The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1839-01-10
MIR. wooDBURY's SPECIAL REPORT.

MIR. WOODBURY's SPECIAL REPORT.
The attempt Of Secretary Woodbury. to impose
on the credulity Of The people by his pretence of
making special depostes OF the public money in GER
tain banks is without parallel in the financial his
tory of the country.
The message Of the President, as we have re-
marked heretofore far as it treats on financial af
fairs, appears to be- generally but the counterpart Of
the report Of the Secretary Of the Treasury. Con-
nected with that subject, both refer to recent
events" The President, however, appeared to be
rather wary, and avoided committing himself in
lation 10 the special deposites at ALL although, he
must have seen that Mr. Woodbury. had done so
completely. On that subject the President said
F" with the exception of limited sums deposited in the
few banks still employed under the act of 1886, the
amounts received for duties and with very incons-
derable exceptions, those accruing from lands ALSO
have, since The general suspension of specie pay
ments BY the depose banks been kept and disbursed
by the Treasurer, under his general legal powers,
subject to the superintendent of the Treasury
Not word does The President say about special de-
posies here or elsewhere ,ha, We find in his
sage
Now let us see what MIR. Woodbury. said in his
ported at the last session of Congress- as returned
under the deposite act Of June 3d. 1886, still
tinue TO be general repositories" One of The other
two, (The Louisville Savings Intuition he said,
shave declined the general trust" At page Sc of
his report is list of banks in which he says "spe-
cial deposites" have been made. and among them Is
the Louisville Savings Institution, which has Standing
at its credit S75 1868. Now we will venture to as
sert that this is in special deposte than the
sums that were deposited with prior to the passage
of the act OF 1886; and that there has been no
change whatever in the mode of depositing it, and
drawing out excepting that il would no, comply
with the terms of that act by allowing interest, &c
Said the Secretary; "not being able to complete
arrangements with any banks, which were both com:
peten and willing to be selected under the specific
provisions of the deposie act" "the practice has
been TO leave the public money with the officers col
ecting it, TO be held in their custody or placed
on special deposte in banks, during the short period
which might elapse before it was wanted and drawn
from them by drafts in favor of the public creditor"
Drawn from whom2 From the officer collecting it;
or from the Bank with which it was depositedq If
the drafts were on the former then the money was
subject to his control, and was special deposite"
But if the drafts were on the bank with which the
control of the deposition, and general deposite
Again, he says, others of the Receivers and Col
ectors shave been required to make deposites in
banks 10 the special credit of the Treasurer" And
again he says "other funds received from the ex-
change of Treasury notes" &c, have, in most in
Stances been placed in banks to the credit of the
Treasury in special opposite" And again he says,
|" In the absence of general repositories, some mo-
ney, due from certain State Banks has been allowed
TO remain in deposite to the special credit Of the 1rea
nrer." And again he says, but this system of spc-
eldl depostte or of depostes 10 the special credit Of the
Treasurer, has, from convenience, and indeed al
most from necessity, not generally eorrespondcd NTH
the usual forms of special deposites" We should
think not: and we agree with him when he says :" it
iSapparen that the present system of keeping the
public money is rery complicated" So much for
wha, the Secretary said in his annual report.
Now, for what he says in his special report in re-
ply to Mr. Rives resolution. He says, "The ar
engagements made with the banks that held special de-
poses, or deposes to the special credit Of The Ireasu
rer, have been regarded temporary in their nature
or character and have, in most cases, therefore,
been informal" Again, he says "In cases of de-
posiles in bank, made specially, the money has in
some instances been placed in specie, in boxes fas
tened up, and not to be Withdrawn by the receiver,
others, without the draft of the Treasurer on him.
payable at the bank where the specie deposite was
made. In other cases il has been placed in specie,
bills of specie paying banks TO the credit of the
Treasurer, sometimes as in special deposite and
Sometimes as "deposite to his special credit and al
lowing the bank to have the entire charge of it."
Says he but in all these latter cases it is understood
that the money sto be kept ready for payment at any
moment but is not required to be set apart or spee-
ally secured in box, chest or bag" Again, he.
says, is presumed that in some cases, the drafts
are paid out of the identical money deposited, but in
a few only that the precise money deposited is re-
tanned till then, and the balance remaining part Of
the original deposite."
Who, before now, ever witnessed such an attempt
to impose on the public, as is contained in the repre-
sensations made in the annual report Who ever
witnessed similar effort 10 delude by the misappl-
cation of words First 1t is spec aL dcpostes !"
and then it is "depostes 10 The SPECIAL credit of the
Trcasuycrr' What, we should like to know is TO
be understood BY this last expression1 Does adding
the word Especial" change the character of dcpo
site made to the credit of the Treasurer Not at all
1t is a miserable attempt TO gull the people. Nay,
more, il is mean fraud in the use of language, as
is proven in the attempt made BY the Secretary, to
escape from the dilemma into which he found he
had placed himself, when he comes to speak of the
same transactions in his special report There he
calls il credit to the Treasurer, sometimes AS in
special deposite; !" and sometimes in deposte to
his special credil' What will be thought Of the
Government OF this country abroad when they see
such petty articles and such contemplate qubbling
resorted TO In public documents BY the head of the
financial department for the purpose of cheating the
people, and covering over his own imbecility2
| The Secretary stands selfconvicted Of attempted
receptions in endeavoring 10 convey the idea 10 the