Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-02-14

LIE
The renv of the Secretary This proposition IS under
dale of the 3Uh Of July and is an acceptance only so
far as relates the bond to iail due IN stPemoe'
1899 The following is the letter: 80,
"TuEAsCi,r DEPARTMENT. July ~, lSJo.
.SIR-Your uir of The 2lst instant, to purchase che
or both of the bonds OF the Pennsylvania Bank oi t"e
United States. al the par value, limited 10 the ac' Oh
Congress, accepted Tor The bond due IN s'Ps'o''
I-:,D
The proposal being posi;e the money to The ere
dit of The Treasurer special dep"se 10 SAID bahh' ."
,I9 ls day of August next. have caused c""pu'I"'
/. be made .f the amount iHPn pas allie ny you 10
anppcS be - pa 81 81 aud Is asc"ftaro III ''''
mode Of calculation sxPain d IN the lv'Irf "h'eAru
-, hat sum can be deposed aud II any e'r'r Is "u'"
in The calculation, it will be- corrected yin l'e'n'.s
tie certificate Of Geposr, Viii execute 10 Su u' u"
srnmeul ol The bond 1t Is understood ,i'' ,s
- 10 keep this money safely uIl drawn out by the 'C1
yuTer without making any charge 10 tie U D 30: KEEP
- paying IL over on his drafts .
am, very tespcc fully, your "1ede mG sT,rIa
Secretary Of the Treasury
CuAs Manchester, Esq Philadelphia.
In CONFORMITY with Ills proposition and acceptance
he President OF the Bank writes TO TIE "e
date oi the LIST August, as follows: ,,,
"E,,x or THE u STATES. Aug. ], 1888.
s.Sir-You will be informed by MIR Manchester nt MS
having this d,y deposited in THIS Bank the sum oil Two
millions two hundred and fifty four thousand eight nun
deed and seventy dollars and unity egh' GEMS "
the credit Of The Treasurer 81 The u g
la your letter Mr. Macaasiet OF The 3''n u!timo'
Grec.I tina, money should I've deposited in The Bank
YOU add 1T is understood that The Bank is 10 Keep ms
money safely Ill dawn out by the Treasurer, without
making any charge 10 the CnIl. States loI htep'h@ u
Tor paying i, over on ms drafts
.On the par, of the Bank confirm that understanding
With y eat respect yours,
n. BlDDLE. President
lion Lrvi WoonauGY
Secretary Of The TREASURY Washington, ID c.
or the same date The Cashier Of the Bank transmits
to lhe Secretary Of The Treasury, or to The treasurer oi
the United States the following certificate OF drPosile
being tor The precise amount mentioned IN The secrela-
rvs letter of acceptance. above given
"BAsx OF THE UNITED STATES, Aug i, 1876
81 hereby certify that Charles Manchester Esq. has
tins day deposited the credit OF the Treasurer OF the
o. States M spcciai dep0siic, the sum o two million two
hundred and .ltv four thousand eight hundred and
veniy collars and thirty eight cents, subject to The
~. COWPERTHwAlT Cashier"
This presents the negotiation, the sale. and the pay
men! Of The third bend in the language aud acts of tic
parties and rcm few inierences are to be drawn
First The negotiation proceeds from the Bank, and
not from The Secretary Of the Treasury. tie does not
solicit tie Bank I" purchase, but The Bank s0!citS MN
to sell, and offers its terms.
Second Although HE proposition from the Bank is be.
fore the puGcHcr bsween the Secretary and the
Preside nj Of The Bank Of America was closed, and on
the day which the agent {" The foreign banking
houses closed the correspondence between hun ana the
S,crtlary by letter written at New YORK. y"t The >"
cr,tary does not accept that proposition mill nine days
a,ar lis dap ami three da after lie final close Of every
ether negotiation fer the sale o! TIE bonds IN TINS coun
riy. without The ea>! prospect at success
1hird II tie only Proposition Tor the purchase nf
The bonds caning within tie Limitations OF the law which
he hJ been able Ia obtain, likely TO obaIn III hs
country
tcuHh The proposition was accepted as to one bond
only although was an offer to purchase both upon the
same terms and th"se the terms presented IN the law
Is il possible then that the Secretary DESTROYS OF
connection with This Bank, and I" benefit 1t 10y sale
Il "A la, Inyl
Bank to purchase d0rng the ten or twelve days upon
which he faithfully soliciting offers from other
banking institutions and from individuals: Why did he
nr, accept al The proposition ct this bank, wh
mad The 2lt Of lnly and not wait Ill the 3h, and
until all prospect OF obtaining offer from any other
quarter put entirely at rest by the final close OF two
separate negotiations both q which were open, so far
Us his knu ledge extended when this "tr received:
Why dd lie accept the proposition as 10 both bonds.
,nd thus confer upon lh Bank double tn" benefits which
we're conferred # benefits iey by his partial
ccptance: Unl these questions are answered the charge
that the Secretary sought this transaction with the Bank,
sought the advantage OF u" Bank N e sale OF these
Bonds. should cease To be made.
But the Secretary had heard from the Negotiations
Opened by him in England and france for the sale OF
these BONDS and how, It may be asked, cid la know
that avoiab. propositions might not come from those
quarters Or why did ne not wait To hr INFORMED upon
il.vse points before he closed The transaction with the
nank by The sale If ,he thid bouG This inquiry has
aready been Answered in the extracts read from the re-
rur, OF The Secretary row under consideration. lie
says. al PAGE , Of the report
'E the time however, tiuGIrg hat the demands
for the pubic service. during the month {" jane, mad
rycepdrd four and hall millions, and expecting. MS Tic
fret 'u,RCd ont 10 dC that they would equal about seven
millions in July and August and finding also, that the
available balance the Treasury applicable 10 general
purposes SD subject draft fell below OGO OO0 aud
that payments m0bing. at times, IN nsn 1rG"suy
R,iCS. which could not be rendered at all available
considered HccesSHry 10 C' sale II at ffnst one 81
M