Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-02-12
{ gycues-tEssia Gosagress---;ssi Sess.


In Scngie, "Gnnary25 lo:9-Ihc report oi tn" Stctr-
tary Of the Treasury Of the 21h o. December, ISIS,
aud the mrssac" Of the President Of TIE I'm ct Ja-
nurry last bo; in answer In calls ici information IN
relation 10 the recent transactions bri""rn The Co
Ygrnn.e nj and 'he Bank nf HE uni'ch Stairs CT
tered BY the State Of Ptnas! va"a. being under con
s.GcFaiInn-
Mr. WRIGHT said: | iise Mr. Presto, nj, 10 prrf'rm
task fon which had hnp"d To be DISCHARGED -
had hoped that other mCmbcr Of the Senate,
CAPABLE, AMI less likely :" be suspected Of partial
y mp"n the side, and {" prejudice upon the "tirr
would l!vC relieved ne um Il Hence, Ia EH!e extent
tb" pr" delay. my part I" ask IL" senate 10 bring
the subj ct these reports again to It's attention And
hrC". too thu cxr, rrlncnr:e have felt. and some
al which haze nanrs,' To- tbs body In seem L" court
n!inunTcC Of debate ECON II lie crar'st c"myic-
t'as of duty. h"wrvcr, To- self, 10 lie 'h.rt" tired
and Iahnl public officers ~osr conduct is tr"ught
Der uspc:nn and, above all 10 HAT great r"hir hose
all are, 10 whom al responsible, sud
whose full and clear aud rct'c"t understanding al Ike
truth, in reference ln every public ac Of public
servant, OUGHT 10 hc uhJcc' f primary interest wiki:
i sill im;rl ne II t!!2 cons" pursue
The recent business Transactions between certain TX
rrurivr ntrrrs o th Government and Tie Bank Of the
United States. CHARTERED hy he Sla,r OF frnnsyyara,
has usly excited Interest throughput the country
mt has been maternity increased and strength
fu,d by the in which H." chef "lrer If that
barking in< tuition has ilt hin sell authorized to speak
t. tie public OF these '.iusac'i"ns II moi" there
fore L. have been rxpcct much less hnped riat Cn
era $ would aiI wake he HE snhieC' Of irqui-
~ and examination. The :. nate has NJ: disappointed
lhs reasonable eXpeca'iOn On the contrary lively and
rrrvad;nG inter- ST. this body, has urcn given 10 the
whole matter. BY The peculiar c#!" with Wi!ch I'll" calls
information have evidently l.en dawn, n'd by Tie
auirrotoJy Lt bales hch ynpa'i' tImse calls Tie
uli",s ras,- ID without objection, aud, whcn
remember their particularly ard precision feel auiho
zad 10 as that the i;Cts r"w b. fo:r Vs.
r,hodri - tn Icpr'l> under consideration lair and
i examination # those facts and -! The conclusions
property 80! aufai'y t" he drawn from rhrn ny PIE
purpose; and lke great PLEASURE. Mr. Pr sd nj
~ prri:u r yen liza; the du,y shall he dr>cHnrG'd with
r consumption %: the tiIr. and d III tax upon
h" patience II the Senate as e!.iil b. possible
!nGsnuch however, the Pre-rAiaiing relations i"
iwreu the Gryrrr rucui Of the United States and the
Bank Of IL" United States have g'rn i"uCca'I"n to!
the transactions cumpiained Of very b;ci notice oi
those relations "I!. my esmn0n. contribute essen
tally 'rii and clear understanding of the matters
under discussion The first nt these relations was hnt
of partrprsIp III banking, and the second liat Il
crrdor and debtor and out Of both haze GROWN the
pfnceef'rns which form the subject OF IrIs debate.
The Bark OF the United States. as na'lonG! lnStI'u
ton. commenced H. Chartered existence on The lih day
% March, lolG By The Of the charter the l
States hold nr fifth part OF s Whole stock.
amount equal 10 seven millions o! dollars That !
stock taken and. wIh very rItns exceptions con-.
paratIveie. held throughout lie term Of twenty
years vhrch III" charter had 10 run believed hat som"
transfers of stock from the raj Treasury 10 the
pension fund had varied. very lmltcdly Tie amon"t Il
thai direct interest; hut the variation Is mInn'sTlh to The
purposes ni hts argument and. Us The trarsrr ""s
made trust uEd, ~ tie safety ana pr"rci!on Of
which interest .lt, and actually EXISTED. 'CnaI
To tia, for the salty and protection of any "ii. equal
portion of the public treasure, the real public mrf"st
was not at all changed
Upon the expiration Of the charter Of III" I!srk
national institution, March, l>:, THIS great interest
left subject the management Of 'ie directors ard
olrer officers u! tie Bank during hr two years ALLOW
by the charter or the winding MP OF ITS at,iTS and
lrH. almost necessarily. IN an Unpr"GpciITc stat" -
Hence the early interest tell and manifested as wei ~
Congress t., hy the irf fiscal officer OF lie Govrtu-
i"ut 10 give prompt aud eiicrut attention 10 his pur
ton o. ih, Public treasure. h. CHARTER ui H." Harh
expired during thu OF Congress; and before -
aGlourrnrnt. law was passed constituting The S"cfr
laTy 81 the lrpa,nrv. The agent OF the u "a surri-
intend THIS interest. with fuH rn"rr 10 qH da;s the
amount receive payment; or 10 lake security lot pay
ment at future day, submitting /" his sol" discretion
the nrbearanr" To- ha extended and hr suicIrncy OF
the s'CUrilY 10 BE- offered.
In The mean time and At ahout III" period if upon
the very day rt III" expiration 81 tie rhiii'r proceed
1917 was had BIZ the board Of dIrCc'n:s ct TIE Bank. winch
must be permitted To- call singular. nj lie least, and,
cspcciay 3d. a. II was proce' dng to ach the G"
vrinlnent Vas. in sense party The "h"i" Bank.
Us stock debts credits and etircis al every Eamc ard
character Sold aud Transferred 20 harkrrg insli
luflnn chartered by the State 81 Pcnnsyivana This
transfer tuuk place March, and thu law al Congress.
last referred TO- did ~" pass. until The 2id 81 June alter
The transfer was to an institution IN wLCh. upon he
face OF charter, the L ) wrf" Prohibited from l"'-
ing stock, that thu Government could take nothing
IN The new Bank by tins sale "f properly the old
Snch the CONDITION TT TINS public interest TIE '!'e
COMPRESS aGlrururd ~ ESQ.
Ills rroncT - pause here. AMI shat he state
of the public Treasury al this period. that sc May f>li
rate r willingness. ~ the r'rI 81 al The public iunc-
.lonarrs accept security tor he aym'" nt tins Dc bt
nj i!uTc day. instead al phyI nj Ia hauh ana c"''sc'
cu.uy The willingness nj Congress L. submit In" iIrEr
-, uavrer,t To the Secretary q" The Treasury aion".
the Treasury at the time retired Il" hi to over.
Rowing, aud statesmen H tr greatest experience ana
,rsuasl Election. CONSIDERED i' abundance 81 our fr-
venues and The surplus Of treasure one 81 h"
severcs, rviIs winch then did, wlrh ever had, ihrra-
tened the purity and perInanercY {" our Institutions -
Sn great the drsr" In discharge tfr country rom
the ccrup lnr aud GsnmrAz'HG Influences "t tins t'"d
oC money that. the very day on which this agrrcr
over cur interest the Bank given TO the Secretary
Of the Treasury aw passed /" set apart from ir
General ard ordinary uses 81 the fca,ury and dIS;on
r, tic States in the i"rm uf Gcpusr. TITAN ihir
,v.scvrr millions "f dollars Of the public money / his
l s,a nds uunn The statute book next before That which,
authorizes the Secretary oexcnd credit upon The deb
due from The Bank
w, now pass 10 the mex, session Of Congress, the
ANIMAL session of lc:i.7 On he lst day vi January.
I-37 in. balance was 10 he struck, and oil the money
found in the Treasury d'ducng fse millions o: d"Ih;s
To- meet outstanding appropriations, was |" be ald ASIDE
and d. posted with he Sra'PS IN The ratio OF Their repre-
s.o,n;ion in ;he two Houses Of Congress- the one guar
,cr ON that da o-r quarter on the fist day 81 Ap
the laird quarter the first day ct July, and lie r.
naming quarter TIE first dag OF Oci"ber, OF that year
This left The Treasury with five millions o dollars OF
means and something more than tonrtt"n nliio's q
dollars Of outstanding appropriations ie current re,
venue rl the wear. therefore, must meet The balance 81
outstanding appropriations beyond The five Hi' lis oil
dollars i, in i. Treasury. ard also the current nPPro'
pria,nus of the year The money placed ~ d"p"Sc
,rh the States must card back to pay the d"fcI"ncy
This think. about the state facts aud The con
don Of the Treasury. The ls day OF January 1921
,ourb have not looked the figures for 'hs OCCASION
and Speaking from rnory, may not be precisely eccn
rate. During this session OF Congress report was &c
ivnd from The Secretary Of the Treasury detailing tie
i,,,s which had been under The lay -! 1855. Ia
Iouifa,e settle and s,cr". the bank debt; giving the
ru state OF lie negotiation. and showing shat n" drh
mite or satisfactory result had been reached IL appear
"a howryrr tia. examinations lad hren mad" !Gcis a..
c.r,ansd and conClusr'ns formed As t" " iHiF value {"
,i :r.-n.1 M. LIE ineG Sians asing tom lheI stuck;