Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1824-06-29

was 60 be subject 10 the cats of the Treasurer
in favor OF tue Bank of Tennessee,
.1as,cer. tn;S it proper to state TO the
committee. that my memory &C The transaction
is not to be entirely depended on, as it took
place several years since, and latterly, my mind
has been So much takenup with other concerns,
that l may not rccollcct correctly some matters
relative 10 this. SO well rs remember, it was
in the :.il Of 1919 t!., Knoxville Bank received
from Mr.. Crawford L letter, the substance of
which was, that hc proposed To give the Bank at
Knoxville draft Oh the Bank Of Missouri for
the whole amount of Tennessee paper then in
the hou;!s ofthe Missouri Bank, and which had
bccn received by 1t for the United States. which,
should he payable at T.o,;5v;.!c ia Kentucky, in
Tennessee b3::l paper; and that, Upon the re-
cept ofsuch draft, the State Bank ut Knoxville
should place 20 the credit afthc Treasurer OF the
United States like sam specie, which
would be drawn for rs the Government might
have occasion TO use it, in that quarter OF the
country. On the receipt Of chat letter, he was
answerc, that we coaid not agree to suc! an
arrangement; that, as 10 the amount of 'Ienues-
sec paper upou the baa!l o! the state Of Tcnncs-
sec and its branches, we were willing 10 accept
sach draft on the Missouri Bank upon the terms
proposed in his letter: that, rs to other Ten
nessce paper, that did net belong to the state
bank or its branches, we could not agree TO re-
ceive it. In pursuance cf this arrangement,
early III the year 1920, think III March or
April, draft was received from the Treasury
for 10, 56 dollars. on the Bank OF Missouri, pay
able al the place & i'll the descriptions Of notes IL
grccdupon. :hu,l the amount was placed To t:r
credit of the Treasurer o; the Il. >. Immediately
after receiving the draft. We had ~ corrcs-
pondencc with the Bank Of Missouri, bat only
with the Secretary of the Treasury, 81 far as
can remember, at this time; and upon this point
| feel pretty certain am not mistaken AZ
to allow the Missouri Bank TO have the money
at Louisville, where the draft was 10 be paid,
went, and t-o,1 yong man with me, to receive
the money. For FORMS sake, the draft was
transferred TO me. Invent To Louisville, (aud
no particular place i'll Louisville being specified
in the draft where tho money was 10 be paid,) l
went to the Branch Ban! there. found 10
funds provided To meet the draft; and after wait
ing few days without being able to hear any
thing which Induced me 20 think longer delay
would be useful, had the draft protested, a CO.
py of the protest forwarded 10 the drawer, with
sach notice as wonJ make him Responsible. and
returned to Knoxville. Some time afterwards,
| think in the same year, letter was received
from the Cashier of the United States Bank,
stating that bundle, said TO contain the 4O,l56
dollars had been forwarded, and left there By
thc Missouri Bank, ior the purpose OF Fitting this
draft: bat, rs re i.al had the trouble and OK
pence Of Gsing to receive il, we took no no
tee OF this CO nmum:cation, AMI wished 10 have
The money sent to US at orr own place, al the
CO pensc ana risk of thc Missouri Bank. We
were content with tho paper, and ready to re-
ceIvc Il, IT any tipc. Thus m-ttcrs stood, I'M
Ill we heard that the Missouri Bank hai failed
advised that the Knoxville Bank should again
send To get this no1cy. J.s was IN The winter
1881. As soon as thsv ould make the ar
they sent -" and received the mo-
ney at Louisville early in the year 1922. un-
derstaul that the whole amount Of < 20 sc, was
received III notes of the Knoxville Bank and its
branches. the meanwhile, the Treasury
continued to ,!.,l;v OF tte Knoxville Bank and
Is President. directed the Cashier, not to pay
cash for these drafts, bat, if current money
would he t2ic % advances init thoug,. the
money was not vet received for the draft, un Ter
4 belief that, ultimately, the Secretary would
CanSo tho amount OF tic draft TO be paid TO our
bank.
Ny Impression was, tl,at, when The Missouri
LStIk i!lG receiver these notes, the banks were
all paying specie, but that afterwards the BRAN
chcs had ceased 10 do 50. The first infoyna-
ton got was from Mr.. Cochran, Cashier of
tic Branch Bank Of the United States at Louis
vile, that the money was ready for us, and was
in the same summer, viz. of1820, as | believe
but cannot be certain. ! never exchanged a
line with the Missouri Bank, nor received a
line from it, according to my best recollection.
! considered our transaction only with the Trea-
sury. The mail from ST. Louis to Knoxville was
az that time tedious, and not very regular. | am
set ignorant OF the reason why the money was
not ready for us at Louisville. had no reason
TO doubt, nor have now, that the Treasury die;
all that was reasonable towards notifying all par
ties concerned Of having given the draft. The
amount ofnotes on the principal Bank itself, was
small in com ,arison 10 that on It's branches.
| urio-s!gTi that the draft for Z 10, 5j was a
IL, 80
the purpose Of having placed to the credit of the
United states IS cash or general Opposite this
ag.n Which tie Sank Of Missouri could not
transfer 70 tie Rani1 OF thc United States. We
paid creditors of tao United States who prcsen-
ted drafts in current bills, though not in specie,
and there were no complain at the time, OF
which have ut present any recollection. We
did not pay the specie, because the fund had
not been received upon the foundation of which
we had agreed TO pay il; aHI if any blame is
due, it is due to myself in preference TO the
Cashier; as forbade him TO pay the specie, as
!; related to this transaction, until TIE fnnd for
which we had agreed 10 pay it should be paid
to us.
Question hy .E-. Ed.gm'As. | want TO know
TIE character Of ,Ir. Lee, whose report is in
my hand2
4. have seen GIatre2ort. Mr.. Lee is
man Of the utmost integrity; and if that report
varies from Jay statement as to this transactions
IL Is more 10 be rciiei on than my own statement
winch IS from me'nDry. without the same means
OF being correct whici: MIR. Lee had.
y. " as a part OF tic rIoBcy deposited % i,o
suffered to remain iU;hc Bank
Il. the treasury was 10 draw ont tl;c inJ-
ney only - the wants Of the government re-
CURED something may nave bceu said as to the
time It was to remain in The bank bit | have
10 recollection Of any PostiIc agreement on