Edwardsville spectator. [volume] (Edwardsville, Ill.) 1819-1826, 1824-06-15

ansierred By II 10 the ~ asury. Hence,
apDears, that, instead . ,he SefretarY's
aYi q received OF the bank Jncur ent
otes which he was no hound 20 receive,
We bang mol on'y ~ u = upon Itself the
diversion INTO Gao J Ut other notes, 10
arge amount, wfact il had a right 10
10y over TO ehe ffi'essury IN kind, but
hat OF me very description oil notes
Which Mr.. Edw ,rds has oensufed the
secretary tor h'avmg received, the bank
lad aclo ally a right to require that he
houid receive more than double the
mouW oil what he did receive.
1t" ouId be a gres, mistake, however
o SUI .,pose that ,he notes, winch were re.
'elt' d of ne Bank OF Mlssooh, were Inc
lols OF insoiv ent banks. Those OF the
33f k of Tennessee, and lis branches,
70 re Immediately placed o4ht credit OF
n Treasurer as cash; thosd OF the
,ashyilIe Bank and lis branchl IS, and oil
ne North Carolina bank, have dog since
been paid; those ol.Ihe Mechanic Bank
Of Alexandria, Bank of MarieAa, and
Bark of Steubenviile, were casheAby the
banks to which they were transsefNd; oil
hose of he Miami Exporting Cowpa-
~ IS 900 70 have recently been col
lee led. Thus, of the whole amount
III re transferred, there remains unpaid
% y about 822,ooo, and, Of this sum, il
is he Iiesed the greater pa.t viii &c ulti-
ma sly paid.
Considering the state of the currency
in the west, during the time, and the
large amount received by tbs bank,
" hch was about s ,l64 900, it IS doubt
ful whether any ledwlduai transactions,
ofequai extent, though atlendfl TO with
great care, would have been followed by
less ultimate loss.
That The charge Of having favored
his bank, at the sacrifice OF the public
interest, is without foondi'ion, must be
evident from the facts Which have been
here exhibited. Thai the Bank does
not consider Itself as having been favor
ed by the Treasury, is, proved by he TACT
that claim mas been presented by Inc
B.nk for an allowance, uDon the ground
nat The services, when ii has rendered
20 the Tr asury have not be n sutheien-
y compensated And il is a remark
bic coincidence OF chromosomes, that,
al the very time that charge Is prefer
red by Mr.. Edwards against the Secre-
tary, tor having done too much tor tlYat
Bank, the agent OF the bank is a, WASH
inglon, petitioning Congress, because
the Secretary has done too little.
The transactions with the Dsuk of
Missouri being thus explained, the other
acts, included in the charge against the
Secretary, of having received uueuueni
funds, in payment from Banks, are the
receipt OF $4,000, in notes OF the STATE
Bank of North Carolina, and Sl8.s62. in
notes Of the Bank OF Kentucky: the Tor
mer from the rombeekbee Bans, and
the latter from The B nix OF Eawardsviie.
b Although, by Rigid construction OF
the arrangement, by which these Banks
agreed % account for the public depo-
sizes, received by them, as cash, the
whole amount might, perhaps, haFe'oeen
demanded of them IN specie, orlUnlted
States Bank notes: yet, such was never
the ~ enlion of he parties. Inc term
F." Cash" was used, IN opposition to that OF
f" special deposte," and was no IN an
to reader the banks liaple5 for the pay
mcnt OF specie, for notes, which they
light receive, on behalf Of the rseasq-
ry, aud viii II might cease to be coaver-
tible into specie. Such aconslrucllon IS
by the Fonbeekbe Bank in It's
leter OF 18Th August. $40, (see VI. No.
5, (66) although lhe President Of that in
stitu,lon expresses its willingness to, leave
the CONSTRUCTION 10 the "Iesiico and libe-.
raj aoiicy" OF the Department. tits more
EN- haticaiR disc AIMED, however, By
tie Bank OF EdwardsviIie, in us letter to
the reary, Of tne Sth OF April, 1920,
(sec G No. 5, (66) add in hls letter to
10 Mr.. Edwards, OF The 9th January, 1890,
(see A No. 2, (ll9) heretofore referred
o. In that letter, the Bank maintains that
~ IS not supposed tibet any construction
OF 1he-conAmops, upon which the depo-
SHES. were received, contender the Bank
the guarantee Off those banks, because IL
would be contrary TO every principle of
reason, to suppose thai the paperpf other
oankss who have, or may, suspend spe-
Gle payments, shall, by the mere act OIL
deposlte, IN This institution, by the Re-
ceivers, be converted into specie, or its
equivalent, and this Bank held accoun,a-
Bile tor it as SUCH. We are persuaded
this never, was .niended BY the 6ecre,a.
~ OF the Treasury, nor can beinferred,
from the conditions upon which, the de-
posiies are made" This letter, as it,
was written by the Prcsiden, Of The Bank
10 one OF its Directors, whomlit had con.
siluted an Agent for negou.fing mo-