Below is the OCR text representation for this newspapers page.

■ ; mmsrufiitii-ezr1 *j*(i utasSeMta Uiiiii t.Oi UjiE'K'T. : thn* fem>V'efl'ln reetlvincr tV t!*po*3el Wi "tVensurer, duplicate morrth’ v rc t mid, ore limj*, <ht t uin „ ol its ucc-unU tflvlt 'he Tren REIMIKT * T ?.*)« ffehet Committee to whom was i ji-ireU the Metres* of jYitiian Edwards. *:■' -iV»« * ltKTOESBNTATivrs, Mat 85. i lit* Select CnnatiiUee to Wlrth «m re- ■Vi* >td tile nie'iiomi, or etdrese of Nirrsn ( . arils, report: that, iinmedi.iftly mi• siy, in tlie IsHei' part of l8'8, discontinue of the p i 1 c money* ... Um.k oi Uicted dimes signified tt» the De|,*r»meritw he Tream y, that it could not continue suen an »n>tem. ntk : ami that, li e'Cofonvintll, it could receive nothing in rlf-pusitle, ss c.-.Sh, but the legal currency of the countrj, foi us turn note* t'lio agree- meiit with the Hank of the United Slates 'tvmutated,tor diets reakons, on the 3oth June, 1818. ft would uppeic, thft many of the state hoiks winch had in 1817, resumed specie iliyinentd, soon after this period, that is to ilietr appoi 'tinent, es the House hnsal- a.'y been informed, they cnmmnnicttel t v fly of this adtlre-s to the Secretary of ■tv I i\astir) , ami they also ovdErtcl he ■ dance j)t Mi Edwards, to he eXainin- > : rs, ;ore them, as a witness, touching the •>ms charges in the memorial. For &l- iglij in that adorers, lie refers to pairers •i documents, accessible to the commit. >: V'ilhont his presence,' rs the main sup. ' *.t of his i lnnges, yet the committee f '.a> of opinion, that these chargts were h i snob i.s shonnl be either lightly made, t such payment* ) and that the debt dim to the Unit, d 9'i.tes, on account of the sales of tho public land, had vc y great- Iv increased j amounting in tile.early part ofld'9, to no le-u, than fB.OOtl.OJd of dol lars The public expend.iure in the wes- tu n s'stei was u.n such as to require, with* in loose states, the disbursement of the m ihey rrc.ivedon account of this debts hut much tho larger part waste be remitted, either to the seat of government, or to ether places in the Atlantic states About this period, tlso, the Bank of the tperikially txamanuned i and But it, United States issued orders prohibiting its vitight noth content Itself with any investi- ■ western branches Irom issuing any of their Cation short ut one in which the accuser own notes for circulation, even in exchange chuuld l ave an opportunity of I icing per- tor, or on deposits of, specie* t-r«sent, the tetter tn sustain the | Under these circtmstances, the Secrets, ihlu.rges, if they were capable ofb.Jvjj si.3 ; ry otthe Treasury appears to have enter. Vaiv-d, or to bear the proper resnonsi ni- j cd into arrangements with some of the lo By. d tailing to sustain them, l.e should an col or state banka, generally those which jpcai • have brought them fmtvad. in a had act 'd ss agents of the Bauk of the U. Jins positive a d imposing, from per- 1 States, for me purpose of employing them *><• i »• and Improper motives, or upon friv- : a* depositories of 'he public money, and in clou* pretests And lhi committee is still > t ie transfer of su it money, wneo reqnir- •of opinion, that this inVe.tigatinii ought •Vtu t<' ht hiuilly clo.scd, Without the per Mui.si iZS'liinauoil ot Mr. til wards; ami, it* tuing to make any report On the ■n jcri, at U,e praftnt time, and before such an iXami'iiitton is had. ihecumtniitee acts only Inin the necessity imposed u.ion 4t. y the approvc-hing close of the st ssioii, Sh d by i sense ufdu'y which dictates that 11 tiglit not to postpone, >o a distliit day, «li coiiimunicalioutu the House, on a sit i- j<- ct ,o iiiten-s'ir.g to the Unvei'iiment,aiid so nearly alfcctittg tin. hi nor and iutegtit) «it one of Us liight it ofi Cits. Under the influence of these motives, Ui.- committee tnatus this report, as the it uit ot lU.i-xtuiiina.ion of the papers re ft. cd to in tlicadditss, and such utner ’•< "lx as the committee Could command Vila*.soever is here said, th teforc, mutt i>. oceived with the qu t ificaii in, that, a! •‘•ugh tne committee d » not know tliat .U r.dw ards, if piesent, could cornmum- ta any fact ii.ely to be important, the> si pot know, on the other hatnl, that ht -no. Hit nut do so j and he lias had no o t .- 4»"HUn ty to he evim tied or to give any r> •> t,. the answer of the iccretsry, which the c m nittee has received, and which Jims a.ready been printed, by Older iif the IJoitNe The address contains w<> general charg es gainst the Secretary ; one, > f mis.nan- apt 'he public fun •<.: under which, va xi '* dleg.il itsn.actious arc adeged, in rf enre to the depusite • f ti e | ubli - si' .ys in rerltdn unks, and the mode hi W > ii su. h jiu ney» were allowed, afer- tu to be'rpsul; t..e ether imputing to the ecretary toe Nupprcssion of pa- fei-a d documents m failing to comittuni cate t .ein, when th-y oug 't to have been «"iimiunica i->i, in answer to resolution* ul the louses nf Congress I'he committee lias given its attention to e. ch of these divisions of charge A. d,first us to the conduct of the Treas. Ii y Utparmevt, in regard to the depo ite> "ftlie public muhevs in the banks, and the manner in winch such banks were a! low • d to repay lo the Treasury the balan ces f -u-.h deoojutrs: B. tue resolutio i d' Congress, of April 30th. J■ ItS. it is dtclaied, ** That the sec* ret'rv of .the trewsarybe and hr hereby is. tvqot ed and direc ed to a’lopt such xn su es as lie may deem necessary, to Co s , a* soon .is miy be, all duties, taxes, debs*, or sums of money, accruing, or be coming pay abb, to the United vtatea, to b> co’iectedand paid in the legal currency cf the United States, or Treasury notes, or n his "ftlie dank of the United states as by taw provided and declared, or in the h"te» of banka which are payable and paid oo<l * nand, in th said legal currency of the (J >ted State*; a d ttiat, from and af- . .te .\e Join d iy of February next, no such d i "n, taxes, debt.., or sum* of money, ac* c ui-ig, or becoming payable, to the Uni- V • ifa es.a*, aforesaid, ought to be collect- ed k r. ceivid otherwise Uian in.tbe le* g d currency ht 'he Uuted nates or Treat- u notes'or. notetfofthe Dank of the Uni- t« d States, or notes of banks which are Tin'. - le and paid, on demand, in the sstd itg f urrency of the United States” V the dm-of tile ad.tio, of this re»- el don, dyus acci uing to tlieUnited States v. Iiettier on ucc <unt o. the Side* of puo.ic la’d., or at the custom house, or from oth- tfrs-i'cesof revenue, were, in f«ci, re* Ceivid in Nome parts of the country, but « I tv in d .regard of the law, in ibe »• t ts of th- a *te banka which dtd not re t -em tb -.ir n*pe- by cash payments. Bv this esoliinon, it w.sa obviously made the du y of the Vre.-u—r, to correct that de p tore from I w, aa soon aa practica b' ; and it wnw, aa is equall obvious, in pera ive ot! th.» Department, after the 20th F-bruarv, 1817, to allow nothing to be rc. cevsd in paymt nt of debts due to the Uni ted State , but the legal' money of the 2J it,;d .'tfateH, rVenau- y notes, note* of the B. ik of the United States, or of those at its banks the notes of which were paya ble and paid, on demand, in cash. The Bank of the United States was in. Corporsted in April, lot6, and went into Ope’ttion at the co »• -ucement of the pext year. By the *• t of incorporation, it is provided and declare), “that the de. 6 unites of the money of the United States. r places in which the mid bank and branch es thereof may be established, ahull be dale in said banks and branches theren , on as the Secretary of the Treasury shsl 5 ,' f a >y time, otherwise order and direct in which case, the Secretary of the Treas Ury shall immediately lay before Congress, if ip session, and f not, immediately after the commencement of the, next session Ibe reasons of such order or direction. ” * The present Secretary of the t’rewmry W in appointed to that ollice in October, 1816, r.i lire early part of the year 1817, it fs represented by the Secretary, amt appears fo Ira true, that an arrangement was made With rite Bank of the United States, by Which the public funds were to be deposit ed in the brioches of that institution, ip all places whsrp «uch branches existed: and tt here there were po such branches, that the bank *r« to Jusignate Certain state banks ■fur which It W'.iuid be responsible, an which such public moneys should /e dope sited ) and nut- a of all banka, which the Bunk of the United States wjuld receive cd»to plactfi wnere it might oe wanted in tue course of government disbursement*. Among tho curliest af these, was that proposed to the Bank of Missouri, by let* ters f*om the Secretary, of tho 1st and tiicllth of Jiii,j 1818, immediately after the termination of the agreement before mentioned, with the Bank of the United oUtes i which letters, indeed, have the form ofcirculirs to all the banks m which the public moneys were at that time dr- pushed, tout is u* aiy, the banka which •mvc been employed by the Umk of the U States, during th. continuance ot da ar rangement before im ntiontd, with die Treasury* The U ink of Missouri w.s me •>f tUcsi. It *<as now informed, tout, since • oat agreement bad come to an end on the 30; h of June, all sums deposited in the' U"ia of M a' .uti alter ibat time, must be soeject to the drafts of the Trevjury, ami wou|U be di .v/n fur, as occasion should equinvin the following manner, vis t if i i.tor ot individuals, dratts to be paid at ght t d in favor of the Dank of the United butea, in sixty days) drat.a cf the latter teaciiption to be so made that the money .mould be draw "out and transferred g.u- ually, and not ,,* mat e. he rcson id liisdisiii’ctton betw.au drafts <o individu* ••• and dratts tn tbe Bank of the United Siat . s, appears to be, that drults in tavo ii indivutujijj being probably intended to. funds to oe expended in the neighb."- : mod uf the oank, wmdd b: ordinarily paid n tho notes of he bi t self, or others nilar paper t but tbat those in favor oft. Bank of the United States, would be Such .* required payment in specifj or in U ->ta es’ B. iuk bills, or transfers of credit t isbrancaets operations which might rea sonably require time. On the 1st of Au gutij he Bank of Missouri signified its ac-. ceptance of the conditions fthis proposi non. On the 21st of December, 181P, the Sn* crelary, by Irtter, ahdrested to the Pres, dent of the Bank of E iwardsvUte. sighifled his disposition to unplo, that bank also i» receiving the deposit.* of the public mo neya i and on the fi -st of Fcoruary follow mg., that bank a -9 nted to the terms A similar arrangement was made, nearly at the same time, with the Bank of Illinois, the Bank of Huntsville, and tiie Tombeck- oe Bank. S.iortlya'ter tho data of these iranrac- lions, however, a mor*; general system W employ in,; siste banks, for tbe purposes before mentioned, was adopted, and conui tioi.s more precise, and which were thought more favorable to the banks, were pro posed The leading feature. in this new proposition was, that, as *n Inducement t > undertake the engagement, it was agreed, on the palt of the Treasury, to allow to tha banks permanent deposit e of a stipu lated sum. n t liable to be dra vn out or di mmisned, except m a spec Tied ensc. The uke of this deposit e was to oe tlie cquiva. lent , for tbe responsibility of receiving and keeping the funds, and the expense of transferring them, w.thcut further charge on tbe Treasury,, o such places as might be agreed on or required. Arrangements ot tnis nature were made with the Ba->k of Steubenville, Bulk f ChtUsotbk, Franklin Bank of C >iuaibus, Farmers and Mechanics* Bank of Indians, Bank of Hnnoisat Shawneetown, H anch B nk of K. ntiteky at i, u sulle, Bihk of Tom >eckbe st Saint Stephens, Planters and Merchants* B-nk of tiuntsville, Bank Missouri, Bank of Vincennes, Bank of Ed- wardsviiley and Farmeriiand Mechanics' Bank uf CinnciQuti. Tue termij in general, agreed to between the lYeanury and these sc veral b.nlts were in aubstsnC' : lit. That the bank should itsceipe, in depusite i to the credit of the I*ieu- sury, as cash, loom the Receivers uf public moneys i all current botes of such banks as maintain cash p y~ inents—with piwer^ however, to di- continue to receive the notes ot >my perticular bank on giving ‘•catsonable notice of such intenlion tu tue Re* ceiver. 2d That the bank should pay, at Night, all drafts trnm tbe T'cit-ury • ami should, h|so, Uan-fer, on u q ieNt, all «um- on hand b yond (he ainnum of the stipulated pemanedt depunte, to the Bank ot the y. States, m cer tain ennmer .ti ilBi'auchesnf that Bank) and that a fixed sum should remaiu in the bank, as before mentioned, as a permanent depoxite, to be trans- ierred 4 howeter, to the Bank of the United States, m n'x months af er the termination uf the agreement. 3d. That, if the money were want ed lor dinbur-ement in the neightjor- hood of thcbink**, if might be drawn for, at sight, not withstanding such drafts might reduce the permanent depusite below the stipulated -u u. The amount of this p rtnunem d* - posne was to bejncreastd.if it shm.U appear that the bank should receive and transfer such large Hums oh that the expen-e thereof shoo'd not be con It is further repmsealqt^hirt,' in the ex acutiun of this .rraugem^iit,' difKjtilties aud oo itrorerj-iKij aio.ie bet y. e;i mi.. Batik of'tite Uuitad t .tihd')th^ ityitc ban&s res- surer , ami tn the Secretary, confi dential monthly retuins of tne stateji its own affairs . showing, also, the credits of all public'officers in the bank . and, also, quarterly lists, or returns, of all its debtors : tu the end thut the Secretary of the Treasury might determine on the propriety of continuing the publib deposite in such bank. Such was the general nature of the arrangements as they were adopted and entered into with the b»hks.«- There were, however, variations in some other part culars* In the Bank of Steubenville, for instance, the pub. lie money in the bunk, or due from it et the time of the arrangement, was declared m>t to fall ivitnio the arrdngpme* t : in other instances nothing is said of guch balances: and in ethers, again, il was declared that they should be embraced by the a- grement. The following table shows the a. mount of t ! io permanent deposite al lowed to erch bink, respectively, as the the equivalent for the services aendered, oi expected to be render ed, by it to the Treasury .* Dank of Steubenville gSO.OOO BanJtcfChdHcothe 100,000 Franklin Bank of Columbus 20,000 Farmers and Mechanics* Hunk’'fin diana 40,000 Bankof Illinois t* Sha'vneetown ‘ SO,000 Branch Bank of K mtuoky a Louis ville 100,000 Bank of Tomb :ehe nt St Steph-tn** 100 000 Planters and Merchants* Bank of Huntsville 75,000 Bank nf Missouri 150.000 Bank of Vi'ieenorX 75 O KI Hank of,Jid«'trdsii!!s 40.000 Farmer* mil ilechanics Bank of CinciAna'.i 100,000 The amount of these permanent <le;> - site* ia nine hundred thnusa itl dollars, thi interest on ahirh sum, at nix per c^nt- would be fifty four (hull*and dollars. It is n|.edged in tho memorial that his sum nf fifty.fmir thouagnd dollar- iv a n (hits annually paid for receiving and tnmmitting the public money : service which, it’ is said, the Bank of the Uoited States was bound to per form without any compensation. The committee does nut «ee the ground <•* his obligation on the Bnik of the U. S a'c3. i'hnt iustifbttun is indeed bound tn give necessary facilities f«* transferring the public funds from place tn place, but 'his c u only mea cfl»^ funds l and it is bound, algo, t receive money in depusite fur th United States ; but it is not bound to receive in depo-ite, at cisb, the bi ■f any b nks whatever but its own, ■I'hnogh they m iy come within t 1 ' or- visions of tltc resolution of 1816 The committee doi-s nut perceive *mj hing in the principle of there ar- targements with the banks, either n> violation of law. or contrary to t* usage ol the. G w rnment; since th Treasury ha*,, for many years, had greeroents with more or less of th banks, bv which the public money* were deposited in such bank^' and drawn from them when wan ed : cc tain terms and conditions, as to the mode of drawing, being stipul<t*d, *uch as were thought bencfictalj bo h to the Treasury and 'he banks. |i- deed, it may be proper to observ- here, that it seems tn have been nasu •lied, bv dtff rent i (Seers at the head ol the Treasury 1) parfrteut, that It was their duty to dir ct da oper*- tions to the support of ii ff*renf mo neyed institutions whenever their af fair* required snppo* gi as to defeat combm i m* ago oet them, and pre- rervo an equilibrium of credit among them And the practice appears :o be in conformity with n<a principle fmm a very early day. That bene' fit may occasionally result, and has resulted, from such op-*'atio b evident .* but this is no I-gal employ- m-nt ot public funds, I is nothing but < gratuitous loan. T ie existence of the practice, however, as well as the avowal of the principle bv differ ent officers at the head ot the Treasu ry) will be found by ieferriog to « letter Irom the .Secretary of the Trea sury f» the Pce«idrnt of the Senatej of the 25 i F-biuaryj 1823, in an swer to a resolution ot that body.-— Such, however, was n<>t either the ob ject. or tho character, of the' agree ments with the «tde baoltBj which are the subjects of this * i! itrn'ion. On the l't of Augu-t, 1820, the Treasury inued cWidar mstiuctions not ihe Receivers of Public Moneys, author.zing them to receive, in addi tion " -pecie and bills of the Bmk of the Unir* , d States and its branch* es, notes of 'he incorporated bank*, in B 'Stnn, N'w Y <k. Pi iladelphia, Buitimore, «>-d Richmond, a d in the s atea of South Csiohna a"d Georgia, (.except the City Bank nf B-ltimoie,) and of thoBe specie piyi- gh ks in the state in which the Land Office ' served creates an obligation* bn tlie Treasury nf the United St«y * t« uv- them aa places of depttHiiejTo pTxJei enceto any other bnnks, unless the Secretary rhall, for special reasons, otherwise direct t and, in that case, such reasons shall be laid before Con gress at it* then, or next, session. The charge is, that no such commu nication was made to Congress — This omission is acknowledged by toe Secretary, who taya it was owing to inadverttncPj and that Ihe inatten tion to the provision of the law was unimpmtant, inasmuch a* the provi sion was intended, obviati'ly, for th" bent fit of the bank ; and the bank had full notice. The noturity of the fact is also relied on,, to show that no improper conduct, or detire to con ceal it, produced the omission. The committee sees no reason to doubt this statement, or to attribute any improper motive to the Srcie- iary, in this inattention to the direc- tions of the act. The charges relative to the Bunk of'Missouri are, tn subs*ance. That this bank was Unworthy of credit at the time th * depo ita of pub lic moneys were suff red to accumu late in it to a large and improper amount : That the permanent deposite allow ed it was illegal, aod unresaon .bly large .* That those returns and statements of its affdrs, which the S .cre<ary had him>cl( considered frecutinl, were not exacted s And, finally, thatj in payment of its debt, a large amount of nncurrent notes was received, soma of them not worth twen y-five cents in the dollar, contrary <o the positive injunc tions of the resolution of 1810. The committ-e think* ii vm-yprob- ble that the Bink »lM -snuri did make an improper perhaps an ex cessive, issue of its paper : although the mode adopted irt tho address, ol Neatimating that etccsy, appears no altogether cnrrcc'j as it omits to men tion the permanent deposite of th< government is culcul tting the tnorl on which the emission mig d he made* lf y the capital of the brnk werg, as i- t*ted, 82KVQ00, and its permanent leposi'e from government 8130,000 opposing it to have no other depo- te«, a d if count to the extent o' 8-130,000 would not have been nl ir liogly excessive, supposing the loa > have been lirbited to ■»!« •hand- nil that (punctuality »f paymen night have b. ecn been r-xpected. 1 prcb.bltj that a ftilure in this lattr espect was the imm**diate cause of he bank suspending it- payments. The sum of 8726 0‘)0, which B|r- •ears, at one time, to have been i;. fits bank, was certai ly a very Jargr sum to have been *.uff ret^tQ retSu •n a country bank ; but, whether it ws« a greater accumulation th.* D gh’ to havo been allowed, is a q i> *• t- > ■ thnt depend.) on many considi" • ioos, chi"fiy.'»n that of (he solidity •f tho io9titu ion, whicu itself spin Impended an the solvency of nsileb - >rx. Of this the Committee has nr •tuer evidence than that raising from t'te report of the Committee of the f. gi-loturc of Missouri, appointed 'o examine the e[fairs of tho bank who declare that the debts due on personal securitv, as well as those ecured by mortgage, arc safe. Ii this wero w»ll founded, the bank, even at the time it stopped pay ment, had, in'hose two items alone, more than enough to pay all it ov* "d, What information, tn put the sec retary nn hiv guard, would hav been derived from thr monthly r* turn®,the Cnmmi'te" cannot determine. They appear toh*ve b-en furnished only up to 1*t of February, 18*20. Nor ha- ;he Committee observed any demand m>de by the Secretary for a compli ance with this stipulation, at aoy time between that date and the time the bmk slopped payment. Wheth er, however, t it had been d *mand- 'ed and complied with, any diff rent result, favor blc to tbe United States would have been produced, it seems impossible to determine, becau-e, judging from tho last and moat un- tavorable return, made immedi >t?ly previous to the stoppage of the bank, nothing in those returns would have appeared to indicate any danger, A mure important part of »he charge is, that the Secretary received from this bank, in part payment of its debt a large amount of uncurrent note*, cont-ary to law. By the first arrangement made with the bank, which has been already sta led, it was not responsible, as far as gof'sum in nofrs etaeniiNny of tW i n- d s' i iption. w t* n puNaesriiin ,if*the bmk: and ah .ff e is therein made tu trari fer them tn various other banks, to the order of the ‘L'ressury. And, by the sHTcm-Rt mark *1 K. an nexed to the address nf Mr Rivards ii a p- rs th"' n* early as thi 6 h of Sepiember 1819, < much larger sum, in not*** of the description of those thus i.ffered bv ihe bank, Ii id actu ally been recniVed on account of the Treasury Imm the several R 'reivers, and were then on hand, On this point the committee a'so »• for t » he depuB'tipn of Thnmus F. Riddickj hereunto annexed, marked K ■ The committee think on them, the 8»creWty •f lit/ a proper reidH yf * curity of the put>li\ committee* however, ynjj,) J' I UMaaiun to observe ninions, the appnintrf.'t „r ..“j dent* of he local I hk s , jJ public monets are * posited;] w *f iS -liderecl is enrnpen-ated bv the D -ua- to be rec tve i on sales of tocjhHtblio lands, - - - * fit of the deposite which Iwd been sti pulited. It w>8, l.o, prcScubtU t*< i the bane ahooM louder to Hie Secretary of the XieWqij, and to i» situated. ** Thi. inat^uc'loo,’ , it is added. ” supersedes those which b*ve heretofore bd-n given on tho sub ject. exc -pt in so far as they prohibit "he receipt of the paper of any bank which does not discharge its note®, on demand, in specie : and that prohibi tion roust, ia every case, b rigidly adhered to. Among the banks with which these negotiations were mads, the atten tion of the committee was ri led pa - ncu'arly, tothe Firmer- and Mechan ics’ B nit ot Cincinnati, th" B nk m Chillicotiie, nod the branch of tin- state ol Kentucky, at Louisvi le, »- forming t .esubj cr of a ch rgr thai difes not apply to the others. In th several places where these bank "•■ ere situated, the Link of ih** Unites Mutes had offices nf discount nrni • leposi'e. «rd :, e law incorporaliii • that uuututiiii^ as has been before ob R c ivers of the pu Im be deposited in the 'u^,, h j injudicious—that it taa h* 1 in several cuSes—jintl nf.,1 venience or m<schief miyt,, j likelv tn reanV from sneb. J As to the charge if rece * current notes from -.hi s n ' S contrary to law, tlie amniitC., it proper to that the constriction which j ndd, that, of the whole sum received to have been contended if* by th- Treasury in tho-e notes, fr ro bank, and acquiesce«Ii () brrt ^ the Bink 0« Missouri, • sum of abnu’ , tary, of the first articWf/i twenty thousand dollars only appears .ment between to be unpaid : and of this lum it is construction; esnecitlh -.t j stated by the Treasury th ie a e be regarded but the taw,' hopes that a considerable part willbi tract,’ The words of the first secured. * are, "That the public noneru A very large part of the artdrebs i* entered to the credit oftheT- occupied with c,b«ervalions on t as cash.” (t would aeothin transactions b*tv. en du-T *-sury that these terms could ns. the Bnk of El wards vilie. T -bank thing else than that, for the was made a ilep> stiory oi pub e mo- of these deposit**, the banksht my, at the solici > ion i f M E '- come directly debtor tn the M wa r u« himself,in Decemb.-. 1818. !• States, and that this ^ebt,'|CI •topped psymem iti Srp^rmb; • 184 * - ’ sumed, should like others,’ bA* owing, at, that time, a balance t*' g •• paid. ^ If this construction vernmeut of forty.six thousand two hundred and two dollars and forty- three cents. , It is not deetped necessary here f • repeat all that \\ said on that hubiec in the address and the answer. To address, in this part of jt, seem- have two objects: one, to clear M Edwards himself Tram any impu tion, on acnount nf having . procur**<t the public tlepOHiles lo be made iu t ! >anlt originally, and to rep“l the -mp position that lie hail been the mean •if continuing them alter they'became unaile : the other; tn charge the 8<‘C -fiiary with continuing the depoiUfl', liter he ought to have been alarmnd lor their safety, at tl with receiving pn- urrent notes from the bank, again* - aw : and also, with the negligent o- Hi«siim oT proper means to cnllec he debt due from It to governmeii - It appears to b" for this double pu ;msp, that the address allege* that ir* 18:9. its author made a publjcatio. ""tpjunqing his intention tn withdra * i ntn the bank in which he had bee< director, and no longer to be con. tderrd responsible for its engag*- omits ; which publication,«9 is allege va* transmitted to tho P-pcretart — tuat he also advised the Receiver public moneys to withhnld the ilep.n - ires from the bank, until he shouit cceive further order from the Trea— ury ; that the Receiver, ihercupni - rote to the Treasury, enclosing M Edwards’s publication, and its he -t* t rwards declared,, received a let!* from the Secretary, directi - g him t< continue tho deptwjtes. The Secre- tiry has said, that nn such leuer fro- ip Receiver tva» on file in the D - partment, and that none •! its officer* hae any <ecollcction <d such a leitm —and, moreover, tltat there was nn u cord of any answer. The audres®, uotwithstanding thisdeclai atimqaim to prove that such letter w in writte —^und, among other argutnnul^ addo- c< s the fact, that there was snout thi® time, an actual suspension tf depo nes at\ the bank : which thj)„ aildte -** attributes to the cant ion of the Revi ver, uoder the advice which had been given to him. To this it is answered by the Secretary, that this suFpensh)' was owing tn the negligence, not the caution of the Receiver —that the Receiver was directed frequently and repeatedly tn continue ui* depnsites, and tu make them regularly srd punc tually —danger then being apprehen (led, not from the bank, but from -the continuance of large sums in the hand)) of the Receivor. W thout entering into a detail ol all the fact-connected with this .-sub ject: it seems to tne committee; ttiat there if no doubt that Mr Edwaxt* did make a pjiblicatio’, fpsper UJ in tho newspapers in 18 9, as he re presents, and that he gjV" such ad vice as he represents, to the Receiv er. But there ia ho evidence tha) the Receiver communited it, or wrote on the subject of it* to the Secreta ry. Indeed, it is not very probable he would have done so. It Is to be remembered that he waa President of the bmk, as well as Receiver ol public moneys, and he would hardly advise the Secretary tha* he, aaRe- o o ceiver, could not repose confidence j tion required, which accompa" 111 in the bank, the Preside.! and head j report, marked D. of which he was. The committee By this it would appear, t"“| does npt deem it all material to in-1 balance now due the tiovei'inentl committee lias given to the cm be correct these notes tvere ill leceivfldi The Secretary’* view of „„ appears however, to have been <L ent. lie says, the term "cashl used in opposition to the term "J deposited and wuUot intend!, subject the bank to the specie for notes which were not] vertible into specie; and that i| not understood by either of then that (lie bank was responsible It credit of other bank® whose nottj deposited in it. The corresp sufncienfly shews th t the pressed the same opinion, nt |J period of the connexion, and I* 1 fnro this cate arose. The c.mwtn insisted upon was, ip effect,! bank was to receive auch billn Receivers had lawfully takes,! wished to deposite ; and « r would be of different banks, t less remote, the bunk should compensation which it receii«J,| the expence of collecting Hit that tlie proceeds migl^t be tram without farther expence nr I on the part of the government, l| order of the treasury; but that vertheless, if any such bills b discredited, while in process t "lection, by also failure uf (lie | which issued them, the loss shot on the government. Although the committee doi gre6 tothe correctness of l)i»J struction, yet they see no ressonl doubt that the Secrtixts ms 1 honestly supposed that thehaolj tered into the anting menUi! understanding of its mewl any ground to believe his cowj thut respect, to have been (r 1 by any improper motive. It« ; be added, that the secretin i that one reason for ,reoeiiii5l| hills from he EdwafdsvillfH that he had a that time sowi to apprehend a want of puncai good faith on the; part of tl*l itself. Tlie case of the bank of Tombt as it is explained in the Secret^ answer does riot call for any pari lar observations. Iti) not unlike I of Edwardsvilie, except that, in| former case, no loss appear* to I occurred* The loss in the caseof bank of Epwardsvillc, arisin?lw( receipt of uncurrent note®, ™| ttv nty thousand dollars, should tnrn out, as the Secretarjl he is assured it will, that the r will yet be paid. L The committee has requested j Department, to be informed i present amount due to the |l States from the following BjU"J wit, The Branch Bank of"d at Louisville: the Huntsville i| the Bank of Missouri, the w] Vincennes the Bank of and the Farmers and Bank of Cincinnati ; ant/ sent circuttiSfances of and, wheth r there be prebend loss from any other w“| which the public money i s(,e rl In answer to this request, ■ cretary has communicated a >v a 1 of the Treasurer, giving the iw| •L Vi —-UN. ,• oi. muiviin 1 oaiance now iiui: un: . the Committee can perceive, for the!quire whether the Secmajy rcceiv- these Banks;isfourhuiulreu an “] thousand eight hundred wj l dolla s and sixty three cent*- The committee has no Fj information of the mea J ure •, have been adopted'to enimc lections of these balances. « n to some of them, as has peared, tlie Secretary e *P rl confident hope of .ultimate p a ) agreat portion of the am<» un 1 ver may be considered as-Iow*. The amdunt of money. col Td account of nternal taxes, a i the sales of the public the latter, since 1816, ts stn J solvency of the banks, the notes nf whct might have been deposited in it by the public receive) a* When the m*w central t was made, in August 1819. it did not form any part ol that wm ct, as ii did with some of those ot the other banks, that tha bills al- ready on ha d should be at once pas sed to the credit of the Treasury as cash, as may be seen by a copy of the contract annexed to this report, mar ked B. So that the important ques tion is, whether thone notes were re ceived before or after 'he 9th of Au- gug , 1319 t 'O day on winch the bank assented to the new’contract., If be. (•■re, then they arc received on ac count and at the ri It of the govern- mrt t j if utter, ut the risk of the batik, Tho committee think there were • fitment rea-iinato justi'v the Sect ary in believing them to have him •rceired before the 9m of Au-jo- t, be (’•■use by the letter ol the bank, o' that date^ it appears that a much lar- .Skt- ed or saw a ropy of Mr* Ed wards*! publication. There is nothing in that commnoichtion which should huve a- larmed him for the safety of the public money in the Ed'v&rdsville B nk—for althoughM’. Edwards an nounces his intention of withdrawing from a participation in the direction of it, he apeak* in moBt decid-d terms of its solvency and salty. While the committee sees no reason to believe that Mr. E. acted with any improprie ty in procuring the deposite of tlie public money in that B ink, or in re gard to the feont-'uuance of such deposite i it perceives, on the otner other hand, no reuson whatever for supposing that the Secretary contin ued the drpnsites after being ad mo a ished by the Receiver, that, they' were uosufe. On the contrary (he committee thinks the corf?*' piitid nee fully &!nws, that ihe dr- inhiiH were on'itt.d, or t|)oog“ti to b; (i, through negligence and diTanli’ ; utiri thab in enfurcina| and i;t»i Secretary at twenty-one dollars. If of this Bum, h* 1 # , should be lost by means olt'"*. of the Banks whidt;>|. payment, the loss would two aud an halt per cent on HUtn * . , Considering ihe grratP'j,| sho k which credit ol »•* * J sustained'within this |F 1 Western states, and