Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1824-05-06


miltce, nor acted on by the House !; aud il m,
Testimony had been. il is revived by Nj.
Cran ford himself and surely, if il br cnmpr-
tent to him Ia attack it, it. cannot he fair or Just
to withhold from me the equal right Ofdcfcnd-
ing and supporting il.
by referring 10 the resolution of the House
mote ~ under which the second committee
al investigation was appointed. and 10 my tx
animation by that committee, y il will he seen
that the latter fully merits the character
have given TO il that il was wholly I'M
authorized by any powers delegated {" the
committee and that IL e,inced "A far greater
disposition Ia impcate me in some kind Of
censure, IN regard To the public dcpusirrs i'm
the Bank of Edwaris,illr, than TO inyes,ig ,tr
the conduct of Mr.. Crawford, or to inquire in.
to those subjects for which the committee had
been protesscdly appointed. Whatever may
be thought by th"se who may be at The trou-
Bile 10 examine the list of imterrogatories that
were put To me, as 10 the source from whence
they originated, none read some Of the
following statements aud documents, without
being convinced, that very small portion of
candor wonld have rendered part, at least, of
those interrogatores unnecessary and useless,
even IN the opinion of the committee itself.
l(3)
Whatever may have heen my agency in
procuring the Bank of Edwardsvie to- he made
a depository Of public money, il had nothing
tn do IN originating the great system adopted
by Mr.. Crawford, of employing the lpcai
banks, in several instances, in direct violation
of law, by allowing them a permanent depos-
lite OF nine hundred thousand dollars, equal tn
"A salary of 3 $4,000 per amman, for receiving
and Transmitting the public money, which the
Bank of the United States was bound To do
without compensation, and would base done,
without those immense losses to the public
which must inevitably result from the adop-
ton OF plan so contrary to the letter and
spirit OF the back charter and to the avowrd
intentions and objects of Congress in granting
| il.
The effect of my application to have the
Bank of EdwardsvlIe made a depository of
public money, was merely To have drpositrs
| made there, that otherwise would have been
| made in the Bank of Missouri which previ-
ousiy had been authorized tn receive the pub
lie moneys, collected by the two Receivers 10
Illinois, who alone were directed tn make their
deposites in the Bank of Edwardsyille NV
agency IN this transaction, therefore, did not
| prevent the depositng of u cent in the Bank
OF the United States and your honorable
body may well Judge, whether the public in
terest could have been much jeopardized by
the change recommended, from the follow
| ing statement, extracted from the documents
presented to you by Mr.. Crawford.
The Bank of Missouri had a capital of
s go 900, Of which, the Stockholders drew
out of IT,, on pledges Of stock, s 1876, $50 leav-
Ing only 8 25 eos for the further accomua0da
ton of themselves, and others. Upnn this
asst sum IFS real banking capital, il discount
ed and paid on over drafts, TO the amount of
5 24fS45 53. The whole amoupt of IFS dis
counts including payments on over drafts,
was S 430,68O AZ of which sum. its directors
alone were responsible for 8 2s7,49 8, it, as
| Is presumed To be- the case, they were charge
able with over drafts, to The amount of
| s 1892 81.
| To this bank, Mr.. Crawford allowed per-
manent deposite of 10000 equal tn saia-
ry OF 5000 per annum. He permitted the
public money to accumulate in il, to the
| amount of 726,031 80, in the course of nine
teen successive months, ending with the LIST Of
September, 1919, without exacting those pre-
cantIonary returns and statements, which he
| himself considered essential to ensure the ii
deity of all the banks, appointed To receive
the public money and, eventually, he re-
ceived from It, in part payment of its debt,
contrary to the positive ipjmnctions of the re-
solution OF Congress, of 1916, large amount
at uncurrent notes, some of which were not
worth twenty-five cents in the dallar
Much as he has mysIiied this subject in Sc
verai of his reports, and particularly in tina,
one which is part ofdocumeDt O5, lin the 9Th
volume State Papers, Cd session 18th Con
gressl in which he blends deposite in the
Bank of Missouri, of 64,6IS So, with the
| special deposites which passed through the
Bank of the U. States il cannot excuse, or
even successfully disguise. the fragrant impro-
prety OF his having received, al par the I'M
current notes above referred 10 (; for, by the
very document last mentioned, il appears that
tbs d-posite had been " re-transfrrred to the
Bank of Missouri and assumed as cash in Sep
temter, 1872" which was previous To the re,
J ceipt of those notes His own IpTtes to the
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