Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1824-07-06

own paper and the legal currency O.: t!,n cnnur
,'y.' but 1t was In the habit, with n vic,v y,
ocHnS hScsui to the government and the conn.
- Iccci'ih% almost any thin. that it could
co1Ncrt, safely and conveniently, into cash.
" me rule oi Tho u. :. bank nreceiyi, DO
Pv,'S' Is 'iat, when Il ~dopositc is made peno-
rally, the bank is liable for the ap,o,,t 60,
Gciosite In cash, is it not?
a. That is the general rule, TO wl,ic, -,
collect bat one exception, which WAS u,,3n. :,
parocaiar arrangement in respect To certain
" es'ern banks, by which, the banl, ,,ec,;,nI
uePosi'es from Receivers of Public ,jonnye j.,
current bliis oi these banks, and credited ;b,.,
as cash. on the condition, that if not Jrly val
uiey should again be charged to .l,. o,rern,
nicn:. 'e'"
". i'I$Eca2tian grey out OF al arraare-
no"t H9.s4a2ea place alter you catered into
tic 81 perf'asssIency Of the L. State Ban,z, dij
ii not. "'d
" ey h%k&tssJtii. Do you know what is the
Bank on . tie Western siate s'a'es
"a, Icannygskste which! accuracy. II OK
cccaedten percent, and amounted, per!,ans. f.,
fifteen. P'h'Ps' 10
q. As president of the bank, Won had Of
curse, constant intercourse with the Secretary
III Tie Treasury; can you tcstify rs to n, ,n;,
- 'A''N ' IL W i.icn ttilt n9II TT
ms duty, winch relates to the collection nf ~,
paolc moneys, was performed, SO far as il c,,nr
un!er your observation
~. hal much and anxious intnrco,,rs, ,c;,,
the Secretary of the Treasury pers,,our ,nJ
by letter, IN relation tothc currency. ofiho c,.a
try, n the collection Of the public debts. ~ wnir
III ine Atlantic rs the Western states. II w,e,..
sis"i uneXanPlciditiicmlty. The greatobiec w,s
'.e'o'eIA preserve !sound currency, general
~ t!iFonsi the mon KS il regarded the Az
iantic portion OF the Union, il anoaaroI t,n,
Judgment, 10 involve the souaincss Of til omr
rcncy but, as it regarded the Wcstern stats
Sea'nci 10 inc TO invoivc the existence a; any
currency at all. | understood, distinctly, that
WaSthe OBJECT o! the Secretary of the Tr,os,,-
ry, IN Tie estcrn states, to prevent its sld lon
ani total prosiration. III m; oornicn. the Sacrc'
tafy of the Treasury displayed much abiIity
great zeal an! Industry, perfect integrity, ana
commanded as in'Ich success as was practicable
under The circumstances of the times.
g.. by Mr. Cox. In expressing this opin-
ion, do you do il with n full l,uowleI~c of ,bo
connection between the Treasury Dew r,mo,,
and the Western banks in which the nnbiic mo-
ncys were deposited, and of the manner in which
those banks fulfilled their engagements with thc
Treasury?
n. DO not do it with a r:il knowIc!re or
these circumstances, but do it with a greatdeal
or knowledge Of the subject. Ii this question
be intended to refer IL my answers TO. p.cyiou,
questions concerning the : engagements between
the Western Banks and the Governments, it is
TO state thatI understand those Uucs-
tons and answers 10 refer TO the detail which
governed the transactions of those banks with
the government, of which ] am ignorant; but
the answer Wihca L have just given refers to the
general conduct ana the success of the inca
surcS o! t'c Treasury, and l know them from
correspondence ana intercourse with the Sc
.cretary, and from the operations of the Ban!, of
the United States, t!,:ougl. which large sums of
money were collected for the use of tic govern
in the Western states.