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

East is quoted eight and half to nine specie at nine
to eleven, Treasury notes at and u S. Bank
Mt nine to Ten, from half to and half per
cent higher than exchange. So the 18th Of Sepem
Der, at Nalchez, exchange Philadelphia and New
York is quoted fifteen 10 sixteen premium and U. S
Bank notes and Treasury seventeen TO ghteen
and specie ateigheen making specie Treasury notes
or United States Bank notes there from two 10 three per
cent. m"re valuable than exchange New York or
Phladelphia
In conclusion the resolution asks for ''the amount
so far as be conveniently asceraned that has been
drawn from The Bank of the United States its branches,
or agencies, in notes of said Bank, for paying Indian
annsities or other claims Of the Indians the Govern
ment for defrayng the expenses attending the removal
OF the Indians and, IN general the nature OF the ar
Engagements IF any made for the distant public
disbursements in the notes Of the Bank. together with
all the correspondence, agreements, and instructions
given or entered into connected with any all The
heads of inquiry above stated"
The Department generally has means OF inorma
ton in It's power to fe kind OF money which is &C
tualy paid by the banks any Of the 1reasu'ers
drafts But the original agreements in this case having
been, that the payments should be specie or IFS equiva
lent and the public creditors apubc officers knowing
tina. they were entitled tothEs it is 10 be presumed
, that they have generally f~'y' bee" made j"
No arrangements have beeh formed by this Depart.
ment any instructions given by il, to any diff
ferent kind of payment All The drafts placed the
Bank have been duly honored far The information
bile, where the agent Of the Bank did not the first in
stance, offer tha Ahd Of currency demanded; but il
afterwards paid satisfactorily and without prejudice
10 the public service.
With regard to the CALL under this head, for call the
correspondence, agreements, and instructions given
entered into by the Department. and connected with any
or ell the heads Of inquiry above stated copies Of all
supposed TO bear on the subject annexed.
The closing paragraph of this psrt of the resolution
further requests TO be informed by the Secretary of thu
Treasury of the nature of the arrangements made will
him by those banks; in which, according 10 his report
the Sd inst, portions of the public money have beer
placed to the credit of the Treasurer special depose
the kind Of money in which the said special dcpose,
were made; whether the entered The book,
Of the Bank; whether the identical moneys deposited
have continued TO be held by the banks; whether tn
drafts of the Treasury Department that have been drawn
these deposes have been paid in the specific money,
deposited; and whether the balances remaining par
and parcel OF the very moneys originally deposited
The arrangements made with the banks that hole
special depostes deposes to the credit Of the Urea
surer, have been regarded temporary in their nalur
or character, and have in most therefore been in
forR2l. IL having been expected that Congress would
az al early day, adopt general system, that cou
be carried into practical effect the subect Of keepin.
the public money; and comparatively few collection.
having been made, except in Treasury notes and Tea
sury drafts since the suspension Of specie payments I'll
within the last three months, the Department has deem
ed most respectful to Congress- 10 abstain from adopt
ing any uniform and permanent arrangement on tn,
subject Of deposites banks selected the gen
era depose act but 10 them for the present. least
only necessity should require.
The deposite act Of June, 1885, not having been
pealed it is still The duty of the Department to place all
OF the public moneys In general depoSe in banks, il
suitable can be found, which are in condition 10
comply with the requirements of that act, and will
ing toiake them But stated in the annual report
sufficient number OF them to satisfy the requirements OF
that branch Of the public service could be found
No public moneys can by The existing laws be deposited
with collectors Or receivers except such have been
collected by themselves In the ABSENCE therefore. Of
sufficient number of banks under the general deposte
act and without provision by law for the deposte
the public moneys else WHERE houg anXiousy desired
by the Department. it has been obliged employ other
banks under liz general powers exercised since 1852
when not otherwise expressly provided by Congress
These have been used TO keep such moneys Us accu
mulaed in the hands Of the collectors and receivers
beyond what deemed safe under their present sc
curities and liabilities and also such as were paid int
the Treasury from other sources
In cases OF dePosi,es in bank made specially the
ney has, in some instances been placed in specie,
boxes fastened up, and not TO be withdrawn by the re
cever or others, without the draft Of the Treasurer
him. payable at the bank where the specie deposite
made. In other cases, it has been placed in specie OF
bills Of specie paying banks to the credit Of the Teasu
rer sometimes as sin special deposites, and metmes
ass in dePoslte TO his special credit, and allowing tn,
bank 10 have entire charge of it afterwards
Butt athese latter cases. as explained in the recen
annual report the finances, 1t Understood that the
money is to be kept ready for payment at any moment
but not required to be set apart specially
in box, chest, bag. II may be paid out by the off
treasurer,
his presence or that Of the deposor; and must
course, be constantly had to il by these officers.
No other course OF deposte Of our current funds
practicable IN fiscal operations, without mourning
pense which the Department, without express ecisla
lion. did not feel warranted in mourning for the tempo
rary objects contemplated during the last few months
In answer TO the further specific questions in the con
GLIDING clause Of the resolution, it may be added, that
in of these cases. the kind Of money deposited
stated by the receiver collector in his return and
some 1t Is reported by the banks But il is always sup
posed to be in legal currency.
II presumed that, in cases. the drafts paid
out OF the identical money deposited, but in few only
that the precise money deposited is retained till then
and the balance remaining part of the depo
site.
Should Congress adjourn without making any new
provision as to the keeping Of the public money, and
should much Off accumulate at several points before il
is disbursed the Department would feel bound under
its supervisory duty Of seeing that this money be kept
safely as possible TO adopt uniform rule on the
subject of depostes whether special general in banks
not able 10 be selected under the act Of 1886
II would feel obliged, also, 10 introduce general
system for its faithful custody ill paid out, provided
sufciency Of banks al suitable places, could not be Oh
tanned, IN conformity TO the act But it would deeply
regret the necessity Of being left the exercise of pow
ers so wide and genera powers likely 10 be msused
misunderstood, and msrePresened and ardenty hopes,
as oen stated on former occasions, to be relieved from
the responsibility, well as necessity of doing it by
some specific egs for keeping the public money.
which may be suited to the present condition of the
country be susceptible of safe uniform and practical
operatlon and afford those checks and securities which
are so essential to the preservation Of public morality
as well as public faith
Respectfully.
LEVI WOODBURY.,
Secretary Of the Treasury
Hon RICHARD NJ. JOHNSON, President of Tie Senate
The report having been read was ordered to lie on
the table, and Ave thousand extra copies be printed
the use Of The Senate.
Mr. Wright presented memorial Of sundry citizens
OF New York, praying that Indian Kew may be made
port OF entry; which was referred the Committee on
Commerce.
Mr. Robbins presented The petition Of the Manual La
Dor Society of the city of Washington praying for an
act OF incorporation; which referred 10 the Commit
Tee on the Disrc, of Columbia
Mr.. Linn presented the petition Of certain citizens Of