Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-02-16
Twenty-fifth Consrcss---;sd sess,
SPEECH OF MR. WRIGHT New YORK,

(Coneiuded)
now pass Sir to very different branch oil tne lac's
in the case before refer To the published
letter. of MIR Bdde the President Of the Pennsylvania
BANK which had been adduced to the Senate evidence
Of the muroper connection between the Government anu
his Bank The paragraph of that letter 10 whch par
tcularly alude is in the following woros'
sin The month Of July, the Government agreed 10 re-
ceive an anticipated the bonds OF Inc BANK
10 the amount Of between four and hive millions OF dol
lars in credit to the Treasurer on the books OF the
Bapk-and arrangements were made Tor the more dts
tant public disbursements in the notes OF the BANK
These arrangements as honorable to the Executive o
GERS rs thew were beneficial the public service brought
the Government into efficient cooperation tor the re
establishment of the currency and opened the way 10
resumption Of specie payments. The resumption &C.
cordinsy took place throughout the middle States on
the 18Th Of August, and in many of the Southern and
Western States soon after.
If have been at all successful in my exertons hith
erlo the Senate fully understands the whole affair
of the Participated payment OF the bonds, and IS aoe
clearly 10 Judge how far this brief and easy mention oil
compliance on the part of the officers OF the Govern.
men, with the repeated and untlrIng SOLICITATIONS oil
this Bank arrange the payment 1t one OF these bonds
partly by anticipation, and to sell another OF them t"
the institution, from utter inability 20 hnd anuhef
purchaser in the markets Of the whole world, makes
true representation of the facts of the case TO the mind
Of the reader How far the public 10 whom this letter
is given by its author would be likely to be impressed
with the truth from this assumed representation OF 1t
An agreement to make payment IN especial depos'te
10 the credit Of the Treasurer is converted into an
agreement to anticipate the payment ut the bonds 'ln
credit TO the Treasurer the books OF the Bank
while the certificate of the Bank, otMe special dGposae
is mailer Of record in the Treasury Department An
agreement pay I'm specie or its equirdtem an nva
rsbe qualification to I'll the spulaons, is converted
into "arranoc,sn ts "tor the mnre distant public dis
burser,ents 10 the notes Of the Bank" This is The eri
dencs from this source ard snch IS the witness upon
whose testimony before the country, voluntarily given,
on, highest Executive officers 10 be condemned Gn.
heard How Tar this witness is supported by The facts
most cheerulIy leave the Senate IN determine; but
must, on behalf Of the officers concerned, protest
against the ompmen so confidently and so injurious
10 forced upon them by the president at the Bank -
They NAV bear the hostility of this institution, but they
canno, bear its praise and most certainly not when that
praise shaped II Is IN tins part OF The letter from
which have read, TO suit the views of malignant cp
ponent.
70 give to the writer of the letter, however all tn
foundation which possibly he claimed for his state
ment of the facts will detan the Senate to make few
references TO other document refer 10 the nesSag
OF the President OF the 9h instant in answe. 10 cal
from the Senate for all orders and instructions issued b,
heads of Departments heads of bureaus and the Post
master General relative 10 the kind OF money and hanl
notes which might be paid out account OF the mite
States since the 18th day OF APRIL 1886 The
communicates answers TO the call from all the heads
ell the Departments and bureaus who have issued
such orders instructions within the period mentioned
bu, the present purpose does not require that SHOULD
refer to any OTHER than those from the Secretary OF Wa
md
references shall be Grief as The occasion will permit
and il is here also INV let these officers speak
principally, for themselves.
The Secretary of War. in submitting to the Presden
the answers the call from his Department, says:
ain submitting these reports, it is proper 70 remark
that the circulars from the Pay, QuaItermasefs Eng
necr and Indian Departments, in October ISSUE
at period which required the exercise Of great foi
bearance and discretion in the management of the fsca
operations of this Department, in order to avoid Ia
as practicable embarrassing the money Of ih
country. had been Informed, from credible SOURCES
that rigid eXaction OF specie, TO meet all disburs:
in the South and West, would rctard the resump.
ton Of specie payments embarrass the operations
those banks that had resumed, and prove seriously pr,
judicial TO The interests of commerce in that portion
the country.
"Infuenced by these Impressions and acting under
those views, which had urged upon all branches Of tn
Department these circulars issued, and some
speets exceed at tncnded and upon being brough
the notice OF the present chiefs oil bureaus they hav
modified them as to render the instructions
strictly and distinctly conformable 10 existing enact
mems. At the tme it must be borne in mind lha
the Bank of the u s was, q, the period Of issuing III
circulars spacepaying bank and that to have exact
ed specie from the banks in the South and West which
were indebted 10 that institution in which il had d.
posted funds to meet the drafts of the Treasury for
warrants would only have been of aid 10 the pub
lie service but would have inflicted injury alone upo
those banks and been prudtcat only to the trade of thu
South and Vest"
Here we have the views Of the Secretary, and the
motives and policy by which he intended 10 be govern
ed in the administration Of the affairs of his Department
The time Of great difficulty. The banks Of!
the North and Middle States had resumed specie pay.
mens and these Of the South and West were struggling
TO reach that desirable point The disbursements of his
Department to be principally made in the South
and West and the drafts of the Treasurer for that pur-
nose were by the arrangement with the Bank Of thu
United States in relation to the payment of two of its
bonds 10 be met much the greatest extent, by that
institution The suPposton OF the Secretary was ma
tura and necessary that those drafts would be met
BY calls upon lis debtor banks in those sections Of
the Union where the payments were TO be made,
and by deposiles Of funds in the banks there -
Hence his proper and laudable anxiety far OBJ
servance of the law and of the unquesoned rights Of
the public creditors would permit TO make those heavy
dsburseme in the least injurious to the bank
ing institutions the trade and commerce. and the bus
ness generally Of those sections, and as 10 the least
possible degree 10 retard the resumption Of specie pay
menis in the South and " est and hence too he urged
these views and this policy upon all the branches of the
Department Still he tells us, that the orders and in
structions issued by of the heads of bureaus in
the Department, sin some respects exceed what was in
tended"
Satisfied that the motives If the Secretary as avowed
BY himself must be universally approved and that the
policy he adopted for the government OF his Department
proper and right far as it was wisely pursued and
properly carried out, now proceed TO refer 10 such Of
these orders and instructions if any, must be cons
dered exceptionsbe. The first in the order Of time,
direction given by the Secretary himself in relation
the payment of pensioners The date of this circular s
May 1887 the month in which all the banks Of the
try speaking, suspended specie payments
and is in the following language:
"In the present state of the currency and during the
general suspension Of specie payments it would be I'M
Just 10 the pensioners withhold from them the
of purchasing the necessaries of life, by rigid adher
epce 10 the letter Of the law The sgens, therefore,
will be authorized pay them in such currency The
receivers demand and willing 10 consider an equSa.
lent for specie.