Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-01-02


we're ia' he B.|k xg-n.c or cost N to
The United atrS, MOL ~ u 'ir.s special teposi,e
!" tie credit OF tie irea&afFI!Irhe same was wanted
Tor lie public service should hrn pay his various
drafts, presented $" h""i any charge the Treasury.
he Department! beng drpnveG Of IT, usual deposit
'or'Fs and HE sum hsi"s very large, these spulaions
were readily asscnted 10. TO avoid tho payment Of the
bond that 10 fall due In" b.; .v Ocubrr being
made in Treasury holes nal !ssIabie, nor avail.
abe in any way 10 dsc!.lg" appropriations and which
uPpreT nhcd by the Department. the written
agreement WAS maze with TIE Bank, which will be
found among The documents, spula my, among other
things, fox the payment Of that b0ad drafts To- The
puhtc creditors, anG il -. cir OF lis CTujyarn This,
though collateral In the sale II the other bonds
| part ot the same negotiation.
| It clear ;tlg tine and has been cc:frmed
ny subsequent events that the payneDt b. the Bank of
us bond in such Treasury notes. ard failure make
that arrangement the only practicable for The sale Of
the third bend, would render either special call Of Con
gTcss Suspension Of OF some Of the demands
upon the Treasury, !nev!Iltie The Department did not
feel Itself at liberty TO hesitate in deciding between
exposure Of the public sCIvr" 10 either at lhosr cxre.
miles, by insisting upon having the whole O. these
large OF money pald al t1ic and placed cse
where IN ether sulaC!" repositories, II any could lie
found !u n present imperfect state o. the law con
10 leave them in the hands oi tie public &c b7r until
ihey actually wan;,d, and then 10 dGw Tor them
in specie Its equivalent, whcn and where the public
seIvice required cai!y could the Department not
hesitate wn"n this cUrSc not Injurious 10 that ser"
vice. ana 1t unable at tie tine To wnjf"" tfSs
! funds except By the debtors voluntary consent
" th regard 20 the ":rT inGTirY Under this head
| I" "what understanding OF Arrange mrnt, If any has
taken place respecting IN" benefit which might accrue
10 the Bank in the Transfer of ioncy it would make TO
distant places account o:tkr Government would
remark that no such understanding or agreemrnt existed
the side Of this Department, in respect 10 the third
bond when the sale effected
Brl soon after this done berg apprscd that the
hlnk entertained IMPRESSION derived from
munications between it and the War Department, and
perhaps from th. correspondence IN April last, before
referred to- that the .:."ry would chiefly he required
for military purposes, Of about hall million
'northy, at certain points convenient 10 The War De.
paF;ment had been suggested m communications with
ohcs, and that expectation existed With the Eank
that the .no:r: would mostly b. called for al those points,
entered into arrangement 10 NEE; this expectation
Such course anre.:: ~ &c required by proper re-
-ra 10 equitable aSldera,inns, and while oPcatng
il is supposed in respects bcneciatly 10 the bank
lie time not pr Judicial 10 the Treasury -
bat connection with the arrangement made as to the
earlier and convenient places OF paying the Sc
cord touj proved highly conducive To pTohp'uGe ana
efficiency ~ the public scEGice.
In relation another inquiry concerning ''the period
when the SUN Of 81 $50 coo, part payment OF the
second bond OF the Bank ct the United States. was
placed to the credit Of the Treasurer stale that $780,
900 placed his credit on the 10Th day oil August
md ;s-UD 900 the l0ih September, 1885 As
1, lin. sna,ure ui the" whole agreement that Subect
reply, that II viii Le found IN the correspondence an
ncxed.
The substance OF IL was. thcL aOoHt one NF! OF Inc
amount of the bond should be paid IN Tie middle OF Au
,st in the middle VI cpemJcr, and the other
thtd in the middle of October as these periods and
amounts yul. deemed likely Ia promote the
Of the Treasury, II not OF b0h parties, bet
Ter than pay the Who'll large sum ot gear two and
half rrnns at the close OF The month "f Sep.
trnlhrr Il further stipulated that interest should
cease m each of The rmslaIt thus paid the day
,ley we're placed the crr:It OF The Treasurer, and
sda subject his draft. As The money was wanted
different points 10 meet tie pubic expenditures near
rhsu 'ie Of the Treasurer Oh The Back, payable
lhnsc several points were engaged Ia he met there
With pfompu,!r aud specie or rs equivalent.
Ia answer to the uqnry as 10 the gate balance
Standing weekly 10 the credit ct ne Treasurer III the
tank ot the u ) lis branches 81 agencies, whether
subject 20 draft no., well as The weekly aggregate
ga nee in the Treasury, iroiD the time tie hst dep"ste
was made the SAID Bank OF MONEYS arising from the
pa, nrnt sale OF It's bonds 10 the present period,
statement is annexed, winch gives Tie particulars
requested.
it riay he proper to add, in connection with these
haluncrs that, between the Suspension of specie pay
n n,s ard August 1855 the receipts for duties, except
after Nav last at New York and east o II, not
ANY considerable degree money. and hence were not
uftpn to be drawn Tor or deposited anywhere. Besides
hai was ia the ) Bank and The Mint, the money in
Tie Treasury lrom April to 81 ptcHber which was sub.
i.ct to draft available Tor general purposes Is beev.
ed To have been less than 2vU GU, end sci.
dian 20 have eQuaiiet u million
Deprived as the Department; OF most of its gene.
raj ruustu;ius since the Spring =" 1887, and without
any specific, well guitd:d STEM instead OF them, hay
,ng been provided by law, the drafts of the Treasurer,
yYnrn any money was collected, as II has been largely
siucc the general resumption OF specie payments
IN August were directed 10 be drawn st
those collector. nd who had bank OF general
depose and resided lie place of disbursement.
in this way mos. of The funds the hands OF collect
ors and receivers have been drawn for earliest the
amount u: their hands kept low by Gcposcs oppro.
pirate banks while, in general, itte has been GrHwn
from any banks, cxcep; %hat was l!um time 70 time
needed to supply The dsf"irmcy
slowly ~ amount But The funds due irom the United
States Bank md allowed TO remain there ill wanted,
being frequently needed nj points where the money held
by the c., cclu!s and receivers we're snnl have been
drawn fu more rapidly than those most other banks
Indeed on the l7l instant they had been drawn Tor To
an amount cqua! the whole OF tie third bond sold,
and all of the second bond afterwards paid, except
81 2s2 37 leaving still subject to draft only that balance,
and the amount OF $500 coo which 1t assumed TO pay 10
the United States for the Bank OF Kentucky
Information is also desired III the resolution concern.
ing "a the branches agencies Of The said Bank OF
the United States, which the Treasury Department.
has drawn drafts the amount of public money directed
to be- placed each and Of The drafts seVeraIly drawn
on them the rates Of exchange between Philadelphia,
and each Of the places ~ which sums were ofoefeo ~ oc
transfer red >, ~,
All the drafts drawn on any funds in the U S Bank
ba ~ been dt - the Bank itself But IN cases where
The disbursement be made the points hereto.
fore mentioned, arranged for partial payments, The
drafts have, by memorandum attached 10 then, been
made payable at those points by Inc persons OF Local
banks previously designated for that purpose TO the
Treasurer by The United States Bank schedule is
annexed of HE points places OF payments The amount
f money nrrerd To BIZ paid each OF those points, the
persons orrnls or banks indicated at each, ard the
amour, of drafts already drawn on each
/, vii! be seen that several oil them the whole sums
hive been drawn for and the residue vii! probably be
needed in q few weeks
The inquiry TO I" The rates Of exchange between
Pbilpdeuhia and each Of the places TO which
ORDERED to TRANSFERRED canno, be otherwise answer.
d Than by saving Ina, TO such transfers have been
tcrrd but the rates between that city and Of the
places payment agreed and detailed in the sche-
DUR can be given far they appear in lie different
prices received at his Office tn particular date
being specified in The resolution, and the exchange haY-
ing varied greatly between the fir, of August ard the
rpse perjpd can only cdd that from the sale Of the