The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1839-01-05


should be placed at the disposal of the De-
partment "by putting it in special deposite
in some bank designated here" and "when-
ever certificate of such deposite is forward
ed" the " amount will be credited on the bond
and interest will be stopped" But said he,
"toprevent misapprehension, it should be dis
tinctly understood thar, with the exception Of
Treasury Notes, the general course has been
to accept no credit, unless the deposite is made
in specie or its equivalent" On the 9Th of
May, Mr.. Manchester replied to Mr.. Wood
bury and referring to the subject of Mr..
Woodbury's note, he said,
at appears to decline any payment in
advance Of the bond, except deposte of
Treasury Notes, specie, or its equivalent !"
and said he, there could be no reason for the
bank to desire such an arrangement" The
proposition he had submitted was to make
payment in such funds as the public credi-
tors would readily receive" excepting the
notes" Of the late Bank Of the United States"
if the Secretary desired it. He added, that
he "could not have intended to propose ne
gotiation on the basis Of specie payment"
but that he should still be happy to be the me-
dunn Of carrying into effect that which he did
suggest, or any other similar in character
with any reasonable modification" On the
18th Of May, Mr.. Woodbury. expresseda "re-
greet" that he did not feel justified cat this
time" in entering on any arrangement founded
on different basis" This ended the d.
plomatic intercourse at this time, between Mr..
Woodbury. and Mr., Manchester, the agent of
Mr.. Biddle.
No more communications appear to have
passed between Mr.. Biddle's agent and Mr..
Woodbury. until the 2lst of July following.
In the mean time, from the sth of May, up to
date subsequent to the renewal Of the cor
respondence between the above named, Mr..
Woodbury. appears to have been actively en-
gagged in efforts to sell either at home or
abroad, one or both of the bonds which fell
due in 1889 and 1910. He opened an ex-
tensive correspondence both with banks at
home and bankers abroad. Under date Of the
10th of July, he writes to Mr. Newbold, and
referred to ordinations in the Philadelphia
newspapers, affecting the credit of the bonds
of the Bank of the United States in the mar
ket; )" and said he, 1t seems to be evident
that the maker of these bonds intends that no
other corporation or individual shall! purchase
them. So many suggestions injurious to their
value have been made, and ,ohat is more re-
markable, considering their Obvious origin and
mOtioe, have been listened TO, that shall pro-
badly be compelled either to sell the bonds to
Mr.. Biddle who is expected here in the
course of the present week, or to send them
abroad for SALE" In this language of Mr.
Woodbury., there is an implied imputation
against Mr.. Biddle, which we should think
not very " honorable" to that gentleman al
though he seems to have succeeded in bring
ing "the Government into efficient co-opera-
ton in concentrating his views and wishes
In his annual report, the Secretary neither
mentioned to whom he had disposed of the
bonds, nor of these obstacles, "the obvious
origin and motive" Of which he seemed to
have perfectly comprehended, that compelled
him to make sale of the bonds to Mr.. Biddle.
He appears then to have become as calm
as summers morning." for in his report he
says Notwithstanding the " restrictions on the
sale of the bonds" the sale however Of one
becoming expedient, it was effected within
the limitations prescribed"
We now come to the renewal of the inter-
course and correspondence between Mr..
Woodbury. and Mr.. Biddle, through his agent
Mr.. Manchester. On the 2lst July, that gen.
tleman addressed the Secretary of the Trea-
sury note, dated in Washington, in which
he proposed to purchase the two bonds, or
one of them, due in 1889 and 1910, at their
"par value," to be settled for on the first day
OF August following, " the amount thereof TO
be placed to the credit of the Treasurer of the
United States, in special deposite in the Bank
OF the United States of Pennsylvania, in
specie or It's equivalent" On the 23d July,
Mr. Manchester, without appearing to have
had any answer to his note of the Dist, adj
dresses another note 10 Mr.. Woodbury., and
says, if you will address me private note,
saying when you will want or accept pay
ment of the bond due in September next,
dividing the payments into three instalments
say 5th August, 18th September, and 18th
October will make you formal PROPOSE
ton for its extinguishment." On the oath
July, Mr.. Woodbury. replied and said, 1t
will be agreeable TO the Department, if more