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

the !h lust in relation late Transactions between the
Government and Bank Of the IT, S. arising from the sale
%! The bends Of said Bank:
TREASURY DEPARrMrHT,
December "A ie3o. !
SIR: have The honor 10 submit this report in
pl;ancc with resolution Of the Senate lne l9h inst
a Copy OF hCh IS nan"X"d.
| he resolution calls fer information concerning depo.
sites in the United States Bank Of Pennsylvania III"
sale Of lis thlra bond the payment Of IL second
and vunus other matters surp1sed 10 he Connected with
those sd' Iecls
Tie transactions between the Treasury and 'he U s
Bank 0! Penrsy !"an;G which s"tm 10 tP lie general
object Of these irGnIrlea. have DtSD ss follows:
ls The sale IL thai institution CT tie stock held hy
the Government The Bank Of i; u. 5 in pursuance
of law pass for that purpose account oi which
has been long sGcr iaid before Congress.
81. The receipt G! payment ir"ui The United STATES
Eank Of reDns, lvGrn or two ui lis bonds about the
tine they G'c"'me cue and which were given Tor that
stock
3D. Collections made by that Bank for the United
Sn;e:, IN p1 pay meT .: their demand against the old
hank III Couuu.a iroi1 winch the Bank ci The, UulIed
States 3d taken SECURITY Tor iiselI ard ug The United
States many years ago: and to performance of hch
trust the United States Bark Of Pennsylvania Lad
tGcf
4,n. The payment by the latter Bank To- the United
STATES 81 The snm Of $;jl0DUJ ia money and So $50 in
Treasury notes. bIa OF ard at The instance Of tie
Eank OF Kentucky. in discharge for much Of
d.b;cdrcss 10 the DATED States
5!h The saie To the United States Bank OF Prunsy!
van Of the third bond Gne from i, TO tic United STA cs
in execution Of the rel OF the last Session authorizing
With these exceptions, :hcrr have not been dealings
Of any description between Tins Department and the U
Safes Bank Ci Prnny vand from lis establishment 10
the present day No collecting Gis5urSImg officer has
ever been tirrcted by tins Department 10 make any de-
pose warrve: in sajd Bank, has any money tee
placed y ihr said Bank Ia M cTrGt OF the Treasurer "
the :; o! of lhis Department, or 10 my knowledge,
Of airy Of - officers excerpt the aVas OF thu truEsGc
TOSS specifically referred 20 Gh"ve and. tie details
Of Which, 50 hey relate L. the present subject,
full information s gwen III tie correspondence and Ia
buar statements annexed
The sale OF the third bond Of the United States
Ban of Pennsy vana To that institution concerning
which sprciai inquiry Is made III the rrs"!u"n,
was effected unhrr the following ci.cgi',nrrrs: BE.
fore The passage OF ha law authorizing it, application
was made TO tie Department by The Bark anticipate
the aymcrl II" a portion 81 the debt du" to the United
States upon c,r'on terms proposed by lis agent This
spricnllrn fail. Of effect, because The Bank DIS
satisfied with The conditions as 10 the Kind Il" currency
IL be paid, which prescribed by The Department.
The correspondence upon HAT SUI j"c is considered
be embraced within The call OF The senate; and is here
annexed. APprecndng that the resources Of the
Treasury would net III The mn deranEcd state OF the bu.
snpss nd currency o lhe country, with certain impcr
ipcnns hat existed in The laws To Treasury Roles,
be sufficient satisfy the appropriations mad- by Con-
grcss She President. months before the ADJOURN
men, OF tie last session specially invited the attention
of both Houses Ia The nPceesy 4" further provision !cr
III. exigrnc.ps of the pnrlc ryicc.
An get was afterwards. passed auhorisina nn !s.uc
during the year II brcom,,ps :hvluus !:at ills
sure anu!d not Of Is:i! he Sufficient under he ing"
appropriation concmplnrd.a bill was also reported.
allow ne tie sale III The third ard fourth bonds he'd By
the Cove against the Bunk. II. bII reported
and finally pasSt Il. CONTAINED restriction limiting Tie
sale to pr value Of the bond sold The time q!
sale cacnaltd according the rules for estimating the
par .nii, IL securities upon which IalcT,s has run ihr
'rlc, bot which securities have not reached maturity,
End it conferred the Department authority 20
Ter into any guarantee by tie u. > OF the ultimate
payment al the bonds. ApPTelrnFi"s that Il would ie
difficult, !! not impossible, to effect sale q! The bonds
e'!pr Of them upon these terms, the Department,
whilst the bill pending. opened a correspondence t"
ascertain whether tie could probably be arcc::
piished, If the bill became aw. This correspondence
is annexed. Tie replies strengthened the apprehension
before riaE.d by lls Department, and the rrsrl:
WINS Communicated to the charn,en of the financial
OF the Houses bsO.c the final action 81
Congress upon he bill.
ijiit the bill afterwards became q law without cry
alteration in The terms any guarantee 10 be- gwen.
the par. Of The United States TIE appropriations
tua!;y mad', having Prev 10 De unusually great" nHG
the expenditures anticipated during the two next rnau
irn months h,.ng much larger ia amount than th1 im
mediate means which tie Department would expect !"
GFriY? money :Ou other sources within those mGuiis
| al ono. aGGressrd letters 10 bankers 81 tie Uuird
sGisS 10 nGuD and lp minister at Paris request
inc that might hC taken. without delay. To %
'iicrs tor ose b'Eds ii r"s*Ihr Irm capitalists ~
Europe To these nrswrs were rec"iv III due season,
stating that m ihc s!'ft tins" lie hCE"s had 10 run,
Ike absence OF Sic guarauy oil the u > Tor their
t"E payment H"H "EcT causes no sale could pr"oa%y
L9 eff c.d OF them/iihsr IN London or Paris, within tie
jiT's I,Nd by law In he ~" airline, however l"dg
that the demands tmr we p"oc service during the ohh
OF June lind r%cttc'd l"" an' nan n'I"hS ana rH
pecting. the fact turned out 10 Gc, that they would
eqpa about seven millions in .Uy and August and find
ing ALSO that the ava"h" haanee ~ lie Treasury up
rca!e I" general pnfpo.cs and s":"G /" d;Hs' eii W
low $! ui"0oo, ara mat payments were making a. 'sS
IN ne% treasury Eor* "'ich """" '"' 'f f"ce'T" a.
oil G"1:''r, c;hst'frd II necessary 20 Hre' S"'e ~
~, u, RNtr,
h least one OF te bl;IuH hl an carrier Hl} ''an a"'C'
con'd r frceiTco, a!i az! pr"c't"S M""|,a ''" En-
rope. Particular inquiry vas, therefore, lhS'i'ueo 10
The cry oi Kew l"fk, ana eIse"he''' concI'hns ut
probability If selling of the bonds and
asn pubic ad'eTsfni'!i was issued imS'unS propo
sails g'ner"'E 'or their purchase.
The result was, i:iat i'om i'e auuhnahcc OF S'h'c
stocks the market al rery reduced prices lic lower