Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-02-12

bHfk national lns'Vu'liH. TIE 2tn Gay &" 'hich,
-;iG; and by the IF the In gain pay 20
b." mace in fUui equal nsnImca:s OF 81 !G 90 ca rach
the first 10 BE- pIa n III month 81 September ISL ard
the remaining three instruments in one i'sn, aud three
Yeas from that time. with interest upon ia" whole
uut ifG;n AID after the 81 day Of March !c:6. until
paid. al tho II! per per anrrn. III" Sc
c'.afy proceeded carry into C!;rct tn" resolution g
Congress- To ascertain the amounts above stated a"d
in ;Gke The bonds Of The United States Bank q" Penn
"HnIa to secure the payments, that being "a" security
agT'id t" be given by the terms Of the ucCrpianc"
In this way Tie cam! Of the u. was transferred
from the Bank Of the United States chartered Icy Con
gfcss, 10 ha' cIarteud by the State Of PPrnsy yana
and !hGs the bonds against latter institution which
nave given rise 10 The principally complain
ed o. came into existence. Thrse tuads each u!
Tie sAne amount, t$l JcG Jc9 % Each bear en- nie.
rest OF s'* per cenum per from III" 3D. day of
March i-3b aud the first payable II all the month
Of September, c:1 tic second in lS:'5, the third in
l-39, and the fourth in lSlO All these bonds bear date
III" 10Th day Of May, lca7; and is Impossible
10 mark The singular coincidence at dates between The
cOrrIm>I"n o :s negotiation, which postponed the ray
meu and placed Iel'nd the power and control 81 the
Treasury sa:osl at millions Of GooS, and that uni
vrrsa suspension at specie pa ~ the banks {" the
country. which instantly deprived The reasury c
10 pay III" public creGirs nud crnpr He'd extra call
ui Congress | stated that the bonds were dated
,hr i0,h day Of May. Is? They were lhpfrIore,
executed On that Gay either at Washington or Phatr!
p!IIa w!m" al New York, the very day. SPECIE
pay neuIs suspended | speak from recollection
upon this point but tr Ihat The Suspension took
pace at Nt% York un ihe luhof Nay, l-37; and
certainly followed, almost insanity, where IT had not
been p'rctdrd by nearly every banking insttu'i"" IN
the whole Union a consequence fl this was 10 render
unavailable, Tor cga! payments all the balances IN the
dcposlle banks and to tho" back upon he Treasury,
thus deprived u is means vt uu S.ardug dfns
whch tad been draws upon these dcpurs, bn which
he'd not reached Ecic places ut destination. and been
pres, nied !or payment whu ih, suspc pro
claimed \, tins crisis The Bank debt would have been
most iey aud important aid II 1t could have been re-
az"d IN cash; but tie cnnsummG'i ion, The very day
1T the suspension Icy The banks, Ui the terms UI com
promise rendered lie part of The Government "htn
tir Treasury lnorc Than fall. and accepted by tie
Bank several months after tcndrrcd had post
poned payment upon this Cb Tor one, tw" three. aud
four yeaTs
Under circumstances like these the Proclamation Of
the President issued, bearing date the I5lh "t
May. l-37, aud calling SPECIAL meeting al Congress
for 81 pember 81 that year The drprsi;es WIN The
States, he made the FIRST of January and iir, Of
April, Of between and millions Of dollars each
had been nearly completed, and drafts had BEEN lssn
Tor the prlncIplI part not iU Tie Whole, Of he dep"
sIle Of Ike amount To be paid the first {" July w"n
The suspension Of SPEC payments by the banks placed
the very I"ncls, Ou of which these o. P"scs were to
b" made beyond the control oi the law "r 81 The Fiscal
officers of the Government. The qrnce that
many OF the outstanding drafts for the July deposl'e
and rw OF thos. for the previous instruments were
Cshuuured by The hnuks which they were drawn,
ard returned upon The Treasury for pay men wh" the
whole of the Treasury, meel these aud other
pay ENE'S, were IuCk Up III 'Nt suSpt'nNe p"I'ns
Hence the ad 81 Congress invoked al lie cG:i!rSt
pacllcabp period, ard ihe ability of the Treasury :" ct
uuIl The CONNIE CrmCnt ri The extra session. ~os
rendered extremely doubtful So rapid was oar iinEsl.
'irn, public sense" from suprrat GnGaHt wealth 10
extreme iuvsilY, :Un plrG!!C !u!nr3S III The public
ICn>Ur. extreme md almost perfect deSlitUt"n.
1t "i now nc proper t" see bat !egisiior ""s ADOPT
cd by Congress affecting tn pubic IGPaSufJ nj the TX
ira s'sslnn % September and October. 1857 IN The "6y
Of SIMPLY h. passed tn i2ih Gay q Or!uhrt.
authorizing the Secretary T." the Trashy 10 'ssG" pa
per- upon the credit Of the Government III the shal" 4"
Treasury notes as tie SAINTS u' 'h" Treasury sh"n'd tr
qnlr, III 10 exceed, all, III" amount OF ten ai:s 81
Gp..acs but wth such ftsctirrs IN the law Il. I" p;".
hl The reissue OF any Single "hch should a!i into
tie hands 81 officer ui TIE Government, ~ pr! 81 .!
|" Me | ; wimr al Ia" notes "ere made legal ten
der tor all such pay TrmiS
On the other haud, nearly every ordinary resource o.
the Treasury cut I'll. for PERIOD toy ilw ~urh
suspended for the space ui months afer maturity,
all payments upon al! outstanding duty b"acs and gave
a credit -. thee and months upon such cash GG'r.
had become due and unpaid. should brcnilr
due. upon mp'rali"Ts 20 Er mhCe previous I" IL
month "t Noy,rbsr. ISL and Ivy another rw VI Gil,
the option 81 The GrPusGtr banks. snsP nGvd pa r'n'
upon Tie haauCcs due from III u; for pre- r"us s,
fr periods Of eight fourteen and twenty months, and
required hal HE bonds u lhr institutions for payr"T,
al The expiration oi those periods oi equal hiFd pa''S"
their respective arbis satisfactorily scented Should he
received IA lieu al payments IN hand
Another lw also passed tins extra session,
Iude 1" The law "pmgpon,rg The payment OF i!e !"nh
Instanant nt depOs"s win she States. This 10" 20
lie the Treasury from his call ui between nine and
ten millions o dnara until The Isl day oi January, lc;
hpl u. The time, prohibited the Treasurer ir"l
drawing. under any circumstances or Tar any pnr1s',
upon the t~rnly rgh, millions 81 dollars whch had Seen
previously depnsfrd with the States "becrnrc L. ~"
provisions # The drpos;'e law 81 l-G lis fleet there
lore wa* TO deprive the Treasury Of three dollars e
means for ever dollar Of demand from which vas
reevse
WI,h the exception of the necessary appropriations
made extra session, other legislation materially
affecting the puh.ic Treasury has been discovered
! will pass TO ir annual session OF Congress
of lS'7-c IN what manner she legislation ct 'hlt
session was made influence the operations q! The
Treasury On ths DIST uf May. c!S law passed t'r.
inp to the Secretary of the Treasury the payer /" issue
new Treasury notes in III" place al all those which
having been issued unier the law Of the extra session.
had been paid aud lied. should be paid III
and cancrrd under the provisions pi that law. The
sa,e pnhibun howe Yer, against reissue al The ne"
retained IN the la 81! lc}c whI!c these i'"s
aso were made legal 'rrder IN oil public payment,
The only other legislation OF this session. lnIcrdrd
for lie supply of The Treasury. was 'e Law .! Ia. 'h
of July lc:}S, authorizing sale in the market. O the
Two bonds agains. the Bank OF the United States OF
Pennsylvania. which were TO become due and payable
in September c39 and 1870 being the bird and EuTh
Of four bonds taken in The manner before related
to secure debt due 10 Tie United States from the late
Bank OF the United States chareredby Congress- Tor The
stock h. Id By The United Stuics that institution at The
time Of the expiration Of lis charter. il vii! b.
bercd That the first bond made able ~ Sept. 1897,
which had passed and that bond had been PAID "nd
cancelled. The second hord, made payable IN SeFicm
brr lc:S would fall due after the passage OF the
law. that thought advisable To include ~ tt
prov sOn for It's sale. The money might be received
upon from lis maturity, before negotiation Tor the
could be brought tn successin! termination
Hence the law provided for the sale {" The two last 6"nc'
only; and this Law II and the PRACTICAL execution q! II
BY the Secretary which has given rise 10 this discussion,
mud comprs ne 10 rbttude mysei: upon the alien
ton OF the Senate
The law made the Secretary Of the Treasury the agent
of the Government for The sale o The bonds; 'Imeu
him 10 he par value of each bond in The market, 'ca
caled ding 10 the rules for estimating the par value
of securities upon which interest has run 70! Tune ou'
winch securities have reached maturity; "PeHeu ="
him the markets Of our ow and orrgn COUNTRIES ana