Baltimore daily commercial. [volume] (Baltimore, Md.) 1865-1867, 1866-03-22
Treasurer Spinner in Defence of secre
tary McCuIIOch.

Inc following important letter from Gen. Spinner
in defence of Secretary McCulloch was drawn out by
Freeman Clarkes letter in to-day's paper:
TREASURY OF THE UNITED STAT7s.l
WASHINGTON, March 20. 1866 !
To the Editor Of the Chronicle:
The communication of the Hon. Freeman Clarke
Comptroller of the Currency in regard to the c0ndi
ton OF the Treasury, published in your paper of YES
terday, is OF such character that | consider it
duty owe 10 the country, to myself and especially
to the Secretary of the Treasury who must RELY upon
the figures furnished him by his subordnates to
point out some Of the into which the Comp
trOller has fallen. pass the first paragraph in the
rency values are interpOlated Ill quotation with
out comment, further than to note the fact The
next mex IT. two paragraphs find fault with the Hon.
Mr. Hooper and his subcommittee Oi the House
OF Representatives, because it failed to make appl-
cation to the Comptroller in its search for informa-
tlon and opinion is ventured that the report made
u the House by the committee is neither more nor
less than haSty, uncOnSidered endorsement of the
statements of the Secretary of the Treasury; and an
ntinaton is thrown out that If information was
obtained 1t was from irresponsible person. Now
have this to say-that tho committee did just what
the Comptroller should have done before he called
the statements of the Secretary of the Treasury in
question. 1t not only examined me and my books
out tne GleIkS m my once ana y eane 10 the con-
he, like the committee gone to the only place where
the information sought could be obtained In that
case ne like the committee, would have been salts
fed that the published statements of the Secretary
were substantially correct.
Next, the figures of the Treasury statement are
given substantially correct. Immediately following
| is this statement!-Amount deposit in coin S75-
SIO8Sl8 Total amount on deposit, Sl65,57s, ,237 go
Drafts drawn out and payable, but not yet reported
paid, $40 5S.II Balance subject to draft Sl5S-
S6 II. As this, the first item excepted is no part
of the Treasurers monthly statement it is alleged
is, all the allegations and deductions drawn fro (
The deposits in the national banks are entered
weekly as the certificates and reports are received
and included in the cash in the Treasury. The dis
etehanuy netween the bank reports and the Treasury
statement arises from the fact that the banks are
nnn tg It'd
mem by revenue officers and Others and are credited
daily with whatever cheeks are drawn on them
eHt According to the books of the hanks wiiI diEer
materially from the balances according L: the hooks
9I the department For instance the Treasurer may
draW to-day on the different deposit banks for twenty
million dolars; Inc banks viii, Of course he credited
VITA nc amounts oE the checks drawn ailOn them
respectively; while they cannot charge the govern
nlent until the checks are presented which NAV not
be tor days or weeks after.
M one oughtto have knOwn better than the rorn-
uoiief OF the Currency that country bank NAV ac-
coEdlng to its books overdraw its corrcspo1dcn
IN commercial city while, by reason of the checks
IN IN tTaniltH II WI have daily balance to its credit
scrpton to the SeYenthiTy loan very heavy deposits
were made W!h tAd qat+onal deposit banks. These
deposits Were under the direction of the Secretary of
the Treasury, drawn upon rapidly but so large wers
the balances, and distant many of the banks
that 1t was undoubtedly the fact that there were MT
times in process of collection tgIn twenty to forty
millions of dollars, Qredited 10 the banks, by reason
OF being drawn against but not charged by the banks
to the government until the checks were actually
paid. There have been, in the course OF the year
many days in which the balances due the Govern
ment by the deposit banks, according 10 their books
have been over twenty million dollars larger than the
real balances according to the books of the Treasury
10 show how fallaciOus conclusions drawn only
from the returns made by deposit national banks to
the Comptroller of the Currency are it is only neces
sary to give one of the statements in his com munica-
tion, viz: The monthly statement made up TO the 1st
OF June shows that there that day in the Ireasu-
ry including coin, S26 .t2 while there was more
than twice that amount deposit in the national
banks. At this time there were drafts and orders
issued upon these banks for an amount exceeding
thirty three million dollars
So many elements enter into the statements of the
ramifed business of the Treasury Department that
it is impossible for any one who does not examine the
books OF the Department to ascertain the real state of
the balances in the Treasury The amounts deposit
ed in the various Offices to the credit of disbursing
officers are so large that it often occurred during the
war that the Treasury account proper overdrawn
from twenty to thirty million dollars, and by which
several millions OF dollars interest saved to the
Government and people.
The difference in the statement Of coin pointed out
by the Comptroller OF tho Currency arises from the
fact that the Assistant Treasurers are charged with
the amount of coin certificates issued by them and no
credit can be given them by the Treasurer O.. the
books of the Department for any sucn gold certif-
Gates that may by either OF them be redeemed until
relno4rsem9nt may be made 5y variant. In the
meantlne all such redeemed and paid for coin cert
1cates must be counted as gold cash items. In the
statement Of coin on hand made ior the Secretary
Che amount OF gold certificates is deducted daily so
as to show the amount of available coin on hand
The $50 S64iO of coin referred to are certificates is
sued, but that have been redeemed and paid for and
necessarily appearing IN the statements of the various
offices as coin on hand, and which must SO reInain
under existing laws until reinbHrsng warrants issue
tor tho atl0pnts,
These explanations seem to cover all the points in
the Comptroller of the Currency's communication
and take leave of the subject with the remark that
the statement made by me on the 10th inst, which
was by the Secretary Of tha Treasury transmitted to
the Speaker of the House Of Representatives show
ing IN ti the 5 62a9seS G s5I IN 1T the Treasury to be
amount 81 7oO $3.50 was In national banks is in all