Cheraw gazette. [volume] (Cheraw, S.C.) 1835-1838, 1837-10-04

ag&aS eO entrusted. j..
ABSTRACT or THE REPoI.
/: appears by this report that h.; first
nlethod adopted for thc safc-ke"ping OF the
HuS'% money, aicr the organization 81 !hc
Government. was devised hv the Secretary
Of Re Treasury 'lo, l., tho abs ,ncc OF cy-
press direction, felt sl;!.rSnlt c:J?owcre 10
do 81, u.ido: the law O. Sap'. 1872. whicn
merely prov;-d tina. the Treasurer should
"keep' 40 public money and ">:iSours> ,hc
same" The plan required Ina; very IT.
Ito money should be kept in personal custo.
dy OF he Treasurer, at tho SO II Of Govern.
nent. Nos. of the money when co!lcc:c
was or'!crcd 10 be paid over to several ban
agents 20 be By them kept as well as disbur'
scd. Some OF those agents were localeI
near and som at q distance from the TrCu-
surc:. Those fiscal agents ut fret cons;s,
ted of the Co!lcc ors Of the Customs, the
Commissioners ci the l.cvcnuc, soinc bankers
abroad ua:i three or f,Hr banking lns:;u-
'ions nj home. The method Hus 10 have
some bank 81 ua'ct Ec..r, scccc.' by The
| D.partnen; for tho: purpose; or ill il couId
; 30 transmitted to :!lo Treasurer b} some
safe conveyance, or be paid out on drafts
and bills drawn Oh them by tic Department
Dr under is orders.
| The number Of banks ii.,;s selected AMI
uscI byiJ-a lie first charter OF 10 Jnitad
States Bank is supposed 10 nave !:ecn bu;
four, viz .I,c Bank cf North Atncrica. at
Pn!a4cIpi,ia; Bank Of New York, a, NV
York; lie MHss1chusc;ls Bank, q. Boston :;
and ;hc Bank oi Maryland, at Baltimore.
! 10 iosses are known 20 havo occurred n
! aav way ue:Ier this method.
A second plan was adopted in l7Dl OF
1893, by using tho U. S. Bank ana lis
branches. where coaveui"ntly situated, 10
hold par; ofthe depcsi:rs in common viii
The former four State banks, and such others
as from lime 10 time were considered uSc!,
for this purpose. In 1911, wHcu It's char.
ter expired, .ha, institution ind its branches
held only ubout two.thirls Of the public
money on opposite in bank.
! Under tho above method some losses
occurred ofmoney in tic hands Of collecting
Officers. Lis 10. kno IN tda: any loss har.
pcacd during that period 9Th" ta'.a:2 ol
any bank depository.
Afcr the expiration O: TIE char.rr O: ~
| first United States Bank, in 1911, more
Stale Institutions wrre employed, and III:
former system was thus modified unit! the
charter of second L. S. Bank. in 1916.
! The losses from 1911 10 1917 were H.
considerable. No direct losses from banks
during that period appear On the records
Of the Treasury.
The third plan, carried inio cf!e.. il 1877,
was ,hc first specific one pointed out b.
law. It was tine ACT o.! Congress lncoc
porGting he bank. II provided that The
public nlo"ry be pIa":d ii the Bank orthe
Uni.ed State; md branches, unless thc 81
r,ary Of tie Treasury should direct othcr
wise. |; vas left 10 be implied that in OH
or places Stato banks might be employed
ns had previously bcen done ; according y
several Of tho old State banks were con'In
ucd as public repositories, anl several re"
ones were from time 10 time added, NJ
1893, when oil The depositcs wore gr0dn
ally removed from tho l. s. BlLk TO me
several State banks.
Between 1919 and 1888, soalr IGrs&
losses occurred. They were chiefly b!
means Of State banks, though some hap
pencd with Collectors AID ReNlvsrs Will,
the money was in their custody.
! Tho dci;!catons by the banks during thu
period, and whic,, have not since Der
collcc' ed, amoun, 10 about Sl,l0O,0GO with
ou. computing 'n,eres:.
Another plan wos uGop'el from Oc;obe.
1893, 10 July, 1886, Of usin. State bank:
aImos. exclusively. During that period
no losses are known to have occurred b,
banks, oycep. on a dcposite in the Bank o
Alexandria, in this District, Of S27, 5le, o
; which Sl4,267 have since been paid, an'
tho residue is supposed to be SECURE.
Prom June, 1896, to May, 1887. Il SIM
lar method hns been pursued, except that Il
forms ind conditions were specially raguia
lu:ed by ua act Of Congress.
This last mcLe, as already reported 4
Congress, ceased by operation Of Ia" dur
the last spring, except in relation 10 iie
or six dcposie bunks, which have contiA
uoj % redrnr1 their NOES in specie.
Tho d;rrc. losses, sustained under it ap
pear now to b. large. Bu', in tho end, rs
recently communicated 10 Congress, tac!I
arc not considered as ike y 70 anolat (
any thing.
Since last Nay, t;;a method adopted as4
been 10 us those six banks TO the amour
authorized under the act ofJunc, 1896, ans
to resort, in conformity to tic eighth sec
lion Of that act, TO tho laws before In force
as guide for keeping the residue.
Those laws required the Treasurer c
keep unl disbursc the public money; a"c
the course has bc,.n since pursued Of enl-