The Alexandria herald. [volume] (Alexandria [Va.]) 1811-1826, 1824-05-19

/ 'o~o' W 'ue Select committee OF the
mouse. But, as full explanation of the
motives of these arrangements had been
made TO the bank of the United States,
whose interests 1t was the object of that
provision in the charter to guard, and as
that institution had approved of the ar.
engagements, and as the arrangements
themselves had been published in various
| newspapers and as the facts which were
10 be reported TO congress we're of gene.
raj notoriety, it is submitted, whether the
secretary could have had any motive for
"nnhoioing the formal communication
ofthe information to congress.
| vi The policy of the measure adopted
oy the secretary in the employment of
the western banks, it is presumed there
can be no doubt That il has not been
entirely successful, is considered to be a
subject rather of regret than of censure.
But, that i: has been mainly beneficial.
II Is thought will not be denied by those
who caBdidly examine the subject in all
lis bearings. And, although very little
ultimate loss is expected, YET, ifthe whole
sum now due by those banks which have
stopped payment, were to be lost, il is
believed that the advantages which have
resulted to the country, will have been
cheaPIy purchased at that cost.
AS some misunderstanding, in respect
TO the special dep osites, seems to prevail
In the public mind, resulting from the
Misrepresentation that have been made
on the subject, 1t may be proper to take
this occasion to remove it.
a hnnt tbe ffr~. H.. Al.
tary OF the treasury took charge of that
department, the special deposite amounts
ed to upwards ofihree millions of dollars.
being, on the 5lst Dec. 1916, SS,O3I ,459.
all of which has since been converted in.
70 cash funds, except 1891 ,SOS. AT the
date OF the secretary's report of the 27th
oil February, 1925, the amour, of the spe.
cIal deposi'e was 1927, 10Y, including the
SS9l sos aforementioned. Of this sum
OF Ss27, 10Y, about $4,000 have since
been paid" Hence, 1t appears, tina, of
me whole sum now on special deposite,
only about S57l, 1000, including the sum
due by the deiaulting Western banks.
nave become special during the present
secretary's administration of the depart.
ment. When 1t is considered, tina. this
embraces period Of about seven years
during which, great disorders have exIs.
ted, and great revolution has been eff.
iec'ed IN the currency, and during which
upwards of one hundred and sixtvrthrea
millions OF dollars have been paid into
the treasury, exclusive of loans and trea.
sury notes; and that, of this sum, I'm.
wards OF tweDty>one millions and balc
oil dollars having been received, from TIE
sale of lands, ind internal duties and rax-
es, must have been collected in those
portions OF the country, where the
greatest disorders existed when ,bese
circumstances are considered, il is bel;ev-
cd That the sum which has become I'M
current during the secretary's administra-
'ion OF the treasury, instead of furnishing
ground either of ceDsLre or surprize. nv
lis magnitude, justifies the conclusioD,ths;.
10 This respect, as he trusts, will be found
the case in all others, the secretary Of the
treasury has not mismanaged the nation.
al funds.
In conclusion, the secretary has the no.
Tor to state, although it is believed tina.
very material charge contained in the
ddress of Mr.. Edwards has now been
satisfactorily explained, explained, yet.if.
the opinion of the committee, any fur
her explanation be deemed necessary. j,
NIL afford him pleasure to give it, either
ersonally, or in writing.
This sum consists Of IS ,22O rs re.
e'Ved from the Mama exporting com.
any'Sl8,726 40 from the bank of Hunts
lie, and S40943 3S in discharge of the
e6t due by the branch bank of Kentucky
Louisville.
1t is believed, however, that it will
o" be proper to include in the special
opposite the sum due by the bank of Co
lmbia, amounting to S279,S6I 81 4; OF
lis sum, all but 100000 were special
hen the present secretary came into the
'easury, and was placed In this bank for
ne purpose OF being converted into cash
lnds, as sta ed in the secretary's report
the 18th of Feb. 1922. Having efTect-
y this object, the bank is now in a coDdi-
on to refund the money, but an arrangeN
tent has been made by which the paw
lent OF II, with interest, has been, il is
elieved, well secured.
Ii is stated in the Philadelphia Obser.
err, that small steam vessel, The machi-
cry OF which, furnace and all, occupied
Dlv three teet in lsnpth a,,4 ,,oo - .