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Items composing the special deposite in the Bank of the United States, to the credit of the Treasurer of the United States, July 5, 1819.
CR. at Bank U. S.
Jan. 16. Deposite by M. Ross, in office Cincinnati $1,200 00 : 28. Treasurer's draft on Huntsville - - 30,000 00
Feb. 13. B. Daniel's deposite at office Fayetteville - 5,427 00 20. S. Theobald’s do Lexington - 206 00 27. Treasarer’s draft on Huntsville - - 30,000 00
March 20. S. Bond's deposite at St. Louis - - 52,000 00 27. Treasurer U. S. draft on Huntsville - 30,000 00
May 24. B. F. Larned's deposite at Chillicothe - 7.930 00
- Dollars, 156,763 00 To which is to be added the sum of - - 12,613 58
For deposites in Bank of Missouri, originally credited on books of Bank U. S. as cash, but by directions of the Secretary are to be considered as special Dolls. 169,376 58
Bank of the United States, July 9, 1819.
SIR: A foreign attachment was lately laid on the property of an absent debtor, in the hands of “The President, Directors, & Co. of the Bank of the United States.” The absent debtor was a holder of some of the stocks of the United States, and entitled to interest, which had accrued thereon. The Bank being advised, that it, the Bank, had no interest or control, legal or equitable, in the Public Stocks, and that therefore, they were not affected by the attachment in this case, advised, that a transfer, which was desired, should be made, and the interest paid, the attachment notwithstanding. Being of the same opinion, I directed the transfer and the payment of the interest. But if the attachment had been laid in my hands, as the Loan Officer for this district, the difficulty would have been increased. I understand there are no instructions from the Treasury Department on this point, and as even a momentary refusal to transfer, or to pay the interest in the case of a foreign transaction might be calculated to alarm foreign holders or purchasers, I have thought it advisable, to submit the question to you, and respectually to suggest, that specific instructions to the several Loan Officers on the point, might be useful,
I have the honor to be, most respectfully,
The Hon. WM. H. CRAwronn,
P.S. The prevailing opinion is, that the Public Stocks cannot be attached, because, among other reasons, the United States cannot be made a party to a suit.
Bank United States, July 12, 1819.
SIR: I have just learnt with regret, that a Treasury draft for $10,550, in favor of Governor Cass, “payable in specie,” on the Office at Chillicothe, has been refused to be paid in specie. In a letfrom the Cashier of that Office to the Cashier of the Bank, he states, that he has written to you, stating his reasons. The provision of the Office was abundant, according to ordinary principles. On the 12th June, the Office was only chargeable with the payment on all accounts of $72,000, and its real circulation was only $21,000, making the utmost possible demand upon it $93,000. While it had, to meet this sum, $40,540 in specie, and a demand on the Bank of Chillicothe, which it was supposed would be met in specie, if made, for $46,892, besides other balances and notes. The draft of the Treasury of $31,705, being paid in specie, this additional draft coming in the same shape, and the Bank of Chillicothe having unexpectedly refused to meet its balance, has led to this unpleasant result. We have given the Office at Chillicothe, an order on that of Cincinnati for $20,000 specie, which will cover it, and any remaining demands upon it, on account of the Treasury. Since giving the order on the Office at Cincinnati, the Cashier of the Bank has received a letter from the Cashier of that Office, from which the following is an extract. “We have this day paid the Treasury draft mentioned in my private letter (a few days since) $17,000 in specie. Mr. Claypoole tells me, the draft on him was for $31,705, instead of $57,000 as I had understood. There can be little doubt, that the last mentioned sum was purchased of the Agent, by the Miami Exporting Company, and as little, that the amount we have this day paid to William Turner, Agent, &c. will go into the Farmers and Mechanics' Bank of this city. So much for public agents.” The Farmers and Mechanics' Bank are our debtors to the amount of $215,259 50, and the Miami Exporting Company, as I mentioned in a former letter, to amount of $285,662 23. I beg leave to add an extract of a letter from the Cashier of the Office at Savannah to the Cashier of the Bank, for your information. “The drafts drawn by the Treasury Department, are generally by their public agents placed in our State Banks, or their Branches, often with a view of aiding and giving them a claim upon this Office, which gives them a decided advantage in collecting and holding these large sums against us. Would it not be advisable, that instructions were issued by the Treasurer to public agents, to prevent this course of things? This will account, in a great measure, for the rapid decrease of our balances against these institutions—almost every check of the Treasurer, since my coming into office, has been presented by one or other of the State Banks.” I have the honor to be, sir, - With great respect, - Your obedient servant, e L. CHEVES, President.
Hon. WM. H. Chawronn.
Qffice Bank United States,
SIR: Agreeably to your orders, under date the 10th inst...I have purchased of Louisiana Domestic six per cent stock, at par, From William Patterson, - - $ 500 Bolton Jackson, - - - 11,000
And now hand you certificate No. 8, dated the 13th inst. and ditto No. 9, of this date, issued in favor of T. T. Tucker, Treasurer of the United States, for $500, and for $11,000, which sums, you will please place to my credit, and at your convenience, reimburse me by drafts on the Cashier Bank United States. When the purchases cease, I shall have the pleasure of furnishing you an account thereof, together with the bills of parcels, and I should be glad to know if it is your desire, thus early to be advised, and to be furnished with the certificates as they are received? The amount of funded debt on the books of this Loan Office is inconsiderable, excepting new six per cents, which are held above par. Am I correct in considering myself authorized to pay, in addition to the par value, whatever annount of interest may have accrued since last quarter day, where such payment is required in order to effect a purchase?
I am, with much respect,
The Hon. WM. H. CRAwforn,
Bank of the United States, July 14th, 1819.
SIR: I had the honor of receiving your letter of the 4th ult, enclosing a bill of exchange, drawn by Dirkin, Henderson, & Co. on Robert Henderson, of Liverpool, for £1500, with the protest for nonpayment, and a note of the costs.
The bill is endorsed by Smith and Hutchinson of this place. I have thought it most for the interest of the government, after giving legal. notice to the drawers and endorsers in Virginia, to retain the bill and demand the amount from the endorsers here, as the damages are 20 per cent. here, and but 15 per cent. in Virginia.
I now enclose a statement as settled, and have to observe, that act cording to the practice here, we cannot recover from the parties the postage nor the commission of 3 per cent. charged by Messrs. Baring, Brothers, and Co.
The amount received is $8,175 31, which will be held subject to four direction.
I am, with great respect,
The Hon. WILLIAM. H. Cn Awfoun.
Office Discount and Deposite,
SIR: I am favored with your letter of the 10th, advising my apnintment as agent for purchasing $400,000 of the funded debt of the 'nited States. I have given publicity to the object of this appointent by advertisements, and shall conform to your instructions. I presume, in the present case, as in your instructions of the 11th ine, 1817, for former purchases, where interest has accrued on stock Irchased, it may be paid to the sellers up to the time of purchase, stinguishing the same in my accounts. I notice the prices stated in the postscript of your letter, at which e several kinds of stock may be purchased according to the act of ongress of the 3d March. 1817, in which the deferred (unredeem,) is stated at 37.49; this I presume should be 35.49, to which latI shall conform. Your directions to be regularly advised of the progress I may ke in purchases, will be complied with.
I am, most respectfully,
Yours, &c. - LYNDE CATLIN, Cushier.
. H. Chawronn, Esq. Secretary of the Treasury.
Office of Discount and Deposite, New York, July 17, 1819.
IR = I have the honor to acknowledge the receipt of your letter of the l, and agreeably to your request §. have notified J. A. Willink o. drawer, and John M. Ehrick indorser, of a bill for £2,000 sterling on k J. A. Willink & Co. Liverpool, that the same is protested for non