The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1881-03-12
BAD ON THE BANKS.
TEXT OF TIE ADVERSE DECISION OF
TIE CABINET,
No Returns to the National Ranks. 10. bt
Made or Legal Tender Notes De
. posted At the Treasury for
the Redemption OF
Their Currency,

WAsHINaroN, March 1.-THE Cabinet
adjourned, having decided the National
Bank question and instructed Secretary
Window to prepare the decision ON the
subject, to be- made public late this even
ing. The text Of the decision Ia "a follows:
TREASURY DEPARTMEST,
WASHINGTON, D, O., March II, 1881. 7
To The President Of he 4srchGns' National
Bank, Cleveland, Ohio;
SIR;-I am in receipt OF your letter OF
the 9th inst, stating that your bank hsd
during the previous week deposited with
the Assistant Treasurer, at New York,
$ls0,OO0 In legal'tenders, with view Of
retiring that amount OF It's circulating
notes; that bonds to secure the same
amounting TO $500 900 had been forward.
ed from the Treasury in this city to New
York, and that the bank now
desires to return them to the Treasurer OF
the United States and receive back
about the amount Of legal tenders. AZ
rule by which the Department would
necessarily be governed In regard 10 a
similar request from other banks some
delay In answering your letter has oo'
Cured. II seems that since the 10th ult,
about $l0,000,000 OF legal tenders have
been deposited by the banks for q pur.
pose like that mentioned by you, 0tthis
amount about 81 ,000, 900 was returned by
the Treasurer, the request therefor having
been received before any redemption ol
notes had been made or security bonds
delivered. In such cases the fraction be.
Ing incomplete, the Department Lad clear.
ly the right to return the notes as has
been done. OF the remaining amount,
about $l,800,00O, security bonds there.
lore have been surrendered and redemp.
tons against the amounts deposited have
already been made, and the transactions
have been 30 far completed.
1t has been decided that the precedent
OF the Department In similar cases should
be adhered to and no return OF the legal
tenders be made. In this connection 1t
should be stated that no apprehension OF
unfavorable results need be entertained
In this matter. Since the 25th ult. the
Department has paid out for bonds pur-
chased about &, 500, 900, and is to-day pay.
Ing ont on like account the additional
amount Of $5000,000. In addition to
these payments there has been advanced
from the Treasury since the 1st. instant 10
meet the payments OF arreArages In pen.
sions 10 the amount oil $75,S30, ,044, and on
the let proximo there will fall due OF In.
teregt more than 81 900, 900, and there arc
on hand Of incomplete national bank
notes, which can be issued OF once 10
the banks to The amount OF $1,000.
600, which in the aggregate, twill be
observed, will take an amount from the
Treasury largely In excess OF the legal ten.
der notes which have been deposited by
the banks since the 10th ult., and which Il
Ia now desired should be returned. Let.
ters have also been received asking II the
identical U. s. bonds held as security for
the circulating notes whiCh:were recently
withdrawn by the National banks, can be
redepoSited without transfer. This re.
quest will be granted II the bond bears no
assignment except that OF the Treasurer
Of the United States 10 the bank retaining
1t Very respectfully,
[signedl II. F. FRENCH,
Acling Secretary.
The decision, although signed by Acting
Secretary French, was actually rendered
by Secretary Window. Owing to the
pressure OF business upon the Secretary,
Assistant Secretary French signed to.day's
business. II lisa rule Of the Department
that the entire business OF any given day
aha11 ha ntua ad 11, apn nn,ann