Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1824-07-13

OF danger liz continuing the deposites. II ,n,,st
De evident, therefore, either that the silence of
TINS receiver, as to my publication. is no cyl.
dcncc against lis existence or that # cuftained
Isome:hing ''to coaccain or, at least. 10 renJcr
tue proprety of continuing the deposiies some
what questionable.
The truth, however, is th:iyI have ,,,, where
eontended that the Receivers letter rendered Il
MIR. Crawfori's duty to discontinue the demo-
s'tes' and the avowal of such an opinion is most
enormously imputed to me, in direct OPPOSITION
to the explanation have given, and nv dc.
clareu ooJects I'D referring tn that letter. Nci-
lher IN my publication of 1919, ayowine my in
'en'ion OF retiring from the bank, nor il, nv
correspondence with him in February. 1323.
nor IN my late communication 10 the iJo,se az
heirescn,anves, of the 9th April last, is any
| such idea suggested. In fact, owing. TO the re.
sponslh,llty, which thought had imposed ur-
on myself, by recommending the bank as n de-
posItory ofpublic money, did not think N.Y.,
self at liberty to retire from it, until had seen
1t through all the difficulties. and cmbarrass
fnents, with which found ii Struggling on nv
return from Congress, shortly after it had been
| authorized = receive the public money. These
difficulties having been overcome, and the time
| arrived when Thought could, with propriety.
announce my intention of resignh,g, made the
publication which has been submitted TO the
committee; in which, after explicitly stating
that 81 was convinced if (thc bank could have
nothing to fear from comparison of its situation
(as to snlvencyj with that of any other bank
IN the United States" add, Notwithstanding
| do verify believe, that neither the Government
nor any individual is in danger of being iuter-
tionaily imposed upon by the bank SO long as Il
continues amber the control of Its present diy.,r
tors, yet, intending to be absent from tho state.
| and considering the disastrous pressure of tic
present times, the hostility which the bank has
to encounter; and, particularly, the opposition of
gentlemen iii this state, high in office, who have
been extremely anxious to get otlier banks into
operation, with the aid of s.foreign capitaLn as
tits termed, l have determined to resign INV
seat in the directory, and 10 withdraw from all
| future responsibility, of any kind whatever, in
relation To this, or any other bank. without ma
king any further unsupported effort TO retain
any portion of the public dcposites in CHS state;
leaving il to the directors to maintain their cred
ii by their good conduct. and to the Sccre-
tary of the Treasury TO .Stslge for himself, upon
the returns he requires, how far it may be pru-
dent to trust thcm.n
Although believed at the time that one ot
the papers in which my publication appeared
was regularly sent to Mr. Crawford, vet. en-
closed to him paper COZ Ia ming it; and tina. he
might have as perfect control ever the subict.
| as possible, prevailed upon Col. benjamin Ste
| phcnson, the Receiver, and the President of the
bank, who apprehended that ill Consequences
would result from my Withdrawing from it, 10
write to the Secretary of the Treasury on the
subject and enclose to him one of my publica-
tons also: and advised him, 1.-THE Receiy erl in
the mean time to withhold the depositcs, uutilLe
could receive further orders from the Secrta-
| ry.
In my correspondence with Mr.. Crawford, in
February, 1922, which is exhibited by himself
referring tony publication, and the situation of
| the bank at that time, say in ofny letters,
'this publication was contained in the St. Louis
Enquirer, which supposed you took at the
time; it was also contained i'll paper which
forwarded to ouinyself, and it was enclosed re.
tcrred TO, and commented upon in n letter Of the
President of the bank to you" In the other
letter say, s'that was the cause of the demo-
site being made there, in the first instance I
freely admit; but, that J uncomfortable declared.
that would not be held responsible for that, or
any other bank, i'll any way whatever, after the
fall of1819; that you ,oere notified thereof in due
time; that the depositcs have not been continu-
cd there, in consequence of my recommendation,
since that period; and that The bank cas Mc,
an good situation, may, think, according 10
my present impressions, fairly insist on.
In my oath, before the select committee, on
the 18th Feb. 1898, which Mr.. Crawford has
thought proper to impeach, after having tcstifi-
cd to Col. Stephenson's having written tlicletter
| in question, and enclosed my publication, Sc
add, "The bank continued to pay specie not
withstanding the pressure, and in the Fall of
that year, expect, was an gooda situoiion as
any bank in ,ohict the public money ,ras Her de-
posted.
Inrny late communication 10 the House &C
Representatives, of the 9th April last, not OIL
ly re-asscrt the same facts substantially, in re-
gard TO the situation of the bank, but, by its
monthly return for Nov. 1919, have, uuqucs-
tionably, proved them true to the fullest ex-
tent. And expressly state in that conlnlunica-
ton, that even sat the time of lis failure lis
resources were, am well satisfied, more than
amply sufficient 10 have secured its debt to te
Government
1t is, therefore, uncomfortable TO me. unon
what ground it has been assumed that, in refer
ring TO the Receivers letter, my object vas 40
charge the Secretary with continuing the dc
posites, after he ought TO have been alarmed fer
their safety" especially, while !, is admitted
that spoke Gin the most decided terms of the
solyency and safety the bank, p at the time The
letter was written.
1t is true: / cannot consider it very prudent
! management in Mr.. Crawford, to have conti,.r.
| cd it depository public money, after he had.
as he says himself, ''rcaSon to uppyeaead e. n0;,t
9t PHnctaaiiiy or rood fdM on {ts 1,a1t,n csre-
cially, without enforcing compliance with lie
| stipulation to make those returns, wFclhc cor
sdcrcd necessary TO ensure the fidelity Of all The.
| banks that were made repositories of the pub
| &c money. The former is acknowledged 10 his
communication 20 the committee, pare ia;
tie latter appears by his letter 10 the President
| Of the Bank of EdwardsviIlc, Of the 10Th Nov,
1921; in which he states, chat ono statement Of
the accounts between the Bank Of Edward
vile, and the Treasurer of the United State.
has been rendered 10 this Department, since
that OF the 3lst January last" tSee document
40, part 2, page 49,
But, whatever may be ny opinion Of he sub,