Edwardsville spectator. [volume] (Edwardsville, Ill.) 1819-1826, 1824-12-07

" oSia every ofp anu every atoms every
officer and every citizen, in their legal
position. 1t was intended to prevent the
Secretary cflhe Treasury from commit
ting any act which could be Justly called
"no legal employment of the public
iunds;" and will hardly be satisfied with
the declaration, that any officer of the
government, but especially the Head of
the Treasury, can employ the national
funds " in disregard OF law" and yet not
n'tSmanage them. Surely there is some
thing less secured in the public treasure
OF the United States, than in that oil Eng
land.
Having proved clearly, by the decla-
rations OF be Secretary, and the express
sIons OF the Committee, tina, the former
relinquished "6y agreement" on the
5Oth June, 1918, the right oil the United
States to the fiscal instrumcntalty of
the Bank of the United States, in the
collection and disbursement of the ma
uonal funds; and employ ed, by condi-
lions offered to them, on the Isl July
following, the fundamentally of certain
state banks for the same purpose and
having shown that, when, shortly after
the latter date, an extended Agreements
was entered into on conditions more Ia
vorable TO these banks, allowing them
as an equivalent, or rather as pay, for
similar fundamentally $4,000 dollars
annually, by way of interest on peima-
nent depostes and having, also, shown
that the Secretary has made various
loans Of the public money! shall pro-
coed TO sub]eS connected with my Sc
cond charge.
This lmputes to the Secretary Of the
Treasury, without any investigation of
his motives, neglect Of duty In relation
10 II, tie Committee admit, that the act
Oh Congress Incorporating he Bank of
the United States makes the duty ofthe
Secretary Of the Treasury to employ the
Offices OF that institution as places of de-
posue for the pubic funds, in prefer
ence 10 all other banks, unless for special
reasons he should think fit 10 nse
other banks for the purpose; and in
that case, the special reasons are
to be communicated to Congress, by
the Secretary, at lis then, or its mex, ses-
sion. his communication the Conn
mi,tee pronounce, and the Secretary
conlesses, he failed to make. | NAV
safely rest the truth of my second charge
on this admission, since a failure in an
officer of the United States, from any
cause, to comply with the directions Of
a law prescribing his duties, is, to all in
tents and purposes, a neglect of dutv.
The Secretary, however, accounts for
it, and the Committee Justify it upon tho
ground of inadUertence.
The admission ct inadvertence in this
case, IS confession OF neglect of du,y,
SO complex that ii may fairly be demo
minated q violation of duty; for, as The
object OF the laws in requiring the
prompt commpnIc alton Of these sheciak
reasons, was not only to know thar hey
eristed, but also to know that thew
were sufficient; a failure TO make the
communication, il justified by inadser-
tence, is justified only as to the erist.
ence OF the special reasons, and leaves
the Secretary more directly obnoxious
10 the charge OF having proceeded in
the business upon reasons that were
MsnDFcient-a charge which, ifsubstan.
tiated by inquiry, could not, from its ma
lure, be justified by inadpertence, but
would iofaIiibly discredi, either the iude-
ment or the integrity of the presiding
officer of the Treasury.
Alter recapi,ulatipg my staten ents. in
regard to the in ercourse between the
Secretary and the Bank of Missouri, the
Commute remark upon that which (tbev
say) declares that, this bank zyas un-
worthy Of credit at the time The hubHc
money was suffered to accumulate in
it, TO a large and tmhroher amount .
they admit that, at one lime, this aeon.
mutation announced TO S726, 900, and then
affirm, that the propriety of permitting
this state OF things, is a question of pru.
.dence depending on the solidity of the
institution, | endeavored to show in nv
address to the House, thar, in reference
10 this enormous accumulation, the IL
mited capital and excessive issues of the
Bank OF Missouri left nothing like sinh.
stantial or reasonable security to the u.
States. But the Committee, no, denyInr
the business of this Inference, seem to
avoid it, by affirming that my estimate
OF The caplal oil this bank is incorrect.
inasmuch as il does not comprehend the
amount OF permanent deposite as par. of
its CAPT al, and as raising tie latter to such
proportion CT the an cunt of its issues
OF paper, as would give it, in relation to
h Ia III o.