The Virginian. [volume] (Lynchburg [Va.]) 1822-1829, 1824-06-01

others aud 10 depOste them N bank u
the credit of the Treasurer. When public
disbursements were t. be msde, abe Trea-
snrer issued ms drafts, aud the hank DIS
charged them ia such funds u i had re-
ceiYed
On thc 23d Of June, 1919, the Secretary,
in the execution Of q general system, "hi'h
had BEEN adopted with the appreciation OF
| the President, for the reasons stated IN ms
report 10 the House Of representatives, of
tine l4ih Of February, i822, aud IN bis let
ter. % the chairman Of select committee
afthe House, Of the cath February, l8-@'
| proposed n new arrangement to the bank.
! BY this arrangement, the bank was 10 re-
ceiye the notes of such specie paying banks,
Is were in good credit, aud III general CIR
chaton, and 10 account fer them rs cash
10 transfer 10 the bank OF the L. States, or
its branches, the surplus o. tie money
winch it might receive, that could not he
disbursed at the bank aud for tile expense
aud risk Of making those transfers, Which
were expected 10 amoant TO very consi-
deftbe sum, it was 10 have standing de-
posfe of 81 10000, which standlpg deposlle
WIS always subject to be reduced ty any
disbursements that could be made nj the
bank. This arrangement was accented by
the bank on the 9th August, 1910. 1t was
modified in August, 1890, by hunting the
local bank notes to be received, - thUse OF
the Atlantic cities, aud Of the state of Mis-
SOUR, aud thus il continued nnt,l the bank
stopped payment on the l4th Of August,
1bZi To estimate, Justly the advantages
offered 10 the bank by this arrangement, II
Is necessary 10 examine what we're Ire
probable services to be rendered by the
bank nnder IL: About the time When tie
Secretary proposition for allowing stan
ding deposite was made to this bank there
was IA balance remaining IN bank, over and
above what could be expended there, OF
upwards of sG40,0bt, and this, 20, after
the bank bad transferred upwards ot sl00,
600. THIS large balance had accumnt ted
in rather less than year. Taking into
consideration the revival Of credit among
western banks which rad thel taken place,
1t was reasonable to suppose that the pay
mcnls III that bank wonld rot decrease
more than one half during the next yea 4
upon this suppostion, the amount to be
transferred undrr the arrangement would
BE- about s320,00U A year. The risk and
cost of transferring money from ST. Louis
To Louisville, which was the nearest point
t. which II could be transit rrcd, has been
stated by the President of the bank, IN hsI
lettpr of the goth of Nuvember, 1919, to
y, ~ ,,',I = 90 ton ,',a ,,.t ,...s NO..
a'"'' N',''u W HI''I. > WV ,i'' ,,,aa 49,.
arrangement was made, rs the value of the
gprxfr.4 brnbabIV to he rendered under IT.
- :, P''.',''! - ". -. a., u,
~ 'n'e ''el''r' - '''' "''"''
~, ......,,., 80. .lo,.oha
- - ", ,I,.,
-, ~ L,, .,,,,,,.,,,,
''','" .,, ,i,,, -, ,.l,,Io o
- ,, -. -,
=. 10. ,rl..,.,1,, -, at..
'r..,,.'.,., -. =, al
-" '''i,. ,'''' w. b., ~. Tr
'''i''s ",''' ~ y, "''"'' -" .'..'.
s9 -! ''s ,,,,',,,'' H., <,
"'''''' ,.' E.i,a.a.,,.
a., - -, :.
90, :, "r1' 49, clas. af CIV
- ~ ,,.'u t,l .,,,,.,,',. =,
bank for which drafts had not been issued.
was less than the simulated amount al
standing depositf, by an average Of 10000
dpllus Bya.statement tccornanying the
letter from the President OF the bank. of
the 3otb Junr. 1921. If appcars that, at the
close of ten successive months. the whole
sum =, bank was actually less than the Il
monot Of the stimulated depos;te. hy an
yeraee of $40 900; aud If, at all other
times during the two years continuance Of
the Arrangement. the FUN amount were in