Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1824-06-29


we bei the Treasury responsible for the a
mount of that draft
Question, by Mr.. WcJsic,,. In other trans
actions, did you pay specie for the drafts ofthe
United States
.las,rc,.. Our rule always was, to pay IN
such funds as had been placed with us, if the
paycc SO wished. If TIC fund OH which the
draft was drawn was specie, paid it in tha.
-ifdesired 1.-THE fund was other than specie
we did not pay specie.
! Question. by M. Ed,ca,'ds In crcditing the
draft from the Treasury, III your favor, was the
word g cash" used
| .Gas.ces. l canuot remember. The intcn.
was TO credit ii Is cash. depusitc, when no.
thing is said 10 The contrary, is considered by n,
as being payable in cash, if demanded. We
viewed special Lcposiie ofcertain kinds of notes
rs not binding us to repay i'll those iientic,
notes but only similar notes. such as the de-
Z, pos:,or would DC well satisfied with.
@. Did YOU receive deposites from the Trea-
sury in drafts OH the Eaak of 'rombgbee:
! A. T.at draft never was included in the ar
raugcneut before spoken of; and nothing has
been received, by us, upon il; and, if it ever
was credited, on cur books, l don't remember
il. That Bank is, however, specie-payiag
bank, as nave understood and believe.
Question, by Mr.. Edwards. Was the paper
CT the Huntsville Bank received at your Bank,
a. We never had draft on the Bank of
| Huntsville. The paper OF that Bank is esteem
eli rather better than our own Branch notes;
and we have, until long after this transaction,
made no distinction between it aud what is
Callel, by us, currcat Tennessee paper.
q. Was the notice of the protest, at Louis
vile, forwarded to the Treasury
| a. / do not recoilect, farther than that
took the ordinary steps to make the d.1,ser
liable before leaving Louisville; and, upon my
, return, in May, wrote the letter now shcwn me-
by one of the Committee to the Secretary.
@. When you received the draft, did you
credit the amount to the Treasury
A, Yes, as now believe. That, thinis
was understanding of the agreement, and
suppose and believe we complied will, that part
of il.
Question, by Mr. Webster Did you inform
the Treasurer that YOU did not pay his drafts in
| specie but in your own bills?
a. have no recollection of making any
communication to M. Crawford that SUD-
icct. The Cashier may have given such no.
ticc-bat do not know that he did. l gave
him no orders to do SO; and think, if he had done
so, should have knownit.
Question, by MIR. Edwards. Do YOU be-
licvc that any one pensioner whould have taken
your bills, if he had supposed he could get spc-
Gle?
A. Doubtless he would have preferred spe-
Gle 10 any of the bills in which he was paid
Question by Mr.. Forsyth, on the part of Mr..
Crawford Did you hold the United States res
ponsoe for the amount of its draft on the
Bank of Missouri
a. Yes.
Q. How then id you refuse 10 pay in spc-
Gle?
n. We thought that, as the money for the
draft had never been paid te US, it was n Just
Interpretation of the agreement that we should
not pay III any thing till received the pro-
ceeds of the draft; but preferred ntcnpcias in
I Ct,ci,F rr.,1
draft protested.
! Question by Mr.. Edwards. When You re-
ceive the amount of the draft, was il net chiefly
! Ill notes % your branches?
| A. Understood so-5ut have 10 personal
knowledge, as I was not then in Knoxville.
Q. Had not most, or ALL of those branches
/ then stopped payment?
a. They had ceased cash payments when
/ VIC made the agreement-but my impression is,
] that VIXEN these notes we're received in the
| Bank OF Missouri, the Banks all paid specie
This answer Is given, however, upon the pre-
sumption that the Missouri Bank had received
them as they represented TO the Secretary.
How that fact was, /, ofcourse, do not know.
e. What means has Director of knowing
from what persons 4 sum, say of 100000,
found in Bank, and received i'll a series of
months, has been SO received?
A. can only speak to the rules OF the
Bank 10 which l have belonged. As TO the
rules of others, could only speak from inforIna-
ton. Ry the rules of ours, the President,
Cashier. &c. can inspect all accounts of every
person whatever: bat no iai;y;3,.1I Director, has
such power but the Board Of Directors, if
they chusc, have as mach right as any of the
individual officers, to examins any AMI all ac-
counts: but any information thus acquired
would be confidential, and is intended TO pre-
vent any impro er conduct, and to enable the
Directors and officers to discharge their rcspcc-
tive duties, TO the public, and to individuals
Question by .Hr. Forsyth. As the President
OF The Bank, would you not have preferred adj
vaDcing i'll current notes with the government
bound 20 pay the draft to its having been paid
punctually and your being bound to pay in spc-
cic9
a. would have preferred chat the payment
OF the bill should have been made when was
ut Louisville, and that the transaction shouli
have gone originally intended; because we
would then have been able as we ever nlay be
to lift our paper, and as ncvcr expected more
from the government than payment ut our Banis
in the same kind of money specified in the face
Of the draft: but at the Same time felt conf
donce that the government would cause us to be
pad IN such funds at our own p,aCe--It could
make but little difference, as most of the pen
sioners we're very probably paid in Branch pa
per, Or funds equal 10 it, and have ever beliav-
cl, rs President that thssiulerest OF the Bank
was most promoted Iy acting honestly. make
this observation wihou; feeling that the question
was intended to doubt our integrity.
H. L. WHITE.
Ja7aes S1tlcrSo7. Of .9tera7i,';z, sscora, NJ the
rcTo>@ ,Ir. Edtoards.
Question, by Mr. Edwards. wish yon to
state what you know concerning silins of money
3 &