A Compilation of the Messages and Papers of the Presidents. Volume 2, part 1: James Monroe
History
A Compilation of the Messages and Papers of the Presidents. Volume 2, part 1: James Monroe
Monroe, James, 1758-1831; Presidents -- United States; United States -- History -- Sources; United States -- Politics and government
Third. That an indemnity should be allowed for all losses which he had
sustained by the failure of the Government to fulfill its engagements
to send him money or Treasury notes within the time specified to be
deposited in certain banks as collateral security for loans procured
by him at the request and on account of the Government.
Fourth. That he should not be held responsible for losses incurred by
the frauds and failures of subagents to whom moneys were advanced
through his hands.
On the first, that of interest on his advances for the public, I have
allowed him $14,438.68. This allowance is made on advances admitted by
the accounting department, and on the declaration of Mr. Tompkins that
the remittances made to him, after his advances and previous to the
24th of December, 1814, when a very large sum was remitted to him, were
applied to public purposes and not to the reimbursement of his advances.
On the second head, that of a reasonable commission for his
disbursements during the late war, I have allowed him 5 per cent on
the whole sum disbursed by him, amounting to $92,213.13. I have made
him this extra allowance in consideration of the aid which he afforded
to the Government at that important epoch in obtaining the loan of a
considerable part of the sums thus disbursed.
On the third head, that of an indemnity for losses sustained by him in
consequence of the failure of the Government to fulfill its engagements
to send him money or Treasury notes within the time specified, I have
allowed him $4,411.25, being the amount of the loss sustained on the
sale of Treasury notes, for which he was responsible.
On the fourth head, that of losses sustained by him by any frauds or
failures of subagents, none such having been shewn no allowance whatever
has been made to him.
From the amount thus allowed to Mr. Tompkins after deducting the sum
paid him under the act of the present session and the moneys charged
to his account there will remain a balance due him of $60,238.46, as
appears by the sketch herewith communicated.
In making a final decision on Mr. Tompkins's claims a question arises,
Shall interest be allowed him on the amount of the commission on his
disbursements? The law of the last session grants to the President
a power to allow interest on moneys advanced by him to the public,
but does not authorize it on the commission to be allowed on his
disbursements. To make such allowance belongs exclusively to Congress.
Had his claims been settled at the end of the last war on the principles
established by the law of the last session a commission on disbursements
would then have been allowed him. This consideration operates with great
force in favor of the allowance of interest on that commission at this
time, which I recommend to Congress.
Public-domain text, read in full here on John Shaqi.
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