, 1866-07-19

Al tht tune Of the failure OF The Metchs Nj
hoa.e sns to u:oe I'd
auount ot ruulic money ltpotlted Ia the bank.
mtt, al 1hc avalianic fund. oi 1he bank. without
has1ug given Or hcen required TO g1ve, any sccntiy
WhAtcsef Tor their dent
Tho hossms!nlna tac.s rt2ted By the report are ii.
ready aatl'E TO the public and need not b. repeat.
ed here. The comm,se~e remark in regard TO tho
charactss Of the oft1crfe Of the banks:
'ND institution could bt tato In The hapus OF men
70 rrcklest ahd interruptions 1nd the failure OF
this hsrk. nrultluv courlderabIe lots nubllc
mon. ;, mu.l br alttibuttt wholly to the Dishonest
nFd criminal ronduct OF the men Aho controlled 1t.
The connlltee have reported 4 bill, which has
become laN. TO lake from dlebarrlng officers all
Inc public fund.- 2hfEu.ten TO them. The ITessurY
Department, ho"c cteE. has Etscn a construction 10
1h,t nv q, appear b recent circular, "h,eh sas
lake Ray much ol lte efficiency"
The report proceeds to rryicw the frauds and mis-.
msnaccrent discovered IN several o,hcs banks, and
various k~tndle. that ate being perpetsa,td. some
of the h1chfcan oans. arc discovered 10 e rcula.
Wild ca conc. ms. Il fol'oWt:
tThe only oshrr lo,t Of pubic money dct,osfted
IN national b1nl, That has come 10 the kno Wedge
81 the committee. !. IN lhr eafc ol tne vst,au:o
National esns = franklin. r., which f.ed On Or
~nh ~ in houdt and 1rra*uFy notes 81 .ecq-
TT, for The oeoo:it. Inc anount Of public money
t@u& u 10 &4f credit 03 tho nE1A
urr. and 1a-5kio3 to the cstttf u! Mr. NJ. u.
tiouch. ihr olectos. There is a, d1att OF mat
bank On uls, !. f. IN ! 20. Tor <6attD, which ~.
anoant Of uub,!c nont IRON thr I. aanco Nst1pnsj
hank 10 The sub-Itra. .HE, IN Nrw YORK. Tne arift
na: hc.er o*en pa.d ,h park clatms that Il l.. re
eareu ttn1n any responsibility, The ulatt wa Re.
csl<c0 tt the sub rrasury IN paygent ut shat
.lnouuf, and was mt protested fur noup1, men'.
Thee i said 70 he tut,tnt security for ibis daft
in the pus:te ion Of the tfo, crumcnt.
tht sptzl Of lhc ftuapgo NAllona1 B4nk wss
sSt9 0U. IL teetnt to bare betn ananax,d Tor The
.*1,en. Of tn!ser. Penn : 60; OF Ne* fo1x. Wis
10 lhe ha, 1 n@lnr uyes <s7u1,u0O tudcr tucn c,r.
cumAare.r 'be laiirsr OF Culyrr Tenn j. 90 nc, j..
lmli,ng tae maximum Of 'he aggregate loan Of auy
paEty TO f0Efr erutuu, Of tho cIrttat Of the h1nf
~ss wholly d.srectsdcd in shit cs.r a. II wa in ,ne
Hank. III. u cssu,ed IN II boh css:s b. iSs oas.
c,ons pfrelfe that tLc-t -h!t aere NOT lasn,. int
ta'a' e. due from the pastc'. II thou!a b. stastd
Government bonda, i ahtch. a. appeared by ihc te<.
s1mons before the com1alt.e, the bank ci1!ms were
e.reti.ed x ntn for tate.keep.ne. hui were u.ed
Many Of The nattolAi banks which wese converted
from slsic bank do not male pzopce cxczt1ou 10
withdraw their old c1rcuation, and In m.ny ID.
stances raT cut and take measures 10 cnuttupe II
in c1tcua.iep. htrcby rcceIsi1 Tie bcnrhl Of the
oio circulation aru OF 1bc utilonat cnt1cpcy nu,ea
neris. d nom 1he buseau OF 'he Comptroller. It
stances Of hsrke hay!np portca to the comptsoI.
lrr ihat The sta'c circulation Ind beeu wi,hdtasn
as1lE ps,'1e y Gf !. 'ns'ise 10 'hc very lane
nueiet, tesue right to Gtve Ia this rport al The
testimony. The committee had on tb1s tu9jsct,
ibourh y T. e nj 20 uefoste - they dcs,sed
One OF the NAt1unsi banks IN springfield. Msss
- rrpr stntrd 10 bare au asEanEcalcnt siih an
officer In hank In Boston to rccetsr their s;lto
ara P95 p
dtrer. l., continue to mske !osus OF their $ta.e
nsns Do;e. for s.rcnlattan: Tho ehrnune csnat
Bank ct Elnl'as u. continues to ,.kuc It's Stale
ho'rt; Aad u IL qnttr common practices Of N4-
tiol hanks - Sw der ~. and In thy interior ol
.hc staa Of Sew York, 10 ray cut tarir st tic bsnk
Some Nastonal hanks do no legitimate banking
hummer. hut abprfr 10 hare bcen uecantxrd tmplY
1ot the beneal OF The circulation. tanks Of his
nanke..; and arc carried on IN coajlnctlou w7,b
thtss ofnce cu.!ncts. Il was ftA'cd to ihc eonmit-
tsc tbas ono cank Ct 'h!t chs. the Fr.t Nstsonsl
.:ak o. ~i,. asn,on. S,ea .ws'h e.n,tal q sa!ol
sAh q MAY ta+,, when It vas e1auln~d, ihe ouiy
astohnt On t.s hoots Wa That Of +. T. spinner,
fer ~hich the Gosxsua ut held SsrO0G of r. s
r. S...oa.i b;ak of atesfc.p, At x,r,s.1. and
Gsn. ate represented 10 he Of kiaitar charsctef to
aes Eans II Feuton, bns ncibcr Of mem aru dcpos-
The committee a,e sati.ded thst the es!.,,pc lar
aoe~ nat co ttt he po .cf to eorrrc and prevent
m'ty Q! sho.e oh}ec',onsbte ptsetieea and a7nses
o. ,tss r. naik'ns nt,.,lrer eouttra hy the law to
Na.sa sntH 9llcna1on has bacn called hy The testt.
non, ottoEe !hem: Tse bI,l wblcn Tho corumi,tec
hase Etpotitd. TO ancrh The IA lonal currency AL
inc exttne lsw md 10 gve 70 ibe 81 81
,ee Snstvrey NOR power 10 1rsts-in bapks q h,eh
oe 1Ss 1nox, nr, TO se impsopeEl. n'.pased ''''~4
mr., Vt ~ n,' 1ouMsted Circular 10 the Treas
sstrs authorzsa Depository Of pahl!c mopoy' s.E.
lne aor return to i6ern nf lhe anornt NJ n,slt.
oil OF Inc 1feas ofcT Il the Unised states y. ~,
te er.oft Of anJ ultpur,inC ONO or sernt q to
cnsea sIsle'. slat.nx FefAssfe,y whether in eo!n
PIE ~ 'nd tnr pane ot each dihnias o.
1Set of afent with The Atuoruf 10 his cndit
toose ft1tnt hsvc al ntcn srocyrd. r1csut ora
ttoin Inc tseofcta National bank, 1t Atlan,n. ThS
amotnt ~ mouey unces control Of dishnf.lnr Cd.
eeft sppcars eF The setufns to b larger thap n nr
cttftfy. ~ " "ee
The null TO ,eeul,'e the deposits Of public or
eefr. which ha' hc,u reported and passed. nd tte
afnsncne.ts rrrotted 70 fhr nst.onal cu,rcnc5 ect
fnhs1er the kH,.f,tivu "hlch tho committee deem
netettx1y In fecard 10 rsttonsl banks, to protect
the public md tue Government.
aepo.ltoEJ of pubic Eoaey b. The Aesthsnls' Nj
tonal Lux. the committee snc Of Opinion that lecxl
p1oc1 dlnFs thould BE- had fos th puuiecnout Of
fno: ot it, msnagcss Who A1r re4pon>ible {or TIC
breach ot .rut,, md arc -uch psocvtdsnss n NAY
be tece*tasT 10 rteostr any portion al the money
ano, As It VI. nao*t1y money intrn.te1 to di.bn,sis
Seses o. 'ss VI hs guy Of ,a,a
committed to the War Dcp3f1ucrt.
The umttaee clio c tnis rrport by subotttlrg
resolved, rbst she :serr.asy Of War bc directed
TO tntsi ute such eeAl psoce. d.oes A. may be
deemed necestaEJ for tho puplanent o, the man.
ass5 81 o. 'ac ~ ketenant. Sssioaa, hsnk. and o,oers
1fRa breach ot trust b. ni>applytrg the public
money tu'r7sted to Them for fHe-LeepinE, and al4o
tue6 TFocecotrEs - may ot nettttaEJ TO recover
Any p0Etlon Of 4Atd money.
*'Runhlo and ch1ca-o RaukinE.,'