The Virginian. [volume] (Lynchburg [Va.]) 1822-1829, 1824-06-08

the House. But, az full exrlanfi.a- >;
the motives of ;hese arrangements had h, -,
made 10 the Bank of the United Sfat..
whose interests II WAS the object 81 ~ .
| provision in the charter 10 guard, ami -
that institution had approved of the a
engagements, and as the arrangement.
themselves had been published in variut.
new spapers and as the facts which wef.
to be reported Ia Congress were of general
noiuriety, II Is submitted, whether the s.
creiary could have had any motive for
Withholding the formal communication os
the information to Congress.
! DC the policy of the measure adoptrd
/ by The Secretary in the employment Of
the Western banks, IL is presumed ilpfp
can I've no doubt. That it has not been en-
tilely successful, is considered to tie il sub
| iect rather of regret than of censurc, But
thai il has been mainly beneficial it is tho't
will not BE- denied by those who candidIy
examine the subject in all its bearings.
And, although VERY little ultimate loss ia
expected, yet If the whole sum now due
by those banks which have stopped pay
ment, were 10 be lost, it IS believed that
the advantages which have resulted 10 the
Icountry will have been cheaply puchased
at that cost.
As some misunderstanding, in respect 10
the special deposies seems 10 prevail ia
the public mind, resulting from the misre-
presentations that have been made on the
subject, it may be proper to take this ocra-
sion tn remove il.
About the time that the present Spcreta-
ry the Treasury took charge of that De
partment, the special deposite amounted To
upwards of three millions of dollars, being
81, al, r ,l..,r .
all Of which has siuce been converted jntn
cash funds, except se94,8o3 Al the date
of the Sccretarys report of the 9Th Of
February, 1923, the amount of the special
deposite was S927 ,107 including the gael,
sos above mentioned. OF this sum of
s827 ,t07, about sG4,0e0 have since been
| paid.* Hence, it appears, that of the
| whole sum now on special deposte, only
about SST 900, including the sum due by
the detaulting Western banks, have be-
come special during the present Secreta.
ry's administration of the Departments
When il is considered, that this embraces
n period of about seven years, during
which, great disorders have existed, and a
great revolution has been effected in the
currency, and during which, upwards of
enc hundred aud sixty three millions of
dollars have been paid into the Treasury,
exclusive efioans and Treasury notes and
| that, of this sum, upwards of twenty one
millions and a half of dollars having been
received, from the sale of lands, and inter-
nal duties and taxes. must have been col
lected in those portions of the country,
where the greatest disorders existed when
| these circumstances are considered, it is be-
| iievtd that the sum which has become un
| current ddriug the Secretary's admlnistra-
ton OF the Treasury, instead Of furnishing
| ground either OF ccnsure or surpfize, by its
magnitude, iusifes the conclusion, that, IN
this respect, as he trusts, will be found the
case in all others, the Secretary of the
| Treasury has noi mismanagcd the national
| funds.
In conclusion the Secretary has tho no
nor to state, that although II is believed
that every material charge contained III the
| address of Mr.. Edwards has new been sa-
;istactoriIy explained, yet, if, itqfhe opinion
of the committee, any further explanation
be deemed necessary, it will afford him
pleasure TO give it, either personally, or ia
writing.
This consists of IS, 220 &c received from
The Miami Exporting Company, SIS, 726 10
from the Bank of Huntsville, and $40 944 SO
i'll discharge of the debt due by the Branch
Bank ofkenturky at Louisville.
| II is believed, however, that il will now he
proper 10 include in the special deposite the
sum due by the Bank of Columbia, amounting
10 S27S,36l 81 of this sum, all but $4,000
were special. when the present Secretary
came into The Treasury, and was placed in
This bank for the purpose of being converted
into cash funds, as stated in the Secretary'S
report of the l4th of February, 1922. Iias-
ing Effected this object, the bank is not now in
"A condition 10 refund the nancy, but an ar
fangement has been made ~ winch The pay
ment of it, with interest, has been, ii is bcliey-
ed, well secured.