Edwardsville spectator. [volume] (Edwardsville, Ill.) 1819-1826, 1824-06-15

fspecie-paying banks, in payment of the
public dues, were so received in pursu-
ance of contracts with those banks, under
which they were not compelled or ex-
pecled 10 account 10 the treasury for their
deposiies in cash.
4 question arises here: IF such con.
tracts existed, by what authority were
they made IN the face of a resolution of
Congress? But preliminary question
J presents itself; Did such contracts ex-
list They cannot be found in the docu-
menls, nor has the Secretary done more
on this point than to asser, his opinion as
TO the construction, which, unfortunately
for him, is conlradicted by his own letters
now published. relation to the Mis-
! souri, bank, he admits that the second
!; contract obliged it to account for the de-
/, posites as cash; but in relation to the
bank oil Edwardsville, he saws of the
same contract, that he did not understand
II as obligiDg the bank to guarantee the
| notes deposited; that he considered the
word cash as mere term Of distinction
from special depostes, bat not to mean
money. One explanation, il admissible,
relieves him from the charge of receiving
deprecated notes from the M ssouri
bank, the other, the new definition of
the word cash in his contract, relieves
hinn iron, the same charge as the Bank
OF Edwardsyile.
As to.the suppression of documents.
ne refers to an erroneous punctuation in
the resolution of Congress, as sent to
him BY the clerk, which gave it a more
| linled construction than was intended ::
that the omissions were iDadvertent as To
| certain letters, and extracts OF letters
were given, because the other parts were
OF delicate nature, not use iu TO be pub
lished.
Onthe management of the public funds
ne gives The recommendation and solicit
tation oil the western banks and some
members OF Congress, among which are
found some letters inform ing him that
there was not money enough in the coun-
try to pay tor one terth of the land en-
tered; from which it is to be inferred
that the Secretary was called upon TO al
low tbemro pay in that which was moi
money. He rests this part of his defence
Cd the solicitations he received, and on
the difficulties OF the times. The latter
excuse is good as far as ii goes; but the
truth is, that the Secretary either did not
understand the subject, or was seeking
to gain an ill-deserved popularity by MS
indulgence 10 the western banks.
apparent from The correspondence,
that as he found the United States Bank
becoming Npopularin the western coun-
try, be II eiusc!f into tie arms of
the sta .~s: The first one he gave
contrac' and deposile to; resouuded many
6ne things about Tie Secretar, popu-
iarny in the west, bui soon after STONED
payment, and secured the whole depo-
to nsef. The error consisted, with.
out referring to The motive, in giving aid
to state banks, which. enabled them to
extend a licen,ious credit to those in
c'm'ed to purchase public land. BY this
means thousands became. indebted TO
the bas.s for money or rather notes
borrowed 10 buy land with, which thew
would not have done if the temptation
mad not been offered. Experience is the
test OF wisdom, and this proves tlla, the
plan pursued was extremely bad, for it
lett the country Impoverished, The bank ,
broken and the whole people indebted
10 the government. 10 the enormous So m
OF twenly-three millions, more than one
third OF which has been reliiquisheti
and bill is now on. its passage befote
Congress to relinquish iwo-thlrds of the
balance, and take back the land.
But the most serious charge of all,
the suppression Of certain documents
called for by the House of Representa-.
'ives, as to.the negro smuggling, has MT
been noticed BY Mr.. Crawford in his re-
FLY. II is a remarkable fact. under.
stand that the National Inielligencer viii
not publish any allusion TO that transac-
ton; and that Mr.. Crawford shou I'd
stand mute under II, at this crisis, is no,
TO be wondered at"
H (Com,nil nicated for tba G.. ao4a4z