Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1824-07-20

''Tbc amount of these permanent deposltes is
nine hundred thousand dollars; the interest on
which sum, at six per cent. would be fifty four
thousand dollars" And allege, in support of
my first charge, that, by means of it, the Trea-
sury OF The United States was made to pay to
the State Banks enumerated, the sum of fifty
fourthousand dollars annually, for receiving and
transferring the public money; service which
the Bank of the United States was bound, by
the provisions of its charter, as well as by the
early part of the agreement of 1917, to perform,
without compensation
This allegation the committee declare TO be
unfounded. They consider that the Bank Of the
United States was bound to transfer no other
description ofpubiic funds than cast. funds; and
in order to sustain their declaration, they affirm
that the bank OF the United States was not bound
to receive in Opposite ssas cash. the bills of any
| banks but IFS own.o In this affirmation there
appears TO me to he something of a faliaCy, the
detection of which may, perhaps, induce the
committee TO doubt the correctness of their con-
struction of this obligation of the bank of the
United States. By the circular oftiic Treasu-
~ TO the state banks, under date Of the 1st of
July, 1915, announcing the termination Of the
| agreement between the former and the bank of
the United States, and expressing conditions,
upon the acceptance Of which the advantage of
| depo5ite and the services of transfer between
the former and the bank of the United States
were extended TO these banks, they are instruct
ed, i'll relation to all sums deposited sub5equcnt-
| iy to the 30th June, i918 the period at which
the agreement with the bank of the United
States expired--eto enter them, as herctoforc,
TO the credit Of the bank the United States
for tie ne ofGse United States.n And in his
letter TO this institution, Of the 30th juno, the
1 Secretary maintains, earnestly and successfully
the existence ola complete right in the Trcasu
| ~ TO iiold the bank ofthc United States respon-
siblc for whatever 'snonics were deposited TO its
credit ~ the state banks" aud, after rernarlxing
thai "an examination Of the returns made by the
bank to tic Treasury, ofthe public money in its
possession for which the Treasurer fof the Uni
ted Statcsl is credited, supports this POSITION
he alleges, in illustration oft, 'lor whatever the
bank has charged ITSELF in its account with the
Treasury, except for Hs special deposjtes, it is,
/ I presume, in point of tr,o aud common sense
responsible. The special dcposites were enter
ed to the credit of tse Treasury, upon The cr-
press stipulation that the bank should not be ac-
countable untilthey were conyertcdinto specie
or into bills admitted by the Bank to be equal 70
specie" lie adds, below, 81 am persuaded that
the facts and differences drawn from them, IN
the preceding pages, will be sufficient to shew
that the responsibility, deemed so extraordinary
by the Directors, has been assumed from the
date oftbc arrangement, and continues to tn'
/ present moment uuirppaircd."
i These extracts establish the following con
illusions, viz That, up to the moment whe1