Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-01-26

and the Bank regard the sale of OF It's bonds,
disclosed by the documents. IL must he borne IN
mind iha. only of the bonds, To wit that due The
Both September, lS.9 soid The other bond en-
hracrd in the transactions between the Treasury and
The Bank--,hat which fell DIE the Both September
last, of which shall sPenk herralter-was not sold;
bat al arrangement made for anticipating the pay
merit OF part Of IT, and pos'r0':ing me payment 81
aunher part. In gard 10 the bond sold. we must re-
cu, 10 the authority under which The sale was made
The act which passed on the subject. during 10"
Inst session OF Congress, authorized the Secretary ~
the Treasury 10 sell more of the bonds OF the
Bank The bPsl terms which could be had star MONEY
in hnnd Now. what The import Of this phrase
II is vrrg peculiar one. and have no recollection oil
having with il before in any act OF legislation
1t might even seem 10 have been suggested by s'nsi
tive jealousy Of renewed fiscal connection between
the Government and the Bank. and TO have been in
tended 10 prohibit in advance, any such connecticut By
requiring the proceeds of the bond, when sold to be
taken sin land-nln the actual custody and possession
of The G"v~rnment-and not felt dep"s'e in the
Bark But the eas! that it mean, that The bond
shond hc sold for c0S for ready rapncy contradsn
cuisied from crcdi should b. glad 10 know U The
honorable Charman oftIlr Committee Finance, (Nr.
Wrght) by whirh hr bal! reported. what was The
precise mranng attached BY the committee 10 this
phrase
MIR Wright here and said lie drew the bill. and
by the OF The phrase in question: intended that The
sale Of the Bond should be such to realize its value
IN Pr3Ec"h
That Is xaciIy. said Mr. Rivas wha, supposed -
Tie bond br disposed Of in such way TO
aze It's par value hr limit fixed by Law that under
which not to bp sid pr"Scnt and not IN IN.
inr0 Now. Sir, shall proceed iu show by The docu.
msnis before us all controversy, l2t the sale &C.
tuaily made o the bond srch to real re It's par rash
value JHtnO and not in prrssaiiIn 0'hrr words that
il sold cre"tt 3" price calculated as Tor tash-
and consequently That IL" sale IN dect violation OF
tine law nave already stated, Dir President. that what
ever The formal acl. Of sac executed by the
Secretary OF the Treasury bore their face the real
oi the Transaction To be sought in The GCrcc-
1negt the Scc,ttaryGi Ear and the Bank, whch
subsequently admitted. and faithfully and mInurly
carried cut all is parts by the Secretary OF he lea-
sury Now. Sir let what was that agrsemenl'
1t Is set forth b. Mr. Biids. thr President n the Bark
in the lerr have heretofore referred to- addressed by
him on the l:!;h of August, So. To Mr.. Woodbury.. In
reclng what passed between him and the Secretary Of
War On the subject of the sale OF the bond he repeats
the following language addressed to him by Mr..
PoinsCt,f you become the purchaser, (nt the hnndD
the amount will be deposited 10 your Bank, In he drawn
for as required which TW MT Grtccd $500 coo m"nM
This money will be wanted at the South and West and
tie manner of drawing fr it may be subject Of future
arrangement between Us Mr. b then adds, "accord-
np!y | received from the War ID par tTcnt detailed
of the times and places and Hm"unts oi !he
drsburs, me MS for the next three m0athS, &c.
This communication OF Alr. B!dIe TO MIR. Woodbury.,
disclosing for the first time, the fact Of the negotiation
braeen the Secretary of War and the Bank, respecting
the sale OF The bend was received by the actng Secrsa
~ OF the Treasury Mr. Young. who, under the da'e Of
18th August, briefly rep!ed-"lhe records OF this De-
parImeni bY whiCh alonc ran he gOrsrnsd contain
aluSiuu any such agreement tcM Tie Department.
Har as referred your letter. But in few days
afterwards to wit; The lJh August, Mr. Young
writes again by express direction o! MIR Woodbury.
The Secretary takes on, Al first, tone OF offended Dig
nily but Only prepare Tor absolute surrender at DIS
creon 'Ile rnars but IAN twerc Il nightingale les
gently as sucking Love.' lie iustrucls Mr. Young 10
express "hls surprise at Mr. Bidde's communication
concerning the CORE. pnndsGce with MIR. Ponsett,
and to say st Suspected that any such
arrangement as that stated. CONT npla;ed Ia
be carried into effect in respect TO the bond Of 1882
at the time it sold Mr.. Young, however
winds Up his letter On behalf oi Alr. Woodbury.. end
written, It's presumed under his express lnstruc
lion. in drcet tones forming very amusing contrast
with the busting air Of dignity and independence
sumcd III the He concludes thus The :, en-
larry rrgrtS the mE0pprfhcnsion in regard to this sub
jaci ard he mihC hnppy 10 do, on hls part all which Is
ftasbl. 10 the views entertained between you
and MIR Ponsett, and curry them ont with as little de-
lay and Inconvenience a. possible. He requests you
CMr Biddrj will furnish him by return of mail. if prac-
cuble with list Of the banhs or agents WHO will pay
III. sums at ;r particular places arranged between you
and the SrcrayV C ar. ard the amount 10 b. paid ty
each on ri:c drafts Of the Treasurer your Bank pay
able al those points.
In answer to this lrricr ard in compliance with lis
request Mr. Cuwperihwalt, The Cashier of tho Bank Il"
the. Uuvd States. uEJrr date of 22d August transmits
to Mr. Young "a Inst OF The agents, (o The Bank) who
will pay HE drafts Of the Treasurer of the United SloS
al most of the points designated by The Secretary Of H
with the amounts 10 each Tins list contained tie
names of the agents al the Bark III The West aud
Snuh.wes together vita the amounts 10 be respective
Ir oad hy each I'm the months al -3ugnst, Srpfcmhr
ami Ori0hcr, lc3S. cay ono hHd OF the amounts re.
reiyrd. III cdch Of the saii months hlr. Woodbury..
nj enuh comes forward pruprIa persona, and under
date OF 2Ih August, acknowledges the receipt vi Mr.
Cownrrthw ats COMMUNICATION containing the above.
mentioned list; adding " 1t vii gre me pleasure 20
instruct the Treasurer 10 draw accordingly Tor these
amouDts account oil the special d' poSIlc made Tor
the bond of the Bank due IN lc.i9, and sold In Mac
alps,er" Here then, was not only complete rec"I
milton and final ratification, by the Secretary of the
Treasury Of the agreement made by She Secretary n
Var with the Bank, for the sale OF It's bond falling due
IN l-9 but measures actually taken to carry this agree
meni faithfully INTO execution, all its details What
,hrn was thu real nature and character OF that agree
menl' Was il sale OF The bond f"r ''m0ney IN hand,
as required by the law. was II not clearly sale tor
money to be- paid in t"f"r0 by suressSies Instruments
mat said the agreement Of the Secretary OF War as
r,cilrd by Mr. Bidd. his letter of the 18th August,
quoted above and adopted and ratified by the Seer
,ary Of The Treasury 1.-The amount (of the bond) will
By drposi,ed in your Bank 10 be drawn for required
,,ijcL rU net rIcccd 5000 GEO NINTH What SAID he
liz, al, uayinents be made by the agents at the Bank,
as furnished BY Mr. Comparatively the Cashier, and az
cepled BY ar Woodbury.. as the basis for executing the
terms of sulc Of The bond 10 the Bank Was 1t not that
IN. anouns therein Mentioned were To be progressively
n,d n the months Of August, September, and October
s3s say Gnr Mrd OF The amounts named in each OF The
said months - Were these such payments, in prasenH
as the honorable Chairman of the Committee Of Frnan
has told us, intended by the phrase, ''money IN
hand
The price at which the bond was sold was cash
price calculated, according to precise rule laid DOWN
in the law ITSELF authorizing the sale of the bonds 10
wit: ",he par value of the bond at The time Of sn's'
calculated according the rules for estimating The par
vsue of securities upon which interest has run for
fine hut hich securities have not reached maturity
THE bond sold was bond bearing interest from the
March 1885, being Of the bonds gwen by the ne~
Rant Of the United States, for the stock held by the
IIrsd States in the old Bank. In calculating lis par
vsrs interest was included 10 the estimate only down
IN The Is, of August the period of sale. The price P"
ascrr,ained, and for which the bond was sold, was
e. 254 S7l This was in every sense cash pi'ce,
Eunded on the assumption that the money was TO be
oad in hand" But the real agreement, as we nave
son was rot for suoney in hand but for money IN j"