Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1824-07-23

pabie responsibility with which their report
has a tendency 10 burthen me, aud fro,i the ,
on.rnus task Of investigating motives, which
my address does not assign, or Of sbitins IL
the accountable position indicated hy the com
mitt.e, the result Of a moral inquiry, which,
however il may comport with the parli,lity Ut
Mr.. Crawf,,rd's friends, is certainly .x,ursive
and gratuitous in reference to the statements
which | had the honor to advance. THESE
the COMMITTEES, not advertms 10 ihs iocu
meni by which they were OccasiUned, lave de-
no,ninated charges. and AS such, they az fair
ly aud conveniently susceptible Of "a division
INTO two general heads, each Of which may be
supported by maintaining the specifications up
ON which they depend.
According 10 this arrangement, the first IS To
this eject, viz: That the Secretary OF the
Treasury ,ihe Hon. VIM. ii. Crawford, has mis-
managed The national funds and the second
amUunts To this that the Secrelary Of the
Treasury has been guilty Ofneslrct vi official
duty. 'H
Ia order TO sustain these charges, shall fol-
low the example of The committee, and shall,
in the first place, refute the resolution Of Con-
grees of 50ih April, 1916, which declares,
Z" That the Secretary of the Treasury be and
he is hereby, required and directed 10 adopt
such measure s as he may deem necessary, TO
debts, or Sums of money, accruiDg, or becom-
Ing payable to the United States, to be- collect
I'D aud paid, in legal currenty of the United
States or Treasury notes, or notes Of the Bank
of the United States, as by law provided and
declared, Or in the mites Of banks which are
payable aud paid on demand, in the said legal
currency of The United States and that, from
and after the 20iA day Of February next
no such duties, taxes, debts, or sums of mo-
ney, accrung, Or becoming payable 10 The
United States, as aforesaid, ought TO BE- cul
lected. or received otherwise than in the legal
currency of the United States, or In notes of
banks which al payable, and paid, OIL deinaod,
in the said legal currrncy OF the United
States"
By the terms of this resolution, it is not
only plain to the understanding Of every man,
but expressly declared by the committee, u
sas made +" obviously imperative" on the Sc
crelary of the Treasury, after the Goth Febru-
ary, 1917, to allow nothing to be received
ior debts du. to the United States, but the
legal currency oil iii. United States, Treasury
notes, notes of the Bank of the United States,
Or of those State Banks, the notes of which
were payable, and paid, on demand, in cash."
In conformity with the injunctiuns of this
resolution, aud with the act Incorporating the
Bank. vi The Uuted States, an arrangement,
lagre. men') il is affirmed by the committee,
was concluded, Ia the early part OF 1877, be-
tween the Secretary of the Treasury ana that
institution, by which II was stipulated that the
public funds were to be deposited Ia the b. anci.-
es OF the Bank OF the United States, III all pia-
ces whore such branches existed anu
in others, that tha, hank was 10 select and
designate certain Stale Banks, for which II
was To be respsnaibe and in which sucn pub
lie moneys were 10 be deposited ;and notes III
alt banks, whose paper the Bank vi the United
States would receive, la deposiie, as cash, and
nune other, were to be received on sales of The
public lands. On the S0.h June, 1918, This
agreement, 1t Is stated by The committee, ter
minated, at the instance 1T the Bduk of the
United States; and, under the circumstances
attending this fact, he Secretary entered into
agreements With Certain State Banks, by
which they were employed as points OF depo-
site and Instruments OF transfer for the public
money, III the course of its collection aud do
burse,Dent. Engagements, of this description,
were effected by the Secretary With the Bank
Of Missouri, on the Isl OF August, 1918, With
the Bank Of Edwards'i lille, On The Isl of Zebra
airy, 1919, anu with those of Illinois, Hunts
vile, and TOmbeckbr, about th- same tisne.-
Soon, however, It is declared by the commit
Tee, this connection between the Stale Banks
and the Secretary Of the Treasury, was ex-
tended in its application, and vailed in its OBJ
legations. greater number Of banks were
embraced by II, and more favorable conditions
we're allow ed them. TWAS agreed that, as an
equivalent for the risk and expense of depos-
lie and transfer, the use of stipulated sum
should be permitted them, as a permanent de-
poste, which was not to be Withdrawn, tx
cept in certain specified case.
The substance vf this agreement between
the Treasury and these state banks, is ex-
pressed by the Committee 10 the following
words
LIST. "That the Bank should receive in de-
posite, to the credit Of the Treasury, rs cash,
from the Receiver ofPublic Moneys, all the
current notes OF such Banks as maintain cash
payments with power, however, to disc0n-
tinue to receive the notes Of any particular
bank, on giving reasonable notice Of such in
tentlon to the Receiver.
Cd. That the bank should pay, at sight,
all drafts from the Treasury /; and should also
transfer, on request, all sums on hand beyond
the amount Of the stipulated permanent depos-
tie, to the Bans OF the United States, or Ger
tain enumerated Branches Of that Bank, aud
that a liked sum should remain in the Bank, as
before mentioned, as permanent deposIte, to
De transferred, however, to the Bank Of the
United States, in six months after the termina-
ton of the agreement
" Sd. That, If the money were wanted for
Disbursements the neighborhood ofihe banks,
Vt might be drawn for at sight, Notwithstanding
such drafts might reduce the permanent depo-
site below the stipulated sum.
The amount Of this permanent deposi'e
was TO be increased, if it should appear
that The Bank should receive and trans
Ter such large sums as that the expense
thereof should not be considered as compen-
stated By ihe benefit of fhp dannniia ~ hi.I, LID