American Republican and Baltimore daily clipper. [volume] (Baltimore, Md.) 1844-1846, 1846-08-28
American Republican,
AND
BALTIMORE CLIPPER.
FRIDAY MORNING, AUG. %, la4S.

PupI1c DEPosrrs The Washington cores
pondent of the American, represents the Secre,
tarv of tho Treasury as practising deception in
his monthly statements of the condition of the
Treasury by which larger amount of money
appears to be on deposit than is actually the
case. He says:-"The Secretary of the Trea-
sury in his monthly statements all along has
held out the idea, that all money is in the
Treasury not actually drawn from the Deposit
Banks, and this long after he has given the 90
yernment creditors Drafts upon the Banks, 1t
pays a, B. or c. one hundred thousand dollars
BY Draft on distant Bank, and yet until a. b.
or c. has presented his Draft, and the Govern
ment has information of this fact, it publishes
the money as on hand, and as deposited to the
credit the General Government. Sometimes
these Drafts are sent to one extreme OF the
Union, and made payable in another. Some
times they are sent to the dsbursing officers, to
be by them cashed, and as all this takes time,
all this time the Government appears to have
much more money in Bank than is really depo-
sted to the credit Ofthe Treasury"
We are not conyersant with the mode of con-
Quoting business at the Treasury Department,
but can hardly suppose it possible that it is done
in the manner mentioned above, as it would be
paIpably erroneous. When an account is set
tied at the Treasury Department. and draft
on deposit bank is given for the amount, we
presume that credit is Immediately given to
said bank upon the books, or at least some en-
try made, to show that the sum drawn for no
longer constitutes portion of the public mo-
ney. Whatever may be the intention of the
department in issuing the draft, it is the duty
of the receiver to present it for payment, unless
he is willing to release the United States from
the responsibility which might arise from delay.
The money cannot be considered IN the Trea-
suary until the draft has been presented and
paid and the department apprized of the fact;
and we cannot, therefore, suppose it possible,
that the Secretary of the Treasury includes
money upon which drafts have been drawn in
his monthly statements of the condition of the
Treasury-ior it would be wilful misrepre-
ssntation. There are probably many thousands
Of dollars aAoat in these drafts-for it seems
that they pass from hand to hand as so much
bank paper; and in fact, they should be consid-
cred by holders as no better than the paper of
the banks upon which they are drawn. We
consider the delay in presenting these drafts for
payment as a credit to the banks and not to
the government, the latter having left the a
mount on deposit to meet them A private
individual, when he gives check on a bank,
Immediately credits the institution with the
amount-and he might as we'll claim to have
money upon which he had checked, on depo-
sit, as for the Treasury department to include
in its monthly statements of the condition of
the Treasury, sums ofmoney upon which drafts
had been drawn. Ifthis practice prevails with
the Secretary of the Treasury, it should be
abolished, as it is an error too gross to be
tolerated.