The Life and Times of Silas Wright Volume 2 (Paperback)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1874 Excerpt: ... Chapter LXXVI. SALE OF THE BONDS HELD BY THE UNITED STATES, GIVEN BY THE UNITED STATES BANK OF PENNSYLVANIA. When the Bank of the United States was abont to expire, in 1836, and all hope of securing a new charter from Congress had ceased, the Pennsylvania Legislature granted a State charter under which it acted. The capital of the old bank was transferred to the new and formed its basis for banking. One-fifth of this, $7,000,000, belonged to the United States, which they alone could control. On the 23d of June, 1836, Congress passed an act authorizing the Secretary of the Treasury to receive pay for the same, and exercise other powers in relation thereto. The new bank subsequently proposed terms of adjustment of these matters. On the 3d of March, 1837, Congress, by a joint resolution, authorized the Secretary to settle with the new bank, "and take such obligations for the payment of the several installments, in said proposed terms of settlement mentioned, as he may think proper." The Secretary exercised the powers conferred, and took the bonds of the bank for the amount due, payable at different periods. On the 7th of July, 1838, Congress passed an act authorizing the Secretary of the Treasury to make sale of the bonds thus taken, in aid of the treasury, which he did, and reported to Congress. On this report a discussion arose, in which Mr. Wright defended the President and Secretary of the Treasury in the following extended remarks: "Mr. Wright said: I rise, Mr. President, to perform a task from which I had hoped to be discharged. I had hoped that some other member of the Senate, more capable and less likely to be suspected of partiality upon the one side, and of prejudice upon the other, would have relieved me from it. Hence, to some extent, the long del...