Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1824-07-06
TESTIMONY AND DOCUMENTS

iESlIMONY AND DOCUMENTS
on THE
,NEyU0RL1L or &iNLl.N' EDU.4RDS
ICoSTiSuED.l
Ioaathcn Jennings IF Ms House of ReDycsep-
tees, s,cora, at the request Of VI. Ed,r9ras.
GueShon, by Mr.. Cook. In the report made
By the Secretary OF the Treasury TO CONGRESS-.
18th February, 1925 he states, that ..for the
public money On dcpositc in the Dank of Vim
ceun"s at the tiuc OF its failure, cal!atcral scc,i-
rity has been obtaiucd." i wish you TO state
your Knowledge Of tho nature of that security.
y. The collateral security consisted OF as
sign;ncnts q! certain bonds given to the Bank of
E;accnncs, in behalf of the State of Indiana,
and a note of 4 Mr.. Piatt and his cndorscrs, as
also Il transfer in trust for the use OF the United
States, of certain real property. The vaiuc of
the collateral security, when, given, | should
have estimated, provided there had been no sub
~staat!al objections to the character and c!rcum-
STAGES under which the assignments and trans
fer were made, as being WORT, a sum not to OK
cccd 100000; the greater Part OF which, howe
vcr, since the assignments and transfer, owing
to various Causes, has became unavailable to
the United States, and, in my opinion, the re-
Eidur WI not yield more than 10000.
q. Dc you know OF any steps taken since
the arrangement Of 1921, 10 get security for
tins debt?
' h'c' VI 'f'.NS hss AZ ~
tanned through Gen. Noble, at Brookvillc, In
diana, in the year 1922; of the ga!uc O: which |
: an un1c iulintrd.
Question by M. E2,yl. Had you any a.
gency i'll procuring the Bank of Eincenncs 10
TO be made a depository OF public moneys,
~. Among others, | recommended that
measure. The Bank then appeared from its
quarterly returns, submitted to me a Govcrnsr
OF the State, to be entirely solvent. Those re-
t;ifns contained only the general accounts Of
the Bank; nor was the institution required, by
any provision of its charter, to submit any list
of It's debtors and the amount owing by each, 10
any state authority; which it uniformly refused
TO do when applied to for that purpose.
Question by Mr.. T3oyd. When the Bank
thus refused, and you were Governor, did you
communicate that refusal to the Secretary &c
the Treasury, or did yCu 1T any time express To
him any doubts or suspicious touching lis sol
vency.
A. ! never entertained any doubt OF the
soiyency or integrity of the Bank of Niicenncs,
uat!l late in the year 1890, and the records OF
the state government will siew, that, in my
communication to the Legislature, l did not
recommend an examination into the situation
of the Bank until December, 1920; prior to
which time, il will appear, however, from the
communications of the Secretary of tn. Trca-
sury to the Bank, that the latter had committed
4 breach of its engagements with the former, in
ltilihS u iiJ uIait5 GFiHn ny thc lrclsurcr as
early as the 10Th of Oct. 18Th of Nov. 23ti.
December, 1919, and 10th of March, 1920; OF
which failure to pay those drafts, | have no re-
collection of having had any information. until
the session of Congress before the last. | was
informed however, ofonc small draft, drawn on
the bouIS by the Treasury, having been disto-
norcl during the winter of l820-2t, shorts be-
fore | personally examined said bank. Upon
this examination, discovered the bank had not
two hundred dollars Of available funds, and that
n draft drawn upon it for moneys in favor of tho
Pension Agent foT the Indiana roll, had been
diverted from lis legitimate object, 10 the pre-.
lud!cG q the government. | advised the Sc
crctaIy of War Of the circumstances.
| made no communication 10 the Secretary
ofthe Treasury vIen the baail declined giving
q list Of its debtors, anil the amount owing b.
each. The bank was not bound to give such
list, nor was it required by me only in compli.
anCc witt, resolutions of the Legislature, MOI
was il incumbent on me, or necessary. TO detail
to the Treasury Department Such refusal OF
tho part OF the bank, AMI tue reasons offered b,
the bank as iniuciny Il refusal, on It's part, tc
give publicity 10 such list, iiiasinuch a. the Sc
cretary of the Treasury made the rendition o
s%'ics,iist, by the bank, quarter yearly, TO him.
sell, a condition upon which d~ep0s;tc5 were tC
'dt inSdc - tlG Bank OF tho Vinccnncs, anl
WINCH was aCCa.2I to by the latter.
JONATHAN JENNINGS.
LargIO1 GbGgcs, s'-ojo, 0I tie request Of M
Fir IRIS.
j became President &C the Baall Of Tie Uni
FrJ Glrfr- ~, IN, iJ,-ri, I.fG nm c,pti,ra.