Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1836-12-29

have done, with what he has done.
The distribution law assigned 10 him tw'
duties, both simple, and both easy-tlie divi
siun of the funds among the Banks and th'
| div sion among the States. As 10 the first
he was 10 !seleCt soon as may be practi'
cable, and employ as the repositories OF The
money OF the United States, such Of the
Banks as may be located at, or adjacent oil
convenient TO, the points or places al Which
the revenues may lie collected or dishursed'
-"provided that al least one such Bank shall
be located in each State or Territory
''and that no Bank shall have on deposhe
! mere than lbree>fourths of its capital
Here is no authority whatever TO distribute
the money from the Banks Of one State to
| the Banks of another State. On the contra
ry, by the twelfth section, all transfers for
"any other purpose whatever, except To IA
cilitate the public disbursements and 10 CONS
ply with the provisions Of this act, are here
by prohibited and declared 10 lie illegal, -
and Sin cases where transfers shall be requir
ed for purposes of equalization under the pro-
visions OF this act IN consequence Of So great
an accumulation Of deposites in any Bank
such transfers shall he made 10 the nearest
Deposite Banks which are considered safe
and secure;" and although the supplement
says that nothing shall prevent him from
king tran sers from State To State, "when
required 10 prevent large and inconven
Accommodations in particular places, or in or
der 10 pfoduce due equality and just proper
tion according 10 the provisions of that act, %
the general policy of the law TO keep the de.
posites together, unless under peculiar emer>
genCies, remains unchanged.
Under this law his duty was as clear
possible.-He was to see that no Bank should
have depOsite oi more than three fourths
pf c f-ar ,ita al The in fl,a Al ft.
ties, then, should he divided among the
Banks in those ties,-lhere being in each
of them solvent Banks enough to receive it.
There was no necessity for sending II dollar
OF it out Of those cities. In New York "a
lune, says he, "lhe operation will require the
transfer of something like eight millions of
dollars from the old deposile Banks 10 new
ones, either in the State or out IF IL. But
Why out OF it at all Why could not the re-
venue already received in New York, aud
falling due in New York, be divided among
the New York Banks, 10 support the trade
OF New York why not let i, remain active
there up 10 the last hour when it Was paya-
BILE TO the States But the law required that
there should be at least one deposit Bank in
each State. BE il go Then make ii deposit
Bank in each State, if there be not one al
ready. and give Il II deposit, which, ~hile il
satisfies the law, will not carry away into in
activity funds that might be useful in places
of business. There was then no necessity
TO send dollar from New York, or other
Commercial cities, merely for the purpose of
preventing any one Bank from having more
than three fourths OF lis capital. That is
clear.
Nor was il moro necessary for the purpos-
es Of distribution among the States. The
| law says:
| "That the money which shall he in the
Treasury of the United States, On the LIST OF
January, 1887, shall he deposited with such
of the several States as shall by law author
| iZe their Treasurer or other competent au-
lhorilies TO receive the same-and the Sec
rotary Of the Treasury shall deliver the same
! TO such Treasurer or other competent autho-
rites on receiving certificates Of deposi,
! therefo for"
This is the whole law. Now wha, does il
contemplate!
The money must be in the Treasury on
the lst OF January, 1887, because up iO that
time il is not known whether the States ~ i'll
take it. Technically and legally the rrea-
snry is at Washing practically, the
Treasury is wherever the deposites of the
public moneys are. But the Secretary oil
the Treasury Is an official person hose only
official residence is Washington.-Acc Ord
ingly Treasurer Of State goes 10 tho Sec
rotary at Washington aud presents 10 hii.
the certificates of deposte. The Secretary
thereupon "delivers" ~ the Treasurer his
States quota.
But how does he deliver il: BY an actual
manual counting Out of these dollars: No.
BY check on the Deposit Bank at w ash
ington No. But lie delivers 20 tho State
Treasury as ne does 10 at.y other person re-
Ceiving money, draft for the amount OH
some one or more Of the Repositories which
compose the Treasury. Is not such draft
the usual and proper mode OF making public
payments :-Un undoubtedly And then We
come 10 the real question. Was il necessa
~ To- make in advance any transfer Of fund.
whatsoever into the several States, merely
| because they bad The option on certain coulli-
ti0Rs OF receiving them? II there was M
such necessity, then The 10Th section OF the
law makes these transfers illegal! Now
| there is clearly no such necessity. The mo
ney was to hC deposited with the States, moi
IN them. 1t was necessarily paid in Wash
ington by drafts on Other pldccs.-if you say
that the Secretary must pay il into the State
! Treasury, il Is not enough TO bring il inl,
the Staie-hc must take il To the seats q
Government. Pennsylvania must have hrr
share, not in Philadelphia, tut in Harris
burg. New York must bc paid, not in III,
city Of New York, hut in Albany ii ih,
place tie not fixed 10y law, tbo mutual cen
yenienCe Of tie parties III designate ii.
Nov there is no individual and no State
in the Union that would not prefer pay ment,
in New Yo,l or the north Atlantic cities, Il
pay ments any whefc else and Tor this ob.
vicus reasoo-tha money is worth more her,
than any where else ! lie State of Ohm
/ for in fl a6 IroN