Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-02-16

da,rd on the 25h Of July, 1885 and The hF'u 'ec
auce OF that Offer by The agent "i The hank, h fs
d,y ,,,,winp By This offer and acceptance the n'''
ms, lime mt of $500 900 10 he paid on iHs '''i' y
of August aud eli The payments upon bo,h ui,a"s
ments were by the terms Of The same: 10 oe n'a'e
s,ac;a or lis equivalent" How, then we're Tue n"ss
Of The Bank to be made applicable 10 these payments
Could il be done shor, of resumption oil specie pay
meu,s nv the Bank. TO max" iis notes. III '" ~
least quivaIen to spece:' mat do TIC aus VI 'n
Bank show have been lis sense OF lis own au
Motley rnder these circumstances: IL ifs"heu sfeI'e
nayncuis On tie 18Th Of August thirteen days Hitrr r
paymcnt was made al the Bank tor the pohu VI 1907
but before the drafts upon that depnsr "oua Ut If'nn
ed upon il in any considerable amounts anu WV
fare the payment Of the first nsalment upon tue o"H"
1888 Did these transactions authorize the preS'e"' y,
The Bank 10 say that by them the government ""s
into efficient operation for the rersla"sne OF '"'
cutrepcy Into efficient cooperation WIN WHO'LL VI
with what? With institution when mao resisted
with al it's immense power, the resumption oil specie
ravinen,s-lhe only measure by Whch Tue currency
could be re- established; which was Geh'"' 10 Inc "o
ycrnmen To nearly eight millions o dollars, ana "h'ch
was comperd to ask time for payment OF one, Two,
three and four years; which found It's extended ooga
lions falling due SO near the period when specie pay
n,enIs must be resumed, or its credit destroyed, lal
was driven to the Executive officers to seek terms OF
payment which would enable 1t I" perform that hsh
du,y; Efficient operation with such an inslntioh
and BIZ such means: Need say, Sir, that TIE AFRO
gancc the assumption is only equaed by le Closing
sentence OF the paragraph
Lei
The resumption accordingly took place, where do you
suouose Sir? The banks of the whole Union had sus'
peudsd specie payments 10 May 1881 MS Ih'"eaS"',
able calamity visited upon The whole country, aHn
now the Pcsdrn u the largest and most powerful DARK
IN the Union telling of the resumption, oil the return
f The banks TO their legal aud moral obligations tie
has befure given his exposition OF the causes whc
brought about This great and good result ana now ne
saws 1.-THE resumption accordingly took place Again
ak you Sir where do you think it took place and when
He shall tell you: hroug hout the Middle states on me
18th Of August; in many OF the Southern and western
States soon AFTER What, let me ask ynu as one OF the
of that ecjon oil the Unon what became
OF the humble Northern and Eastern States in this happy
annunc,a, lion to The American people: Were they not
worth the notice of the President of the Bank Or cid
he not know that this glorious work OF resumption.
for which he says the ,ray opened IN August, had
taken place in those States and Iunphani!y sus'
tanned against his power, and the power OF the giant III
s,ilulion over which he presided, from one TO three
mouths before the period of hc he speaks Before That
"way' was opened, which enabled the Slate NATIONAL
Bank in by iorbearance o! lis debts, aud M
accommodating compromise as 10 the manner OF their
payment:
Sir. am ready to relieve you from this Of re.
mark, and To dismiss from my consideration such lesu
mony coming from such source
am also most happy, MIR President to be able 10 as
sure you that will very soon relieve the Senate from
continuance of any remark upon this SUBJECT ONE or
two brief topics remain TO be considered, and have
done at least for the present.
In the OF the debate which The subjects unGer
have excited, my peculiar personal atien.
ton been called 10 the language used IN The law au.
lhozing The sale Of the bonds of this Bank. That Ian
uunpe Is lha, the boas shall he sold for money IN hand
and believe | was the craftsman OF The law have,
upon u previous occasion, and when thus called upon
stated the Senate my best recoleclions as To my IN
,enon in the Of the terms quoted had not then
made recent examination of the law, and spoke from
memory wholly now find no cause to change what
then SAID that it my intention the bonds should be
sold Tor cash If sold al all but find that The disposition
of that cash. intended by the committee, was fully
explained The face Of the bl and that MN now only
called upon read 10 the Senate the second section o
that law. it reported aud passed 10 make this
30 III perfectly Ineligible to all who hear lie. That
section IS III these words:
"Iud be 1t further enacted, That all money received
upon The sale Of the SAID bonds, shall be immediately
maid into the Treasury nf the or piac,d To The crG-
du of the Treasurer thereof, proper depOstory,
~ the manner that other moneys, received from
dues the Government are by law, directed 10 or pad
INTO tie Treasury
uwIl he r.coileced that but one bond was sold and,
IN reference to that how the money paid? have
already read 10 the Senate from the documents append
ed the report Of the Secretary Of the Treasury, The
certificate OF the Bank, showing that the proceeds OF
this bond placed III tina, institution I'm sP"cIai de-
pose 10 The or, DIT vi HE Treasurer OF the u. States
Was that Bank, then, proper Depository, III legal
sense and within the meaning oi the law above quoted:
We have that there general deros'e banks
under the law Of 1880, banks which could be s't CT
ed under that 10 answer the purposes VI lhe
sury We have also seen that neither the law nor
the practice Of the Treasury Department. authorised the
Secretary 10 transfer money 10 the hands c the indI"
dull officers OF The Government for the mere purpose I"
safe keeping. Hence, The Secretary has been compelled
To select banks special repositories without reference
To the de- pusile law where money comes Into The
TREASURY as IN the under consideration not IN tne
ordinary course of collection but without passing through
Tie hands Of an authorised collecting officer The
ihuy of the Secretary TO select and use these banks
| G,r, authorised
| Of banks by the Treasury Department, from The com
mencemenl Of Inc Government, under The Constitution
and the organization o such Department up the char
ter of the late Bank of the S in 1916, and from the
removal of the public deposes from that Bank IN 1888
until the passage Of the deposte law in 1886 In his
ectons under this authority there restrictions Of
law upon the officer and IT, reiore repositories
selected are in legal proper repositories then
unable 10 discover why this Bank was not as pro
per depository OF The proceeds Of these bonds. within
The meaning of the second section Of The law for Theft
| sale, above quoted, any other bank which the Score
| iary could have selected would have been.
| Some objections have been made, lha, the Secretary
nf the Treasury has in his annual report, conoundrd
by the Of language The character OF the deposes
made 10 the various banks, on public account, and en-
dered II difficult tell what condition the pubic
money is, how 1t 49, III fact. kept have taken some
pains 20 inform myself upon these points, aud the
iercnces which had drawn from The reading of the
nuai report have been confirmed by the explanations oil
the Secretary The terms general drposle are used
by h!m in reference 10 those moneys depostedn banks
selected under the depoSIte law OF 1886 The terms
special depose mostly used III their technical
sense, depuse OF the specific thing, The identical
money, currency delivered TO The bank Tor safe keep
ing; aud the terms "dp"se the special credit OF The
Treasurer, used 10 denote such deposes mel
Their general nor especial, within the technical mean
| ing of the other terms, but made in banks
ected by the Secretary under his general powers, be-
fore referred TO- and placed there subject the drafts
of the Treasurer, with notice, and distinct Understand
49,, kn
not therefore, TO be used by the institution holding
them for the general purposes of banking The remarks
the Secretary upon these points, in The report under
consideration, give substantially these Explanations -
| They follows
"I'he arrangements made with the banks tina, hold
special depostes depustes 10 the special credit Of the
Treasurer, have beeh regarded temporary in their
character and have IN cases, therefore, been
informal having been expected that Congress would,
early day, adopt general system, that could
currnd utacIical ehrcl The suhpc of kef