The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1839-01-19

Ii will be seen from this statement that Of the sum
OF 81 542 l02, (he aggregate amount OF the bonds
whose proceeds deposited in the Bank Of the
United States much $3, 537 ESQ were 10 be paid
by the Bank al distant places, at Of which, from
the cause before the local currency was ex-
tremely deprecated below the par standard At Mo-
bile for example, learn from the letter of Thomas
Eason navy agent at Pensacola which is among the
documents accompanying the report of the Secretary Of
the Treasury that on the 9Th September last the local
currency Of that place twelve or fifteen per cent
below specie value" To what extent the Bank may
have succeeded in paying of the public creditors who
furnished with checks upon lis agencies in the To-
cal currency Of these various places, have no means
Of asceftaining but that it has done in many in
stances, there can be no doubt To whatever it
has been done, the operation must have been very
gainlu one TO the Bank and considering the large
amount Of payments which be made within the
region Of deprecated local currency, shown by the
preceding table, its aggregate profits from that source
have, in all probability formed no small addition the
benefits derived from the Of the large sums Of pub
lie money which, have already seen, have been
continued, through series Of months deposiie in
the Bank
Another object of the resolutions Of inquiry sub
mted by me, to ascertain the nature Of the
engagements which had been entered into, IN regard 10
the disbursements of the Government the OF the
Bank. We had seen that the President of the Bank,
in public letter addressed to distinguished member
of Congress, (Mr j. O. ADAMs,) had stated that ar
engagements were made win the Executive otcers Tor
the distant public disbursements in the notes Of the
Bank" One Of the resolutions, therefore, which had
,he honor to propose, and which adopted by the
Senate, called the Secretary of the Treasury
municate in general the nature Of the arrangements,
If any, made for The distant pablo disbursements
the notes of the Bank, together with oil the
pondence agreements and Instructions gwen entered
into, connected with any all the heads Of inquiry
above stated" This resolution INTENDED to elicit
from the Secretary Of the Treasury, communication Of
the arrangements made instructions given in rea-
ton to the subject matter Of it, by any Department Of
The Government far they should be known to him.
But the Secretary eludes the inquiry by answering that
"no arrangements have been formed, any nstruc-
tons given By ts Department." Of the kind indicated
in the resolution and in protesting orece literally the
resolution which had beer adopted by the Senate, he
ntepolates passage not found in the resolution itself,
by adding, after the words instructions given, or
tered nto," the restrictive phrase by the Department.
meaning. of course, the Treasury Department.
to avoid the necessity Of saying any thing Of the in
structions given by the War Department, which were
the real object Of the inquiry But, fortunately the in
formation sought is supplied by the public journals in
form, the authenticity of which, will not be questioned.
The following circular Of General Towson, the Pay
General OF the Army, issued, doubtless, by the
authority Of the Secretary of War meets fully the OBJ
ject of my inquiry, and its authenticity has been exp
city recognized, if the document itself has not been
published, by the official organ Of the Government in
this city. Here it is,