The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1881-03-10
NATIONAL BANKS.
SHALL THE MONEY DEPOSITED TO
RETIRE CIRCULATION
he Returned to the Ranks by the Treas
ury Department. Strong PFSbRbi'
IIIy that they will Not, from
Present IndIcAIiOnS-The
Hanks In Pix.

W AhulNhlNNl AhAAbAA w v W thV SAsPe
Of business at the Treasury Department
to-day, Secretary Window had not rem
dered decision pending the request oI
the National Banks that they be allowed
to redeposit United States bonds in the
Treasury and withdraw the legal'tendera
recently deposited for the purpose Of Ie'
tlring the circulation,
Secretary Window, in conversation on
the subject to-day, referred to the question
as one of vital importance and said he was
most desirous Of having 1t determined at
the earliest possible moment but owing
To great pressure Of business he had not
been able 10 decide It,
Inquiry made OF officers OF the Treas
ury ss to the authorities upon which the
present regulations olthe Department rest,
elected many varying opinions.
The Comptroller oi the Currency stated
the question had never been before the
department for decision, and that in no
case where bonds had been deposited to
retire the circulation had legal tenders
been surrendered. Other very prominent
officers expressed the opinion that during
ex Secretary Bristows administration the
question was orally decided against per.
mitting the surFender oil money deposited.
The officers referred to maintain that there
is nothing in the law which authorizes
such surrender; that the statutes expressly
provide for 0 mode Of proceeding, which
has invariably been followed by the de-
partment, namely: That deposit Of law
lul money once made, 10 retire the CirCu.
lation, cannot besurrendered, but must be
held until expended In the redemption OF
the circulating notes OF the bank making
suCh deposit originally. 1t is stated that
the National bank was not permitted to
take out new circulation until its deposit
OF lawful money for the redemption Of its
circulating notes had been entirely ex.
hausted. The legal tender notes deposited
to retire the circulation Of the National
banks are not laid aside In the vaults oil
the United States Treasury but enter into
Its cash, credit being given on the books
to account for the redemption notes Of the
bank depositing, and the notes redeemed
being paid for from cash and charged to
account. 1t fact the account Is treated
Just as the dlsburping officers account Is
treated, or as the bank treats the deposi.
tors accounts. The legal tenders 80 de.
posted are not inclnded In the Treas.
urers balance az shown by the public
debt statement, that statement including
such moneys only as are subject to draft
in the payment Of demands against the
Government.
The total amount oilegal.tender notes de
posted during the pendanCy OF the Fund.
log bill was SIS, ,764, 434, Of which 81 ,2S7 500
was returned TO the banks In egal.tender
notes under the decisions OF the United
States Treasurer, leaving the remainder
on deposit. This sum belongs TO 13S
National Banks, seventeen OF which have
on hand, In the Office Of the Comptroller
OF Currency, circulating notes amounting
10 $7l5, $50, and l2l OF which have on de.
wosit 81, ,77O, $40, 80 that 81, ,494, ,050 OF cir.
culating bonds OF the National banks could
be Immediately forwarded to these banks,
which have recently deposited lawful
money In the Treasury to reduce
their circulation. The remainder,
about $4,000, 900. Comptroller Knox
says could be sent In about thirty days.
When asked what affect decision In favor
OF the withdrawal OF legal thenders would
have on the Treasury, Treasurer Gil6lla n
said II the decision shall be OF a general
character that 10 not confined to deposits
made during the tendency Of the Funding
| Bill, It will affect $50, 100000 now on de.
post in the Treasury Department for the
reduction Of circulation.
Levi P, Morton called at the Treasury
. Department and expressed himself In op.
position 10 the surrender Of the legal ten.
ders by the Government.
} The Congressional Committee OF the
National Greenback party have issued an
address 10 the people oil the United States.
The address opens with the assertion that
the National Banks through years OF un.
wise and unjust legislation ID their inter.
eat have now assumed control OF the gov.
eminent, and defy iLs sovereign right TO
issue and regulate the volume OF the
currency. II then goes on to
charge, the National Banks with having
rebelled against the Government, causing
the borrowers ol money 10 pay at the
rate Of 800 per cent annual Interest for Ito
use. The railroad and telegraph coin.
pAnies are charged with conducting their
+, business In violation Of private rights
. and the fundamental law OF eminent
domain. The address concludes by
maintaining the wrongs complained
Of cannot be corrected through either ol
the old parties, because both are allied
with such abuses, and therefore earnestly
advises the formation Of clubs 10 every
city, village and town in The United States
with view TO thorough organization
and final triumph Of the National party
THOMAS j. DURANT,
III LKE CRANDALL,
EDWARD DANIELS.
EPRRlTUs HowE
. Members Of the Executive Committee.
Tha GreenbaCk Congressional Commit
tee, addressed letter TO 7. II. Murch
Chairman Of the Committee, In whict
B they declined 10 attend the meeting callet
I by Mr.. MurCh In New York tomorrow
, They also inform him that bis resignation