Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1861-01-26

the further fact that contrary all expectation she may
be called upon to refund give the matter sucieu' i'e
est to Justify little retrospect aud for this purpos
avail ourselves OF the statement Of the PhilAdephA IN
CARER In 1885, the accumulation Of large surplus u"
the Treasury beyond the existing wants OF the govern
ment obliged Congress to devise some means to dispose
Of il as great fears we're entertained that the retention
of so great an amount might embaass the operations oil
business The plan ualy adopted believe, was pro-
posed BY Mr. CMHouS; and this to make permanent
deposit of the surplus public money with the S'A'es
which device was embodied in an act OF Congress anu
70 a large extent carried into effect in 1887.
This act provides that the money which shall be IN the
Treasury on the first day of January 1884, after reserv
ing FIVE millions Of dollars shall be deposited with suen
of the States in proportion their Congressional KeP'
resentave as shall by law, authorize their Treasure
or other competent authorities, to receive the same vi
certain specified terms The Secretary OF the treasury
was authorized to deliver the to said competent aH
tbor,es on receiving certificates of deposit therefor
which certificates shall pledge the faith of the STATE for
he sofs keeping Of the money aud he repayment Of every
part thereof from time to time The same shall be re-
orsd The act further provided than when said money
or anv part thereof shall Be TAINTED 6y the Secretary o
the Treasury 10 appropriations By lac the same sha
be called for in rateabe proportions within one year. a
near as conveniently may be- from the different states
with which the same is deposited and shall not be called
for in sums exceeding ten thousand dollars from any one
State in any one month"; without previous notice oil thirty
DAYS for every additional of twenty thousand dol
lars The money was to be deposited with the States IN
four equal instruments on the first days OF January
April, July and October of the year 1884,
On the day specified in the law there was IN the Trea
surv of the United States. bS,soS ~
From which there was deducted for the
immediate wants Of the government,
as requird by the act. .so,Oo"uoo w
Leaving for pro rata Disruption among
the States. .S"f 4oS SOY "
This however was not all distributed Before the
foprb pstaluent was due the terrible crash of 1887
had come upon the country, prostrating the Teas
urv along with every thing else and hence the final de-
posit was postponed. Whether it was subsequently
made or not escapes our recollection, but We thnlSit
was not The three instaments of deposit which were
made amounted in the aggregate, to S2s 22sOO5 es'
and this amount stands to the credit Of the General
Government on the books of the several States subject
TO demand on the condition above rected in the laws.
Although the money distributed by this transaction,
as truly described by Colonel Benton, "was i'll name
deposit in form loan; but in essence and design dis
rbutiou" and therefore generally accepted as gift
which it was not contemplated would ever be recalled;
still it is subject to repayment, whenever the Secretary
shall want it to meet appropriations made by law. He
appears to have notified the Chrrman Of the Committee
of Ways and Means that he does now went it. by refer
ring to these deposits with the States part of the
sources Of the National Treasury.