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

inc seVerai cues mentioned in your letter"
He added, "the Bank is ANXIOUS 10 conform in
every particular 10 your suggestions" but there
are some notifications" which "would be
desirable TO the Bank. II NOT ineonsistent Nth
fhsPuohe service" On the 27th. Mr.. Wood
bury replies, and acknowledges the receipt Of
your too letters Of the 25th instant" and
says, Il will be happy to make any changes
proposed" provided they do not subject the
Department to great Inconvenience, as pre-
sumo they tciH not" BY this time, it will be
seen, that the stipulations respecting the bond
that fell due on the 30th Of September, had
been arranged. II is evident, however, that
some part Of the correspondence relating
thereto, has been suppressed; and also, that
many Of the arrangements had been made
orally. No one can fail to perceive that the
parties had by this time come to pretty good
understanding, the Bank having already taken
upon its shoulders, the protection of ",he
public service" and Mr.. Woodbury. expressed
how "happy" he should be to make any
change to accommodate the Bank that did not
subject the Department ito great ineonueni-
ence."
| II must be recollected, that all this cores
pondence in relation to the bond that fell due
on the 30th September, took place subsequent
TO the offer made by Mr.. Manchester, on the
2lst July, to purchase one or both the bonds
that were payable in 1889 and 1910, and be-
fore any answer was given by the Secretary
of the Treasury to that proposition. We now
come to it, On the 30th July, the Secretary
replies, "your offer of the 2lst instant is ac-
cepted for the bond due in September, 1889"
"The proposal being to deposite the money
to the credit Of the Treasurer, in special de-
posite in said Bank on the lst day of August
next" He added, it is understood that the
Bank is to keep this money safely till drawn
out by the Treasurer, without charge" &c.
Now, for the first time, we see Mr.. Biddle
under his own sign manual, in their negoua-
tons. On the lst day Of August, he address
ed Mr. Woodbury.: "Sir, Ycu will be in
formed by Mr.. Manchester Of his having this
day deposited in this bank, the sum Of two
|
eight hundred and seventy-one dollars and
thirty eight cents to the credit of the Trea-
surer of the United States" And he con-
firms the understanding that, the bank shall
keep the money and pay it out free of charge.
Under the same date, the Cashier Of the Bank
issues certificate, stating that Charles Mac
alester had deposited the above named sum
Gin special deposite, subject to the drafts Of
the Treasurer"
Now, we will ask whether there was ever
a greater humbug attempted to be played off
on common sense than this, in which all the
parties concerned have participated, Mr.
Woodbury., Mr.. Biddle, Mr.. Manchester and
the Cashier Of the Bank Why, Mr. Mac
alester was but the agent Of Mr.. Biddle
through the whole transaction, from first to
last Mr.. Woodbury. declined, entering into
any negotiation with him until he made that
declaration. Mr., Manchester deposited in the
Bank O the United States, on special deposi,e,
two millions, &c, of dollars Now, we will
venture to assert that not single dollar of
money, either directly or indirectly, ever
changed hands between Mr. Manchester and
the Bank of the United States, in connexion
with this transaction. The whole of it was
consummated, as Mr. Biddle in his letter said,
g in credit to the Treasurer on the books of
the Bank" In that rests the whole history of
these transactions, relating to the bond paid
and the one purchased, and the Especial de-
posite" made by Mr.. Manchester
Let us now take glance at the affairs as
they existed between the Treasury and the
Bank, after these arrangements had all been
carried into effect.
| On the LIST of August the bond sold was
passed to the credit of the Treasurer, 1884 81 3s
! On the 18th of August the first install
ment on account Of The second bond,
| was passed to the credit of the Trea-
surer, ............... ........... 100000 90
On the 18th Of September, the second
| instament of the same bond was
| passed to his credit, .............. 100000 90
! On the Goth of October, the balance of
the bond was also passed to his credi:, 6S7230 81
Total, .....................~ $40, lOs %
The interest ceased on these bonds, at the
dates they were respectively placed to the
credit Of the Treasurer of the United States
on the books of the Bank.
Now, let US see how long this money re-
NAMED in the Bank without interest. The
table at page 40 of Mr.. Woodbury's report
shows. The balance remaining in the Bank
of the United States (all but S3oo,ooo) de-
rived from the sale of these bonds to it, which
were bearing interest, were as follows, COM
mencing the