguous phraseOlogy, II would seem a p
the Secretary was DESTROYS 10 cover up
by the obscurity of his language al
traces of his negotiations with the n pr
ster bank, as the honorable Senator from
: Pennsylvania (Mr. Buchanan-l graph
calIy describes it.
But, in the midst Of the darkness 10
which the Secretary's report had enve-
! Ioped the subject, a broad and strong
light breaks i'm upon US. all ut once from
another quarter of the horizon NIthia
the last two DAYS we have an account OF
these negotiations and arrangements
: from the other high contracting party
the President of the Bank himself lie
shows nothing Of the coy reserve dlpio-
matte vagueness of the Secretary ap-
parently conscious that If there had been
: any loss of dignity, or Of advantage, or
of consistency, in the negotiations with
> his ancient adversary, II was, NJ least
z not on his side; every thing IN his state
. ment is direct, explicit, positive, and I'M
equivocal. He announces TO the country
through his letter 70 Mr.. Adams, that his
2 differences with his old antagonist are
1 settled; that he '1has no longer cOntrO-
4 versies with the Government Of the
e Union;" that arrangements had been
G made" The cOurtcously adds las homo
: rable to the Executive officers. as bene-
] fetal to the public service, ~ Inch had
a brought the Government into efficient CO.
> operation with the bank for the rc-esta D.
3 ishment of the currency" yes SIR. had
II brought (mark the phrase the Govern
ment into efficient cooperation with the
r bank; that Esin the month of July the
: Government had agreed 10 receive an
= anticipated payment of the bonds OF The
e Bank to the amount of between four and
i five millions of dollars IN a credit 10 the
e Treasurer on the books of the Bank
/ and also, that arrangements were maize
e for the more distant public Disbursement
: IN the notes of the bank Under these
u circumstances, the bank IS willing 20 DIS
e arm; it proclaims a cessation OF hostiil-
: ties. sit abdicates its involuntary power,
d and .'desires only rePose-" IL Iaay we'll
n indeed. retire from the field Of contro-
/ versv, under such circumstances, % --re-
e Dose,' on the Iaurels Of its victory
ii Now. Mr.. President, this letter IS the
I first official information We have had OF
e who the purchaser of the banks bonds
G was. Il shows, as had been generally
n believed before, that they were sold %
D, the bank itself-a fact which, from solne
e cause or other. the Secretary seemed Sc
L duIouelv to withhold IL shows also IN
e what manner the bank was 10 pay the
IS purchase money Of the bonds. which the
n law required to be sold for money IN
hands The Government, says Mr.
IS Biddle, agreed to receive payment '-tH q
% credit to the Treasurer on The books y
:. the bank But the Secretary Of the
,e Treasury, speaking Of the Government
A. finds in tine bank, describes them tas VI
\. have already SEEM as special dsPosites
ST Presuming that the public funds IN the
a. bank are. for the most part az least the
< nroceeds of the sale Of It's bonds 4 ~ll
j. be for the Secretary 20 show what soF
,e of a special deposife can be made Of 1
Q. naked credit on the books Of a 5Gak- This
he il seems TO me, would BE- a sort OF fasu'
ic nature in banking accounts The Pre-
d sident of the bank also says that tn
of Government had agreed 70 receive a.
IS anticipated payment Of lis bonds to sht
III amount of between. four and five HIli
ne lions of dollars. The only anticipates
ID payments shown BIZ the Secretary II
Il his statement Of the Treasury receipt
n. for the year. are one Of S2,2545S7l- Be
C. ing the proceeds Of the third boad, an
he another of 81 600, 900, part OF the sec
of one bond, being an aggregate Of >5.85i-
ed 87I-three million eight hundred an
all fftv-four thousand eight hundred an.
he seventv-one dollars only The pres
en- dent of the bank finally informs Is Ia
a arrangements were made for the nor
ba d;a.an. ,,bIir. Disbursements IN The Hqte