Edwardsville spectator. [volume] (Edwardsville, Ill.) 1819-1826, 1824-09-07

Bank the obligation 10 pay cash.
If, then, Notwithstanding the want OF
such stipulation, the Bank of Missouri
was aaswcrable to the Bank of the Unit
ed States for the public deposites as cash,
by what kind of argument can il be de-
mcnslrated, that the absence of such a
stipulation exempted it from similar
obligation in its subsequent engagements
with The Treasury Department
By The contract, there were but two
ways by which the Secretary could
claim the right to demand, or the bank
the right to make, payment The one
by drafts, IL favor Of individuals, payable
at sight. The other byadraiis in favor
Of the Bank of the United States, paya-
BILE in sixty days. There was, therefore,
no obligation on Mr.. Crawford 10 re-
ceive one cent himself. nor 10 enter into
arrangements with other banks 10 receive
any part OF the deposites from the Bank Of
Missouri. How, ;hen, was he "bonnd'' 10
accept the uncurrent money which he
received from that Bank ! BY the con-
tract he could have lawfully required it
to pay the whole amount OF deposi,cs,
either on drafts in tavor OF individuals, or
Of the Bark of the United States,
subject to the conditions that apply to
each. Had he drawn for the whole
amount OF the deposites, according
to the contract, his drafts could no,
have been discharged, without the con-
sent Of the holders thereot, in any thing
but legal money, and protest OF the
drafts would unquesGonably, have fur
nished good cause Of action against the
bank.
But it is manifest, from other consi-
dera,ions, that it could not have been The
intention Of the parties that the depostes
were MOTTO be considered rs cash de-
iDand upon the bank. Both parties knew,
a, the time of the contract, that the Bank
of the United States would Dot receive,
in payment, any thing bat Cash, or its
uivalent; contract, therefore, on the
part OF the Bank Of Aiissoari, to pay, ii
required, the whole amount Of the de-
pos,tes to the Bank of the United States,
must have been understood as an obliga-
ton to pay it in legal money, or such
other funds as t,a, bank would CONSENT
to receive.
1.-THE construction now commended for
by Mr.. Crawford be corree,, 1t equally
applies to all the other banks wiiich he
empIoye1, whose connection with the
Bank Of the United stes ceased on the
3Oih Junc, 1919, and more inludicions
arrangement, nor one better calculated
TO perpe,Nate ',he evils OF saccia! Dr.
postes,' could 10. well have been made.
They were not bound TO receive any
notes, which, at the time OF deppsile
were not equal TO cash; and II they
might thereafter discharge the cbliga-
lions created Nv thos. Aeposnes in de-
preciated paper, there could no, be worse
management than permitting The depo-
sites to accumulate. as he says they did
in the Baok of Missouri, in rather less
than one year, 10 the anlenat Of upwards
Of $4,000, composed pfinci2 aAy OF
notes nos liable, lroai the very nature
Of the times, to depreciate.
Under such circu nstances, however
solvent the BApk Of M,soarl might be.
such az amount Of notes could not be
kept on hand SO long, without danger o.
great loss 10 the Treasury, and therefore
il mas have been bad management, noi
TO have found some means for excharg
ing them for cash, or applying them 70
the public service.
1t is, however, but waste Of time 20
dsell upon point, which the TESTIMONY
of some of The bes, informed aud mos,
distinguished gentlemen o! which tbs
country can boast, taken IN this case,
proves to be so incompatible with the
present usage and practice OF banks IN
such cases.
will, therefore, notice This part OF
NJ. Crawgord's communication no far
Their than to make single remark upon
the evidence, by which he endeavors TO
show that he was g bound" 10 have ia
ken more uncurrent notes than ne did
receive from the Bank of Missouri.
a" This evidence, (says hey is statement
Z. prepared at the Bank of Missouri,
and lait~beforc the Missouri legislature
by committee which was appointed to
examine the report OF the Bank, and
which committee represents itself to
have had before it, and carefully exs-
mined, the books. notes, and such other
papers of the bank, as were necessary.
The statement is, of moneys on hand.
Septembere 6, 1919, received from tae
several Receivers Of Public Moneys, be-
ing such as they were authorized to re-
ceive, by the Hon. VIM. H Crawford,