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

IN MS circular Of the LIST OF July foowinpls b,,
agreement" that institution was responsible -,
caSs tor all the public funds received bv il ON
oePosite, except such in regard to which The
, contrary 'cas expressly stipulated; aud that.
Tousegoenty' II was bound to transfer them at
expense and without compensation. his Il 10
aouitteo by the Committee, it was bound to do
IN reference to "cash funds "a descr;ntion
IRON which 1T will be difficult TO exclude all
sums, not held as special deposites; for all Other
FUNDS were entered by the Bank, as the Score.
tary declares, and as the returns of the Bank
prove, 10 Hc credit Of the United STATES. and of
course represented such an amount of reaay
money, or pecunary force, at the disposal of the
secretary, Gu the books of the Bank = Cash
J~idS is phrase not restricted to coin. or the
precious metals; for no ono will deny that ,.e1-
az money is cash, and that 81 900 in United
States Bank notes is 81 900 CASH
These extracts further Exhibit the proper and
admitted distinction between general and soeci-
dtdeioosites. Thcy shew, as would appear p, ~;
te'"tni, that all sums not received expressly as
sPecttt ac7oates, were coasi Tered as general de-
posltes, were credited to the United states as
cash, under that description were embraced
by the obligation of the Bank 10 transfer the
cash funds OF the United States, at the request
or order OF the Secretary of the Treasury. 1t
| follows, then, that, according to the Sccrciary,s
own shelving, the Bank of the United States
was under an oblies alton to the United States to
transfer all public funds, other than special de-
Pos,tcs, received by it or its branches or bv the
state banks ii had designated, at the request of
the Secretary of the Treasury, free of all ex-
pense, and without compensation; and it can
hardly DC denied that when the Secretary of the
treasury soy 0@rscneni,n as he declares per-
initted the ba k to withdraw from this obligati
on, and agree 10 allow certain state banks C,i-
lOOO annually Ga fact which is not dsputed1 for
performing the very same services, lie yolilnta-
rlly increased the annual expenditure of the
treasury by The Amount; reiinquished &c Jy a.
| g'een'cnf,"a right which, By the charter of the
BANK oil the United States, and its own engage
ment with him, he held in the fiscal services of
that institution, and thengavc to the state Bank
50 200 annually, for right to command the
same hscal services from them.
Tins new agreement, injudicio.tsly ertcn1eI
and cdretessty erecuted, / have ventured to demo-
| inmate, In what the committee consider nv
J"st charge, " m'sm1aagi1g the public funds, -
nor am now able to dexse a more appropriate
expression. The committee would, probably.
have come TO the same conclusion In regard In
TINS subject, but for what suppose to be the fall
/ lacy which, as already intimated they admitted
into their reasoning of restraining the import of
the word cash to the synonime of coin; and of
considering the public funds as consisting of o.
Their than such were cash, or equivalent to
4
cation which implies, obviously, that the parts
| are greater than the Whole.
Under tins favorable, but, as conceive crro-
neous view of this part of the Secretary,s csn-
| duct which, in private Individual, would be
| considered highly indiscreet, the committee
ustify 1t as conformable &c to usage for manyi
years." and to the co-practice of different Off
GERS at the head of the Treasury, of assuming
that 1t was their duty to manage the public
funds IN manner similar to the case here in
vestigated. But this reference to autccedcnt
usage IS not likely to strengthen the position it
was intended to support. The duty of Mr. Craw-
lord, and the usage of the Treasury, were ne
cessarlly repugnant; for the resolution of 1916
| and the law Incorporating the Bank of the Uni
ted States, were adopted for the express purpose
OF corrccting the evil usage which according to
tue admission of the committee, 60 was evident
| ly in disregard oflaw.' Therefore, when they
prove, as they do prove, that tue management
OF MIR. Crawford was in conformity to usags,
aud the practice cfhis predecessors, they prove
1t was evidently in disregard Of law" was con-
traryto the resolution of 1916, which they them
selves declare g made it the duty of the Secre
tary to correct this departure from law - and
they demonstrate not only that he aaism1n1ged
The public funds, but that he violated, at the
same time, both his duty aud the law.
Ii these permanent deposites, and the accu-
mulated sums which were patiently permitted
10 renaih IN some oi those Banks, are not to be
considered gratuitous loans, and an illegal en-
lploylnent = the public money, the loans which,
1T IS now in proof before the committee The
| Secretary has made to various Banks of this
District, cannot fail TO satisfy the committee
that the charge onaisaa1ntging The public (uasis,
has been clearly established.
The corruption of the British Parliament, an |
/ the illegal conduct of the British ministry, arc
subjects of frequent and Just Reproductions as the
purity OF our Legislature, and the exact subscr-
vienCe of every branch of orr Executive to fi,e
laws OF the land, are deemed causes of satisr,c-
| ton, and sources of pride. When MIR. Pitt
i whose influence In Parliament was as tran5ccn-
daut as bis fame, undertook, ut a period of
4 great commercial pressure and at calamitous
season of war, to make loan of &c, 00O{, sterling
| 10 the house of Boyd and Befeld, the subject
was brought before Parliament, and as the
loan, though rot gr1tuitous, was found 70 be
=" no legal employment of public funds" and,
although the opposition admitted there was no
ground 10 inpute improper motives 10 the Pre-
rnicr, it was declared by the House Of Commons,
an act of dangerous usw,pat'o1l, and to prevent
its being assumed as precedent or extended
into usage, as well as 20 acquit this powerful
aud celebrated minister Of moral or official liabi-
lily, on account Of it, bill Of indemnity was in
troducc1 by one OF his friends, aud passed into
law.
Here it is to be observed, chat the loan Of Mr..
Pitt was advanced (cvcn as Mr.. Wbtbread
confessed on up7usstjonz5lc securities. Those
of Mr.. Crawford do not appear to have been so
safely provided for. On Mr.. Pitts loan no loss
occurred. A considerable part of Mr. Cra1y-