Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1824-06-08
Tho Hon. JOHN FLOYD.
RroM THE EDwARpsvILLE SPECTATOR.
To lie Editors Of he 81. Louis Euguiyrr.


rected certain depositcs OF public money be made
IN the Banks of Shaneeown and Edwadsrilc. feel
myself called upon, by the repeated publications in
your paper against the latter bank TO make the fol-
lowing statements, merely for my own Qualifications
without, however, either wishing intending TO CHI
gage in any further controversy upon tie subject
unless IT should become necessary TO support the
facts themselves, which shall state.
whatever might have been the original intention
OF those who had been active in procuring the
Incorporation Of tue Bank OF Edwardsville, l did
sincerely believe, at tho time about to he nut
into oPerat ion that ii intended to be conducted
with the utmost prudence and honesty; aud with
that belief, [ myself subscribed for one hundred
shares personally knew that $4,000 had been
actually, and bona fdc paid upon the stock subscri-
bed and the election of directors was a G,r,he,
confirmation to me, that nothing like fraud or inpo
sition was contemplated.
The gentlemen-chosen directors were
j. Col. Benjamin Stephenson, formerly dele
gate III Congress; thcu and now, Receiver of
fubiic Moneys IN the Land Office at this place.
=. William Kinney, Esq. !, Senator in our State
Legislature.
3. Abraham Pickett, Esq a member of the House
of Representatives.
4. Joseph Conway, Esq. Clerk of rho s,,o,;or
Court.
D. DIR. Joseph Bowers, gentleman of the first r.
pectability, and highly distinguished for his profess
sional abilities.
o. MIR. Robert Posue, respectable merchant of
this place.
7. II. w. Smith, Esq. with whom had no prcv;-
Gus acquaintance, but i'll favor of whose character
nave seen the most natcrng and pointed testin,o-
iis' ifo" members OF Congress, the Vice President
oil the United States, and several other gentlemen
OF the first responsibility in the state and civ of
York. " "
q. Maj. Rober, Ladran,. whom I had known
rom infancy TO manhnod and against whose no.
nor had never heard tl.c slighcs, insinuation :
and
0. Myself
Reposing that confidence in a hoard comnosed of
those gentlemen which their individual characters
did Justify, felt myself warranted in syiuo il nc
my opinion, 10 the honorable Secretary of the rrea-
sury, that the public deposiics could be as safely
eohde" TO thc as to the directors Of any other in
s.it"'oh whatever; and am happy to say, that Mr.
Crawford, who has been regularly informed and is
Intimately acquainted with the general cortluct of
the board, has had no believe that INV com
hdcncc was misplaced.
% say nothIng of the three last manned directors
whose residence among is of more recent date
INC HNc hrSt named, who. in absence constituted
nVc-clshthS OF the board, generally and we'll
known; and hazard nothing in stating tina, tbcrc
Is hot one man oi rcspectabty in this state that
Knows them, who will deny tat their characters for
pi" Inc heilei that they could far degrade them
selves as 10 become the wicked accon,,Iicce mr. MI
ing instruments OF cicctng the fraudulent esions
uat, by ITS enemies, have been imputed tn tho b.,,L
Inc personal interests of the Directors could have
Afforded no such temptation: for the accomnodo-
tion that any OF them have asked or received. has
oeen very inodcratci and il is fact that the P,es
dent, and several OF thcm have never vet borro,ed
a cent from the bank.
as to Gen. Payne, who subscribed for = creator
amount OF stock than any other individual aud who
has been so frequently alluded to in the uubcn,;one
against The bank, can only say, that lie has uni
iormly stated to me- that his object in purcla sine
inc stock, was to set apart fund, and to obtain IA
ciiliies for the payment of public lands, which he
then had purchased, aud thereafter int pdcd to mr.
chase; and as far as am informed his couduct has
correspondent with his professions; for while he bas
recommended the utmost caution and circumsper
ION IN the management of the bank, neither he nor
any OF his concessions, has obtained loan
from it.
But, whatever may have been the objects of any
oi'c oi more gentlemen, II is certain that the bank
mas been managed with such caution, and discre-
tlon, that am convinced il could ha vc rothiro 70
:'cm comparison OF It's situation with that of
any other bank in the United States: and so far
from struggling" as you suppose it TO BE- in the
aSonies OF DEATH, pledge my honor, that the A.
mount OF specie III its vaults exceeds bv several
thousand dollars twice tine amount of its notes II,
cFcuiation and that 1t is able to pay, at anv mo-
mcnt warning, the whole amount it owes the oo
vcrninent; which statement it would be folly for ,e
thus publicly to make, if We're not true because
wei Know the Secretary of the Treasury possesses
the means OF detecting and exposing INV error which
it might contain. ~
My object, however, in this address is not 10 e,,
port the future credit of the bank but nerelv 70
snow the grounds upon which my rcconmen tio,
OF 1t was prcdicated; its present condition. and
that the expectations which authorized have 81.
far, been completely fulfilled ~
For, notwithstanding do verify believe ,b,, moi
ther the government, any Individual is in dance
OF being Intentionally imposed upon hv tho bank en-
Io9 as 1t continues under the control of it r,cec,
fectorSyet, Intending TO be absent from the sra,
ana considering the disastrous ,,rcesurc NJ H.
present times; the hostility whicl, tic bank I,,y -
encounters and particularly the opposition nj re.
ilcmen ~ this state high i'm office, who have 5cc
extremely anxious 10 get other banks int, ,,,cratio
win tGc AID oil foreign capital" a il Is termed
nave determined to resign my seat IN tie dircctor,.
ana 10 withdraw from all future rcsponsibili,v 81
any kind whatever, in relation to this ar an, Ii,
bank without making any further unsuo,or,c5
effort, TO retain any portion Of the public dcnos,
in this state leaving II TO the directors to n,5;n,i
their credit, by their own good conduct: and r.
the Secretary OF the Treasury, to Judge for himself
upon the returns ne requires, how far il NAV b
prudent to trust them.
will only add, that in the support which b,,,-
hitherto giFcu to the Banks of Shawueeto,,r md
Edwardsvije, have been wholly uninhucnccd Nv,
any motives of pecunary interest and tina; po,c,
have applied for. or obtained Il loan ION, ci,icr i.
TOR am I under any kind Of obligations 10 them.
Very respectfully, am, Gcntlcrcn,
Your most obcdicnt servant
NINTAN EDWARDS.
Ed@ardsriite, SeptcmJe, 10, 1919.
Treasury DLPtKrMExr. 18th May, 1921.
In answer 10 the letter Of the uoucrabIe NJ