Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-02-14
Twemty-G9sh Congress---3d sess.
SPEECH OF Mr. WRIGHT, or New YORK,
/CoytjuU.H }

Continued
mass now 10 the sale of the third bend and The ne
goalons which preceded and accomplished that object
The law authorizing that SALE as has been before remark
ed was introduced into the Senate on the I'd OF May,
and the resolution of inquiry on The 5'h OF hpri preVi
GUS With his accustomed vigilance, the SECRETARY OF
the Treasury anticipated the action oi Congress, by
opening on the 9Th of May, correspondence with an
intelligent banker in each Of the cities OF Ne" iofk
and Philadelphia inform himself whether IN case OF
the passage of law like tha, proposed, sale could
nrobab be made Of one or both Of The bonds either IN
The markets Of our foreign county Sopies
of the bill were transmitted 10 each ct these gentlemen,
and their early opinions solicited Answers 10 these
letters returned within very few days. and both
expressed opinions wholly unavorabe 10 the prospect
of sale in this country unless 10 tie Bankiiseit, with
out the guaranty Of the Government tor The payment
of the bonds; while of the writers supposed that
sale might be effected in Europe upon advantageous
terms and tina, the agent OF the Bank in London might
be induced, 'by w-ighty considerations to enter the
field purchaser; and the other SAID, "lhe bonds have
too short time IN warrant any reasonable cS-
pec,allon Of sale Of them in Europe, on favorable
terms during the present rate OF exchange These
letters will be iou"d accompanying lie report OF the
Secretary marked B. !. =
The bill became law, without any alteration oil inrm,
on the 9Th of Ju!v Under date Of the 9lh the Secre
tary wrote To n Ro,hschild and SoEs, bankers Of
London, sending hem copy OF one OF The bonds, ana
requesting them 10 negotiate sale in England, fnsSi-
BILE. a copy Of the law also transmitted. On The
ith similar communications addressed 30 The Aae
rican Minister al Paris, with request that lie would
consult certain bankers named and such other persons
as he might think proper and learn II sne 81 The bonds
could be eff ced France within the terms Of the law
On the 18th Of July gentleman o! BaG:Ore, OF known
and approved qualifications for such service was ad.
dressed by the Secretary to learn II he would CONSENT
for the compensation of eght collars per day and the
paymen, his expenses 10 go /" EGrpP a. the agent
Of the D. p,t,ne' 10 make sale of the bonds In the
mean time and the 9h oil July, letters were address
ed The President Of of the leading banks IN each
Of the cities OF NV York aud Boston, aud I" gentle
man in New York known the resident Gacnt there Of
the banking houses OF the R,hschGs IN London and
Paris invoking the advice and aid ct these individuals
as the sale of the bonds in this country oE in any 10
reign market
Such were the efforts promptly made by the Secre
tary TO sale of these bonds in conformity with
the provisions Of the act of Congress and upon The
most favorable terms which could be obtained. Til"
condition OF the Treasury, and the consequent necessity
for the sale Of both OF the bonds has been already
in the extracts from the report OF the Secretary be-
fore given.
Under date of the 23d Of Ju!y the gentleman applied
act agent for the sale Of The bonds abroad replied
to the Secre,arys request expressing opinion that
the sraie Of the money marke, IN Europe was P'cu
harly favorable, The bonds might probably be sold there
within the limitations prescribed in the law a:d posi-
bly, upon terms favorable "if the agency is judi
cously executed but charactcrising the bonds a. "a
less current saeab!e description OF securities ;han
are ordinarily "tendsred for sale in any mafkct, aud
declining the agency at the compensation pr"pns d. but
Offering undertake for commission OF one fourth
OF per cent. upon Tie amour; OF the bonds, 1t sold
and for the pay and mileage at a member at C"ngtess
in Of failure 10 effect sale See Documents u
and
The letters of the Secretary to the gentlemen in New
York and Boston promptly answered; the on" from
the agent Of The foreign banking houses, containing
offer for the bonds, which did not come within tie lint
talions of the law aud the two others holding ont
prospect of sale Of either bond in this country, within
the terms Of the law The correspondence with the two
N. York gentlemen was continued 10 great length co.
verng the time from the 9 10 the 9Th Of July, and EN-
bracing efforts to fleet sale well abroad al home
but without any prospect oil success.
lnasmuch as the Secretary is now charged with "A viii
lingness if desire be driven make The sale
of these bonds The Bank itself II will te but just to
him to make or TWO references 10 his correspond
ence with these gentlemen as indicative OF his feelings
upon this point. will read from his letter OF The lOh
of JULY written 20 Gen Newbcd Esq President of The
Bank of America, New York 1t will be found on pages
% and n Of The report under consideration, and is
marked D. t. The first paragraph OF this letter is in The
following words:
"SlR have to acknowledge The receipt Of y ur let
ter Of the 18th inst wrote yun yesterday in con-
sequence of observing in the Philadelphia newspapers
some limitations affecting the cred; oi the bonds OF the
Bank OF the U. S in the market II seems to he evil
dent that the maker Of these bonds intends that other
corporation individual shall purchase them So ma
nv suggestions injurious 10 their value have been made,
and what remarkable considering their obvious
orpin and motive have been listened TO, that shall
probably be compelled either 10 sell the bonds 10 Mr.
Bdde whUis expected here IN the CT the present
week or 10 send them abroad for sale.
look like desire, willingness, to make The
sale 10 the bank? Does it look like wish to be
PEELED TO make the negotiation with Mr. Blddle: DO
YOU believe Sir that the President Of the Pennsylra
MIA Bank will look upon this language as conveying such
kindly feeling towards himself and his institutions?
will read the last paragraph Of This same letter 1t is in
these words:
"Any bank which co.operaes in the purchase Of these
bonds al point like New York, cannot fail TO derive
great advantage from the operation The money will
probably be required be drawn for at the rate of about
half a million monthly. The drafts will be mostly sent
to the South and Southwest ard the greater portion OF
them will be out thirty, sixty. ana ninety days before
presented al bank.
Here are the very benefits which the charge pre- sup
poses the desire and intention OF the Secretary of
the Treasury 10 confer upon the pennsylvania Bank,
specifically pointed out and earnestly urged upon the
Bank of America in New York and which, be it remcm
bered that bank would not accept II cannot be neces
sary that should trouble tie Senate with further ex
tracts from this correspondence rebuff groundess
and improbable charge.
The correspondence to which have hitherto alluded
in relation to the sale r these bonds will he found among
the documents appended 10 The Secre,ays report COM
mencing at page 90 and marked ID, TO Il inclusive
This brings me- in point Of time, the negotiations
which did take place between the Bank and the Secre
tary of the Treasury and resulted the sale of one of
the bonds upon the terms prescribed in the law The
first step in this negotiation is letter under date OF the
2lst of July written BY Mr. Manchester TO the Secretary
OF the Treasury, and is in the following words:
"WAsHlNGToS, July 81, 1888.
"Sir--I have the honor TO submit TO you the following
proposition for the purchase OF bonds of the Bank
Of the u chartered by Psnnsy vania referred to in
your advertisement Of 18th inst:
81 will give, for both Of them, the par value,
calculated according the rules for estimating The par
value of securities upon which interest has run for
time but which securities have not reached maturity;
the settlement be made LIST of August next, on
which day will depose the amount thereof TO the
dit of the Treasurer of the United States special de-
noste in the Bank of the United States in Phs lpbs