Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1839-01-14

.s,,ns.men,s Of Mr. porSsErT- A more perleo,
specimen VI the Iorie piano style never was met
with,
er between the War Department, OF the Treasury.
,od the Bank, shows clearly that the transaction was
sale on credit, and not fer cash II therefore
entitely without authority OF law.
The srrument for The anticipated payment OF the
second bond was illegal. I he agent oi the BANK
proposed x the Secretary Of the Treasury agreed to-
two insisllments Of 90 0o and The last o sum ho'
quite amounting TO that. But II was solemhi' sup
ua,ed tia, The intefesi should be stopped while Tue
sums should be deposited ~ Bank 10 the e'eui' u
the Treasurer.
This cannot be defended except on the plea OF ne
oess,,y and will any one argue tbat'the treasury
was in such Shafts as 10 require lie anticipate"
uavmepts of that bond which III SIX months must
ba,, been paid IN full, With interest ! Why. at the
very lime the boast that large amounts oil Urea
su,y sotrs would be redeemed aud the real state OF
the case was. that the Secretary got money from the
Bank at SIR per cent TO pay of Treasury notes,
which bore an interest OF AGO. one, MILL per cent
This uas d splendid financial operation quite Ror
Thy tsad Mr.. RHrsl q he ,eisdop thai has pres'dsa
orr the Treasury DeparimentJor some years past
The real motive OF tins arrangement was 10 bring
the proceeds Of The second bond into the condition
of those OF the first, aud put them in depose IN the
Bank. Ii Was one Ink IN the cham OF proceedings
by which .lic Administration designed 10 restore the
connection between the Bank Of the United States
and The Federal government
Mr.. RuEs ihen went into very minute and crit
cal examination OF the correspondence appended TO
the Secretar,'s report TO which will hereafter ash
the attention OF your readers IN the dela) and show
ed conelusi,ely that every allegation he lad made
was fully sustained
Ii MAS proved as be had alleged, that the sale of
the Bonds was mol q naked Transaction, but Vas con
neeted with sipaalions that tho proceeds should be
left deposllc IN the Bank, as any other general
depos,le,
1t was proved that supulaons were entered into for
the payments being made al d,lefen, distant points
IL was proved thai the distant disbursements 10
be made in notes OF the bank, OF by checks by dis
bursting officers the Banks agents.
The advantages derived by the Bank from these
rangement are obvious. 1t has the Government de
posites TO the amount OF Two millions, FOR five months
and oil the advantages of the exchanges, aud OF ds
buising the pubic money in its own notes.
Il p The country has been entirely deceived by rep
resen,stiou that The ouy OF public money depos
tied in tue Bank OF the ued States and those de
rived from the pay ment or sales oil lis bonds.-fU
There WAS one sum. al least tit is notorious 10
those who have looked into these aialrs) OF no less
Than three hnHRred thousand dollars, raised OF n
debt 10 the Bank Of Kentucky, which was placed in
the Baak OF The United States
The account given of his by the Secretary IS
most dIsiugenuous. The deposl,e Is said 10 have
been made by the Bank 81 kentucky. But the doe
u,nenis directly contradict this miserable prelcnco
The Cashier transferred hefc aud the acting Sec
retary OF the Treasury caused II TO be deposited
the Bank Of the United States.
Mr.. Riyrs d~elt with great power the accu-
n'nlaied proofs ui closer connection between the
bank and HE Government than The Administration
party wish TO acknowledge. O5@Spne Of the sup
portefs OF the Administration have declared that II
the transactions between the Treasury aud bank had
gone beyond the mere sale and purchase oil the
bond, they would join Mr. WISE in denouncclng
these transactions. IN Mr.. BrcuANAN was one
have good reason 10 believe thai Mr. cALnouN ex-
pressed a similar determination. Mr.. WnIGnr To-
day, avvowed that such transactions were without
his concurrence OF appreciation Mr. WISE appealed
TO Mr.. BuonANtS IN highly animated stan, to
judge whether he had made out his case. In
the course OF bis remarks he paid some compliments
TO Mr.. BucuANAS, aud declared he would be glad
to see him Al the head OF that Department.
Mr.. BronANsN, (smihngJ You will never see
me there"
Mr.. Ryfs, perhaps not In the present rotten
condition Of the concern, II would be wise 10 Keep
ont of ii -
lie urged upon these gentlemen who had OK
pressed themselves IN the manner have mentioned,
the question. whether they could conscn. to sanction
hunlon between the Bank aud the Government. de
pending simply on the discretion Of the Executive,
and without any sanction oil law.
The Bank Is reins,atcd (ae mainta ned) as fiscal
nsem oil the Governmeni lhToug hont the whole L
mon. IL spreads its Braatean arms every where.
The whole Of the public money out OF the mint aud
not ~ the Bank OF the United Staes, does not a
mount TO Two IluxpREp TnousANp DOLLARS,
The correspondence between Secretary Woodbury.
aud air BidddIe. reminds us OF that between
Mr. CRAWFORD aud Nh. CnEtEs as to the cour-
tesy and hatmoGy. No more do " c Gnd the foug
irony and clumsy attempts sarcasm, formerly made
b, Mr. w oodLury. No more do discover the pol
ished, high patIlean disdan. which Mr.. Blddle ex-
hIbned tor the rude "DemocIal." They are
now night rusty and right well beloved cousins
BOTH
In drawing to close, Mr.. Rrrrs deeounced in
the sererest terms the Secretary miserable attempt
10 deiude the people by his talk about Especial De
pose.''
lie Justly saidit specimen Of paltry jugs ling.
unworthy oi a neeromanoer IN the streets II was
insulllnsto the common sense OF the people; and
tampeung with the dignity Of the Senatc-the old
trek OF cheating the people with mere name-with
humbug.
The object is 10 make the country believe thar
the present system Of depostcs is different from any
lcfinef one. But iho Bank treats with eomtempt all
reference 10 special credit 10 the Treasurer: and
speaks OF the depostes being ofihe names OF gen
eral deposiles.
In conclusion, Mr.. RIvEs impressed on the Senate
'ie moral OF all these transactions of the Govern
ment,-that Banks are admitted by the adminlsra-
ion TO be the most convenient aud the safest agents
Tor conducting IT'S fiscal aiias-and the fiscal agents
ought therefore 10 be established by law and not left
to Executive discretion.
MI. NILES OF Conn rose 10 reply to Mr. RnEs
nna the company forthwith dispersed. The Sen
ate got tired OF him before he half through and
gladly adjourned He will be his little legs tomo =
row again.
rne u1use was engaged during the whole day on
SATURDAY, January 5.
SENATE
The Senate took up fot consideration the report