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

,ho,,h collateral TO the sale Of the other bond,
meht 49, ~ iks sarns negotiation" Yes, air part Of
was lr0s negotiation, which resulted IN making me
the sa he Tinted States the depository and iscsl
pa nf the Government, for by Tar the larger portion
Of the public funds ,, AZ, President eon6ne
rausrs ,s.sn, 10 the transactions which passed
myseh pGovernmen, and the Bank, in regard 10 che
~ = sn,iciuated payment oil us bonus ony
.Ilsaaton. implied or expressed e,'ne, - IN -.
aI,,ions offered or IN the fehaias VIZ" aI 'a,.
we're accompanied, are not iu'y - iook 10 those
~ sn.,ained invite gentlemen W ooa = 800.
thah su.,J ,amarks and 10 colate rom tnem every
resoiu'o n:h ~, he considered as involved IN them
sega,on e hs FIRST and leading inquiry was TO ascer-
-. . stated in my remarks, "he,he' 'n1 sae y "e
,a' - ,bs Rank was simple ana naked uansasuon
pohu " ~ bsther ait was not connected win an
oil SAFE ~ that the Bank should have the de-
express, ~ nnbc moneys accrulng from II I'll they
Postte " IN actual expenditure Now, what APP
were van he documents before u.s. BY the letter OF
p;Sdle 70 the Secretary Of the Treasury, Of Aug
H ,nh D ,sss which have already shown, contains
t,,i agreemeat between the Government and the
Inc ,f sestabshed that Mr. Ponsett expressly agreed
,S M Bldde "if you become the purchaser oil the
WIZ The amount will be deposited in your bank, to be
.,vn for as required, which will not exceed Soooouo
ner month Mr. Woodbury., too, IN his letter OF 3o1h
Tuly, TO Mr. Manchester, being mere Jormdf eonson',
nation Of the contract OF sale, says Is unue,s'oou
~, ~ The Treasnrern No stress, surely, VII be laid
IN he emp,y and unmeanng formality that, "the
monnt Of he bond was to be deposited TO the credit
OF the Treasurer, in SPECIAL deposhe Ia tne Dahk.
WAS absolutely impossible there could DO any speeial
depose in its only and practical sense In the case;
Payment for the bond was accepted 10 a mere HaHea
,rcd, IN the books OF the Bank How could any such
credit be the subject OF SPECIAL deposH! According
" the Bank rehearspg FIRST this mere empty form Of
words TO satisfy quaint conce OF the secretary never
afterwards took the slightest notice oil them ana,
doubtless considered the deposite OF money represented
BIZ his credit on books much under its control and
.9bect 10 its use, while it remained in bank, as any
other lponey deposte whatever entered on its books
R,, the proceeds Of a second bond, amounting to
a. 2s7 800 Che payment Of which was partially anilc-
mated have also shown agreed to be lett on de-
dos,fs in the Bank and regard to them there IS no
where the slightest mention OF special depos even
in the empty yerbaty employed as to the proceeds OF
the bond sold | have examined with minute scrutiny,
the whole negotiation and correspondence respecting
the second bond, anticipated in part and assert with
confidence that in no part Of is there the rcmotest
aluson to spee deposte Of its proceeds, nor yet 10
the other quaint invention of the Sectetay-a deposte
to the special credit Of the Treasurerbut throughout
the agreement is recognised and stated to be, that the
several instruments are general terms, to be placed
to the cred. of the Treasurer, in the Bank Now,
let US see what amount Of the public moneys has been
held on dsposite for months by the Bank Of
the United States, under these two agreements. With
a view to ascertain this one Of the resolutions sub
mied and which was adopted by the Senate, expressly
REQUIRED the Secretary Of the Treasury to commune
cate the aggregate balance standing weekly to the
credit Of the Treasurer in the Bank Of the United States
its branches or agencies &C. from the time the first de-
poste made in the said Bank, Of moneys arising
from the payment sale Of its bonds up to the present
PERIOD the date of the resolutions Here is the state
ment furnished in compliance with that call
Aggregate weekly
Date balance in Bank Of
Al, L.. O..