Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1834-04-30

WEDNEsp AK Ado 81 1r &. 3 s RaA 90, 1894


Tbe 8 committee If Ways and Means have at
length presented to the House Of 3 epresenta-
lives report and bill III relation TO the finan-s
cial situation Of the country as far as it's CON
nected with the public revenue
Accompanying the bill q long letter from the
Secretary Of the Treasury was submitted, IN
which number of suggestions are made i is
8 development Of the plan Of hard money GO
vernment and notable piece Of quackery,
with the object of securing a great money poi0er
for the Federal Executive. We annex the main
features of the scheme:
"Ifthe danger of abuse is considered by Con-
gress as one of any magnitude and as likely to
produce improper Influence it may be efectual-
iy removed, by making it the duty of the Sec
retary of the Treasury to divide the deposites
among all the incorporated specie-paying
Banks of the place where the revenues col
lected in proportion to their respective capitals
actually paid in, provided they are all willingto
receive them upon the terms prescribed by law;
and if they are not all willing, then among so
many as would agree to take them.
Every danger Of abuse in selection will, by
this mode, be taken away; and the safety of the
money could be secured, by authorising the Sc
cretary ofthe Treasury to demand security from
any Of these Banks, when, in his Judgment the
public interests required it; and there might al
so be a prohibition against removing the money
to any place, except whereit was Immediately
necessary for the purpose of disbursement.
This mode would somewhat complicate the
openings of the Department. Yet do no per-
ceive that it would produce any serious inconve-
nience to the public survice. 1t might, and pro-
baby would. make it necessary to employ one
or two more Clerks in the Department. But
that would be but small consideration, fit be
deemed advisable to take from the Executive
all discretion overthe subject
If however, Congress should agree with me
in supposing that the danger apprehended from
this discretion is more imaginary than real, |
would then respectfully propose the following
regulations:
/. That the Secretary of the Treasury should
annually, at the beginning Of each session, re-
port to Congress the Banks which had been
used by him during the year, as the repositories
of the public money.
g. That the Banks once selected as the depos-
itories of the public money, should be continued
as such, unless, in the judgment of the Secreta-
ry ofthe Treasury, the public interest required
the depository to be changed in which case, he
should report to Congress, at its next session.
the reason of the change.
3. That, in all cases where there were two or
more Banks at the same place where the reve-
nue. is to be deposited, at least two should be
the United States, if they are willing to receive
it, and give the security that may be required
T. Where there shall be no Banks at the pa
ces where the revenue is received the money
shall be deposited in such places as the Secreta-
ry shall direct subject to the same obligation to
report to Congress-
s. No Bank to be selected as a depository Of
the public money, or continued as such, which
shall deal in any stocks, except those of the
State in which it is situated, or Of the United
States.
g. After the third of March, eighteen hundred
and thirty six, no Bank to be used as the depo-
STORY of the public money. which shall issue or
pay out notes below five dollars, and the notes
of no bank to be received in payment Of debts
due to the United States, which shall issue or pay
out notes of less denomination than that above
mentioned, after the time aforesaid; nor shall
any Bank be depository Of public money
which does not pay specie on demand for its
notes.
T. Each Bank selected for the deposit Of the
public money shall return statement of its at
fairs to the Secretary Of the Treasury, once
month, or oftener if required. Such statement
shall show the aggregate amount loaned to its
own officers and directors, and also the amount
loaned on its own stock"
The Washington correspondent of the New
York Journal of Commerce gives the following
synopsis of the bill:
at provides that the public money be deposit
ed in such local Banks as the Secretary of the
Treasury shall select provided nothing in the
Act shall prevent Congress from removing the
public money, and regulating the manner in
which it shall be kept, discussed, &C.; that no
Bank shall be selected which does not furnish
full statement of its condition and business to
the Secretary of the Treasury, together with
copy gifts charter, &C.. that the selected Banks
shall furnish statements of their condition and
business to the Secretary Oft the Treasury as of
ten as he may require, not exceeding once a
week; also weekly statement Of its accounts,
but not Of its private accounts;-that the select
ed Banks shall credit all sums received for the
Treasury, as specie, and shall pay all drafts, &c.
in specie and shall render all necessary facilities
in transferring and paying money for the Go
vernment without charging any difference Of
exchange;-that no Bank shall be selected or
continued as depository of the Government
which does not redeem its bills in specie. nor
any Bank, which shall, after the Sd Of March
1886, issue any bill of less denomination than
five dollars that no bill Of less denomination
than five dollars shall be received by the Govern
ment in payment of dues after the Sd of March