Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-02-14

IN. country If corGrunsnn ia 10 tllc", only desire
tia, the Judgment may rest upon The Hu'h u"u "''
| have attempted TO exhibit. A.,
Aro,Ler connection has been formed between Inc
Government aud this Bank, which Is represented US sun
more alarming and ominous than the one from WHICH, "
| have inst passFd | congratulate The Senate, anu CIR
,ainly myself that the facts i'll this latter case are con
! else simple and plain. propose, therefore, l" ie"u
them all TO The Senate first seeing out OF VIA! 'ea'"
! they have aIsrQ
,d the law Of Ic36 "to regulate the dep"sIcs "l 'he
pubfc money" II, with almost all the banking lnsl'u
lions 81 the country suspended specie payments IN Nay
| 1897. then having very isigp amount o. r P'"',"
,Dor.y in it's hands for which Il could h"' account uc
rc,dnr 20 LAW This bark aYa!ed Sr!i "i Inc provisions
q, The Ia OF he cxIa sess'on 4" l"n9F S. oil CO., graz"
ma lime !i pagan" nj To- the drioS 'r BANS a. te o',
,nd cave bonds to the payment OF III" aH""ht
do. from 10 the Treasury in three equal Insla' MIS-
The first 10 be paid the Isl day o July, lc5o Inc Sc
cond on the 1t day of January 1907 aud me t"Fu on
the list day Of Juiy 1882 win SIX per &c nt interest
The ;nslanc due in Jelly, ISIS, paid and m"iing
more was due upon The bonds until the !st day 81 the
present month SrIll under date of the 9th day OF > p
cmbsr LBS the Preside OF the hank wfoe 10 The Sc
| crelary of the Treasury rs follows:
Shall, during The course u; the present week remit
10 van check Philadelphia, for three hundred h"u-
sand dollars, in pat payment C the debt due ~ ms
| bank
the Bank again from Louisville hen;ucky, 20 The
! Secretary, in the inlI"w ing words:
.SIs:-l hand you. enclosed herewith, check The
Bank of the uned States, Philadelphia, in yomr favor,
for three hundred thousand dollars intended a. pay
men on the amount due lha Treasurer Of 'he u S by
| this Bank.
! On thu l7lh day Of September, McCIiDtock Young,
the chic, clerk in HE Treasury Department. and, at he
fine acting Secretary OF the Treasury, during TEN
poray absence of the Secretary acknowledges The re-
ccpl Of the check mentioned in the above note from HE
President If the Bank If Kentucky, in I've following
! language:
SIM have TO acknowledge The receipt Of your lei
Ter Of tic iOih with enclosure have specially d
r.clcd HE check for 1900 900 drawn by your cashier up
on the Bank of the States favor Of Levi Woodbury.
Secretary OF The Treasury, 10 he placed u the special
credit Of tie Treasurer OF The United States, with whom
all accounts are kept and TO whom all payments and
transfers Of balances of thar kind should be made "h"
Their the Bank Will consider my endorsement sufficient
| for that purpose. remains 10 be seen.
On the same day Mr. YouDg acting in the same char
ac,er writes the cashier Of The Bank ri the United
| States of Pennsylvania, at Philadelphia 5 follows:
"SIr-The enclosed check has been this day received
| from the Bank of Kentucky and will thank yea TO
place i (ShuUGl to the special credit of HE
Treasurer, and acknowledge the recrpl Of Tie sum to
! hun ~"
The request Of Mr. Young was complied with by the
Bank ana the ol the check placed 10 the special
cred, OF the Treasurer Of the United States upon lis
books These all ;he tacisn .hS and from them
some see a most dangerous and alarming evidence OF
disposition the part Of The Executive officers Of !c
Government To runs The Treasury al the country 10
tins banking institution. in lis new character OF state
bank. Is such Il conclusion fairly Gcducb!e from tie
indebted To- tie un'rd States III the sum OF GU"m
s.gOtOU M part OF the amount due nnill The FIST
OF January lS5J and therefore Tie officers OF The Ta-
sury not authorized "eXpect rtniilaDccS irom That
Quarter until he receipt al Ike np!!c" from the Preside nj
of The Bank of the jh Of September In five days from
the date of Iial the draft iuwed, which must have
been before the notice could have reached Tie Treasury
| Department Ga The l7h Of September the Gratt comes
in The absence Of the Secretary "t thu Treasury. Is
drawn pay 4hie HIN in his individual and cicla uan.r
aud is upon The Pennsy yania Bank. Was 1t wrong IN
Mr. Young take 4 draft upon that Bank IN payment
o debt due the Treasury. provided i, should be
! duly honoret: Much rs ! have and do dislike thai IN
slI,Li.on am not prepared TO say that officers of
the Government would be- justified IN visiting 1t with
tia, measure OF prescription, and do not suppose any
will pronounce crnsnre upon that act Mr. Young took
the check and ack lodged It's receipt IN The language
. above quoted, informing the president at the Bank al
Kentucky that 1t ought 10 hay been payable To the
Treasurer. not to Levi Woodbury.. Secretary I" III"
Treasury. and that he DID not knD" whrther the trnn-
syvaria Bank would consider his md basement sufficient
t. warrant the payment of the un: I" the Treasurer.
lie send the check the bank rodeicrmEe this point
and he must s-rd! there for collection. The bank ~as
tn holding 'nrme Snn on G"pnsir 10 the credit ul The
Treasurer the pruasrds Of The bonds and meet.
ing the drafts of the Treasurer for disbursements At
greater nnnhe of points. and ~ larger amounts than
any other banking institution in the country. The mo
nry realized the procr Is Of this draft would be
as valuable AT PhIaGP piia as al any point in the
try, and valuable than at any other points except
\ York and Boston; and or dis easements in The South
| ST.. "
laGr phia than at The latter place There gene
raj d, posr banks holding public money under the depo
site law If le36, 10 which lie proceeds oi this draft
could have been transferred, without derFccalng the
funds, and placing them more inconvcneny for public
! use BY what obligation Of duty, them The Score
If III" Treasury called upon 20 taTsie THIS amount
al ALL Tor The purpose OF safe keeping? Will 1t he
pretended iha, the money vas unsafe IN the Pcnnsyiva
| MA Bank: | presume not Little is my confidence
in lia institution, any sense IL is yet perfectly
impaired enat!e To- believe that lhi< money
secure ior the short time il may remain IN M vaults,
before called for the 81 The public creditors.
cannot Is yet by NY public acts, express such OPT
mon Of this Bank why, then. again ask. was The S..
cr"ary Withdraw TIE money from that testing place,
! bu. Tor purposes Of public DISBURSEMENT: That Bank
r, The time. depository ct public money. Of sfc-
cia cn,raclcr and for Temporary purpose and pyn"d.
! but il making dshurs mrnS. and meeting The drafts
Of the Treasurer, and was therefore convenient oca.
ton far Ie public service concerned Tor tins
money If the Secretary had transferred It, he must
either have placed in other bank which was also
depository or special character holding the trust Ike
this Bank hy the selection and al The pleasure al the ST.
cIcnrr md under the law nf 1886 or Ia general de.
prse bank inconve located and where The money
would be- less valuable Was II his duty To d" ehrf;
and if So upon what ground: No, 10 the safety
OF The funds because they were aS safe wh"e They were
rs in any place in his power 10 place Ihen Not
to make the money more vauab!p because ii was at
point here valuable i"r public disbursement
any point which the cpunry presented. Net I" pro
mote the convenience Ut The pnbIc service. because
that convenience ras best Consulted Ivy lea wing the
ncy where i; was He did not put the money in this
Bank 1t Ia be pad 20 the Treasurer there: It was
paid to the Treasurer there. and there the Secretary of
the Treasury acting through his chief clerk Mr. Young,
ril in safe keeping until the wants Of The Treasury
shnnd call il h-nce This is his fault. if !an he has
committed Was he then. b"nnd TO transfer his money.
merely show his hostility against this particular bank
inc institution: II Transferred al all, it must have been
Transferred other bank: for. neither the laws OF
Congress nor the practice Of The Department authorized
the Secretary transfer the proceeds OF this draft to any
public officer OH country sImp for the purpose OF safe
! keeping Was ,hc Secretary Of the Treasury. then,
bound transfer these funds To general Pnsi'e bank,
where their value to the pubic would he diminished,
other special deposItr bank Of his seirc
ton not for any purpose Of public utility, bn' merely