Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1824-07-16

Nr. Crawford Ind in,srcprcsented the contracts
which were submi'ic with his report for my
self relied ipon ticsG contracts, and the fact
tlt no public money had been received by the
Banks oi T. lwardsvile and rombccilbe, before
the date OF their respective contracts to pay
cash 10: the dI,ostes, for proof Of my alicgati-
OIL
The Committee justly consider this statement
as the rccrpliuiation ot charge previously
made and il will be seen, that for a spcciiica-
ton thereof, referred to precs siding part of the
communication that contained it, This is ex-
pressed in the following words, viz:
''Being called On by resolution OF the House
Of Representatives to state the amount ofuncur-
rent paper which he received from the local
banks that had been ;,alc the repositories of
public money, received from tho sale of public
lands, he admits the receipt of L large amount
from the Banks of E1Varlsvi.lc, Missouri, and
Tombeckbc But as an excuse for his conduct.
he represents those notes To have been deposited
In these Banks '.beiorc the date of their con
tracts, under which they agreed 10 account for
the public depo,tcs srecie.n
My opinion cestainiy is, that any statement
which eithc, adds to, dininishcs, the real OBJ
legations OF those Banks, must be n rnisrepre-
sentatioa I'll their oblis cations AMI, taking Mr..
Crawfords statement t, he correct, it implies
the existence of obligations different from
those contained in +" the contracts submitted
with his report )" for the dcpostes coull not
have been made " h ore" the date of those con-
t'icraupon, which was MT c communicate !, but
which, from his statement, must be understood
as giving to those banks right to tender the
money which lac received from them.
My objection, however, was to show that
he had inisstatel the fact Gin saving that the uu,
current notes which lie received from the
Banks of Elwardsville and Tonbcckbc," had
been deposited in these Banks before the date
- oftheir contracts, under which they agreed to
account for the public dcposites specie"
and this statement now beg leave to submit to
the decision of the committee, holding myself
ready, lftho committee have any doubts on the
subject, To show that those deposites were
made in these Banks aiier, any not brfors the
date OF their contracts to pay cash for them
Mr.. Crawford has laboured to shew that the
interest OF the western country required the
employment of the local bank, as repositories
of public money. l am not disposed to con-
lest ths point, nor to DENY that n iu,licious
employment of solvent and prudent local banks
Tor this purpose, might have afforded some re-
~Thet though the principle object which he seems
to nave had IN view was to relieve the Bank of
the United States from the iiun of collecting
the puplic revenue, anl converting it into a
valuable funds, BY slbstitutng the local Banks
for that purpose. According TO his arrange
ment, as he hirnsefhas developed it, his inten-
ton was to render the public money! by whom
soever collected, available wherever the public
service might require il. OF course, whether
collected by the local Banks, or the bank of the
United States, it was intenie:t that all of it,
which could not be appropriated to the public
service in the Western, should be transferred II
the Atlantic states. The drain of snnc;c. or it,
equivalent therefore, from the west with the
exception Of the per na.lant icposites was in
tended to DC the same in either case and il is
dou.till, at least, whctcr the e,p!icncr,l relief
thus Afforded - the western community, has
not been more tian oYer5l!ancci by the evils
Wticl Jaaliy resulted iIo the iniudicious ey-
nj nxfn. ~ r.. Il
Certainly great losses nave resulted froa, it. as
tiio cvcois Of almost every day exhibit, AMI if
they hare not fallen upon the Treasury, the
people cannot have escaped them.
The principle ground of my objections to
MIR. Crawiord's col.!ucl in tbs respect. has
been exhibited to the iI,asc in TIC following
words, viz:
The most Objectionable parts of this conduct
IN regard 10 these matters, are his mi srnanare-
ment o those Banks anl his Continuing I, en-
poy them after he himself hal became sensibI,
Of the danger of ong So"
To esta .lish this statement RELY upon his
communication to the committee, to show that
he continued the Ban!i of 7, ,yarisyiiIe a depo
STORY o: public money, after he was so conyin
cd ofits Want of god faith, to act in Other
respects, upon that opinion.
1 rely upon his correspondence wit, tho
Banks of Tonbeckbe, Huntsville, Stcubcnyi,lc
and Vmcennes, and Governor Jennings to ,.i-
Inony IN regard to the latter, sllo.y that he wa.
aPprlS, that there danger in continuing
the dePosites in the three iirst and that he con-
timed the latter depository OF public money
afterlt ha! forfeited ali claim to his con i,lcnce
ami proved, 10 his own satisfaction that it could
not safely be trusted.
L rely upon the testimony that has been taken
before the committee, TO prove, |. That he has
acted illegally in making deposites of pnhIic mo-
ney IN local banks in the District of Columbia
and even IN this city, without making report
CONGRESS. tn 10, .