The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1881-03-18
RAKS AND BONDS,


ReIatIy. d the National Banks.
The decisDpeached by the Cabinet on the
request of thdationai banks to withdraw their
legal-tendersdeposited to retire circulation
maintains tit the precedents of the depart
nent in SIMILAR cases should be adhered to,
AMI no return 4 legal tenders made. The text
of tie decisiois as follows:
TREASURY DEPARTMENT.
WAsrNGToN, ID. c., March IL, 1881. (
President Mchants' National Bank, Cleveland,
Ohio:
SIR: / u in receipt of your letter of the
9Th inst. sting your bank had, during the
previous wsk deposited with the Assistant
Treasurer New York $4,000 in legal
tenders, villa view of retiring that amount
of its circulsng notes; that bonds to secure
the same counting to $200,0 had been
forwarded iom the treasury in this city to
New York. ID that the bank now desires, to
return themto the treasury OF the United
States, and eeeive back the above amount
of legal-teler notes. AS the action taken
in this casevould establish rule by which
the departnnt would necessarily be governed
in regard tdlmilar requests from other banks,
some delayO answering your letter has oc-
Cured 1t Sems since the 10Th ult. about
$4,000, coo Illegal tenders have been deposited
by the bankpr purpose like that mentioned
by you. Otis amount about $1,000, 00U was
returned byte Treasurer, the request there
for hayingoeen received before any re-
demption ( notes had been made or
security BIDS delivered. In such cases,
the TRANSITIONS being incomplete, the de-
partment I'd clearly the right to return
amount, ,out $18.000,000 security bonds
therefore I've either been surrendered or re-
demptions ainst the amounts deposited have
already beemade, and transactions have been
SO far compted that it has been decided that
the precedIts of the department in similar
cases shoulbe adhered to, and no return of
legal tendsrbe made. In this connection it
should be sted no apprehension of unfavor-
able results led be entertained in this matter
Since the 9TH ult the department has
paid out for bonds purchased about
Sc, 800, 600, and is to-day paying out
on like lccount all additional amount
of 100000. LII addition to these
payments here has been advanced from the
treasury ace the LIST inst, to meet payments
of arrearges of pensions, the amount Of
81, 583, Stand on the LIST prox. there will fall
due of i1erest more than $1,000 900, and
there are hand of incomplete national-bank
notes, with can be issued at once to the banks,
to the anunt of $4,000. 900, which in aggre-
gate, willie observed, take an amount from
the treaTy largely in excess of the
amount Of legal-tender notes which
have bel deposited by the banks
since the lth ult., and which, it is now de-
sired, shod be returned. Letters have also
been receed asking if the identical United
States bols held as security for circulating
notes whic were recently withdrawn by the ma
tional bans can be re-deposted without trans
fer. This 2quest will be granted if the bond
bears no alignment except that of the Treas
urer of Unlimited States to the bank returning
it. Very lspectfully, H. F. FRENCH,
Acting Secretary.
The desion, although signed by Acting Sec
rotary Trach, was actually rendered by Secre-
tary Wi1bm.