The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-11-14

ndeiliy and hTmneSs, on future occasions
II any other reasons were deemed necessary 10 be
urged in this case, would lay before you the ex-
tended condition of that bank. BY their statement
appears that the 2ls OF January last the demands
existing against them, called immediate demands"
WeTe,..,---. 81 BOO 40
Means OF all sorts Immediately applica-
Die 10 meet Them ......-.. ...........-i HSb
can safely say, thai there is not one Of the De-
p0siie Banks whose immediate means and iInme-
liabilities are so very disproporionaie as this.
think that any bank which would to granny us
stockholders, extend itself al any time 10 pre-
sent the condition exhibited BY the Agricultural
Bank is deserving the counieIance or commence
Of the Government"
Believing il is fihe greatest importance 10 null
tiply dcposite banks little as plssbei respect
fully suggest whether IL will not D. better 70 avoid
selecting another In the State of Ohio where there
are already two Ii should b. wished, know thai
one Of the banks at CINCINNATI that al Pittsburgh
will make arrangements, whereby the receivers can
deposiie in one Of the banks al Columbus al iheir
credit for which they will become responsible 10 The
Government 50 also either Of them will place
funds Columbus, il wished for disbursement mere.
The Clinton Bank, perceive BIZ lis statement issues
notes Of the denomination of |, . and dollars and
believe the Franklin Bank does so also. Ought
this no, 10 BE- weighfy objection 10 any bank
The Clinton and Franklin Bank al Columbus,
were both pressing their applications for appoint
meni al the same time.
banks were left rest until the month Of May fol-
lowing. In thar month Earning that the necessary
papers were preparing 10 BE- forwarded 10 Inc Az
riculturai Bank for il TO execute previous 10 being
appointed a deposile bank fell il my duty 10 appeal
10 The President who, upon my representing the con.
dillon OF that bank TO him and other facts, directed
thar there should be no further proceedings towards
its appointment. In consequence of which the pa
pers that had bsen prepared were no. forwarded
The Clinton Bank Of Columbus Notwithstanding
the whole Of the notes. which IL had issued were De-
low the denomination Of Ave dollars, was about the
same time appointed deposite bank though mere
was Standing regulation that no deposIie BANK
should receive any bank note in payment Of pubic
dues OF denomination less than nye dollars. icon
fesS was somewhat surprised, when learnt that II
had been appointed from the small amount 81 The
capital which had al thai Time been paid n-ihe de-
nomination of all the notes which il had then in cir
culation being under the smallest denomination al
lowed BE- received on accounted payments TO The Go
yernmeni; and because could not discover thai the
convenience Of the Treasury Department called for
deposite blnk al the place where il was located
In December of that year, 1885 felt constrained
again TO make an appeal TO the President, and re-
rnonstrated again against the Agricultural Banks
receiving the appointment il had b.en so long en-
deavoring To obtain; and wrote him letter, from
which take the following extracts:
December 81, 1885.
"The Agricultural Bank al Naichez continues its
pressing applications TO Be appointed deposile bank
This bank refused to take par Of the deposites
it, and thereby take share in the contest OF that
day Now after the battle has been fought, that bank
asks participate equally with those sho stood the
brnt of the battle, and suffered the sacrifices attend
ing such conflict.
Ii canno, b. denied that the Planters Bank dis
PLAYED the greatest zeal in The execution of the
trust reposed in it, and sustained heavy losses In do
ing so, at period when an effort was made TO de-
stroy IT,"
additional bank in Mississippi The only excuse
which be urged that perceive is 10 receive the
proceeds of the lands sold al Pontitoc. That is OBJ
Waited by the fact that the Union Bank at Nash
VILE has agreed TO take from the receiver at Ponti-
toe all the public money, and give the Government
credit at Nashville free from all expense"
If another bank was necessary in Mississippi,
the one at Vicksburgh, which is an applicant, is
much nearer great number OF the Land Offices
which deposite al hatcher; and if another should be
selected think The interests Of the public call Tor
the selection OF that one. a
The officers of that bank have applied TO me to
become its agent in case Is appointed, with the
offer of literal salary So well convinced am /,
that nothing whatever will tend so much to endanger
the success and permanency of the depose system
as an unnecessary increase OF banks thai have IN
number Of instances, Gas in the Of the Vicks-
burg Bank discouraged their appointments, in OPP
position to my own pecuniary interest"
~ need not now repeat to you, the deep interest
which feel in the permanent success of the dePo-
site system 1t never can fail, unless hampered BY
legislation, if the following principles are rigidly
adhered to, viz Ever keep il aloof from politics.
Employ no more banks than absolutely requisite
for the fiscal operations OF the Government. Pre-
vent the selection of any bank for the purpose Of
AIDING PERSONAL AMBITION on INCREASING INDIVIDUAL
POPULARITY"
In the faithful performance of my duty to my en-
ployerS found myself obliged TO demonstrate against
the appointment of the Illinois Bank deposite
bank. Its first application was made in August,
1885 was applied TO to act as its agent with pro
posed liberal salary In This case Also to prevent its
receiving the appointment Twas compelled again to
make appeal the President BY his direction, The
appointment was suspended until il could be
tanned whether the charter which it had Obtained,
was in strict compliance with the provisions of the
Constitution of the State of Illinois. The bank, to
avoid the investigation, soon after withdrew its APP
plication That circumstance and the bank making
application TO the Legislature al lis next session to
have its charter amended, which ii obtained, fur
nished full proof that its charter at the time
about to b, selected unconstitutional But be-
sides that objection which raised; could not per-
ceve that the selection of this bank called for
meet the convenience OF the Treasury Department.
The opportunities of the Agricultural Bank did
with my letter to the President last quoted
Finding that they we're about TO prevail again APP
pealed to the President by letter dated, 9th March,
1886 From that make the following extracts.
81 have already on more than one occasion, taken
the liberty of communicating TO you my views as to
the course necessary 10 be adopted and adhered TO,
to carry out successfully the present deposite
system"
The renewed application of the Agricultural
Bank to b. selected, furnishes new occasion; and
the deep interest which feel in the permanent
cess Of that measure as much on account of others
myself leads to avail of it to express to you
again the same views"
I" Fsrt. have believed from the commencement of
the erpsriRent, that il was necessary TO adopt
undertaking rule to select not single bank beyond
the number actually required for The eon~enienee Of
The Treasury Department.
Second. In case the above rule is adhered to- all
applications of banks to become repositories of the
public money, for the mere purpose of being built up
on the credit Of the public money or increasing and
establishing reputation BY the of the same will
b, met with prompt and decisive answer. So also,