Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-09-06
80. Ell.

CUSTODY and transfer and pay Il in such portions, and
az such tunes as the Treasury shall direct.
surely banks are not more able than the govern
men, 10 secure the money in their possession against
acciueh', violence, or fraud. The assertion that they
arg so must assume that vault in bank 10 strong
or IMAM vault IN the Treas ary and that directors
CASHIERS ana clerks not ectcd by the government,
nor under It's control worthy of confidence
man onceis selected rom the people, and RESPONSE
bic TO the governments officers bound by official
oaihs and bonds for faithful performance of their
duties, and constantly subject to The supervision Of
congress.
Tue difficulties OF transfer and the aid here,aore
rendered by banks have been less than IS usually
supposed. The actual accounts show that by far the
larger portion Of payments is made within short or
convenient distances from the places of collection
and the whole number of warrants issued at the
Treasury in the year 1884 "a year. the results OF
which will, it believed afford saie test for The fu-
ture-fel short of FIVE thousand, or an average Of
less than one daily for each satein the city Of New
York they did not average more than two day, and
at the city of Washington only four.
The difficulties heretofore existing asc moreover
daily lessened by increase in the chaapness and
facility of communication it may be asserted
with confidence, that the necessary transfers well
at the safek keeping and disbursements Of the public
moneys can DC with safety and convenience accom-
7lshed through the agencies Of Treasury officers
T.'s opalon has been, in some degree confirmed BY
actual experience, since the discondnrance Of the
banks asfiscal agents, in May last period wnlcn,
from III embarrassments in commercial intercourse
pesente obstacles great any that may be here
after app ehended.
Tht ma, vler ofkeepng the public money since that
PERIOD is flu Wy stated IN the report OF the Secreta r5
the Treasury ;that officer also suggests the nruurie
~ of ussignn, = by law, certain additional 2utes 10
existing eslabs hnlents ind officers, which, with the
notifications safeguards referred 60 by him. will
he thinks enable the department 10 continue 10 per-
form this branch OF the public service without anv
material addition uher to their number or to the pre-
expense. The extent of the business to be mans
acted has already bt en- stated and respect TO the
amount of money wi, which the officers employed
would be entrusted at any one time, it appears that
assuming balance Of I've millions TO be at all times
kept in the treasury an the whole Of il left in the
hands of the collectors I'd receivers, the proportion
Of each would not exceed average of thirty thous-
and dollars, but that, dedL 'cfng million for the
nae of,he MIN, and assumin the remaining four mil
hons 10 BE In .c .nds Of on .asi q the present
Der OF officers, supposiuon - HE hand @ ofey.rp
correspond wirh the fact the SUI " Ae HaAus u each
would still be less than the amour. " t usoss " me
bonds now taken from the receivers Of p 'c M
Evsry apprehension, however on the suble. tn5
u respect 70 me safety OF the money, or the fa =
discharge OF these fiscal transactions may il appears
| 70 me- De ehectuay removed by adding to the pre-
sent means OF the treasury the establishment by law
at Few important points Of Offices for the deposI,e
and disbursement of such portions of the public reve
nue. as cannot, with obvious safety and convenience
De left IN the possession of the collecting officers until
PAID over by them to the public creditors Neither the
amounts retained in their hands, nor those deposited
in the Offices would IN an ordinary condition of The
revenue be larger IN most than those often IN
der the control of dsbusing officers Of the Army and
Navy and might be made entirely safe by requiring
such securities and exercising such controlling super
VISION, as Congress may by law prescribe. The prin-
opal ofhcers whose appointments would become M
cessary under This Plan, taking the largest number
suggested by the Secretary Of the Treasury would
exceed ten; the additional expcns s. at the same
estimate, sixty thousand dollars year.
There can be no doubt that the obligation of those
who are entrusted with the affairs of Government to
conduct them with as little cost TO the nation is
consistent with the public interest; and is for Con-
e'css' and ultimately for the people, TO decide whe-
Their the BENEFITS TO be derived from keeping fiscal
concerns apart, and scvcrng the connection which
has hitherto existed between the Government and
banks, offer sufficient advantages ojnstfy the neces-
sary expenses. II the object TO be accomplished is
deemed important the future welfare of the coun-
try canot allow myself TO believe that the addition
70 the public expenditure, Of comparatively 50 small
an amount will be necessary effect IT, will beob-
eced 10 by the people
Ii viii be seen by the report Of the Postmaster Ge-
nerr, herewith communicated, that the fiscal affairs
Of that Department have been successfully conducted
since May last upon The principle Of dealing only in
tho legal currency OF the United State and that il
needs no legislation 10 nian it's credit and fnci-
tate the management Of ifs concerns; the existing
laws being in the opinion Of that officer ample for
those objects.
Difficulties will doubtless be encountered for sen
son. and increased services required from the public
functlonarlos; such usually incident the COM
mencenent Of every system, but they will be greatly
essened in the progress of its operations.
The power and influence supposed to be connected
with the custody and disbursement Of the public mo-
ney, are topics on which The public mind rs natural
ly and with great proprety peculiarly sensitive
Much has been said them, in reference the pro-
posed separation Of the Government from the bank
ing institutions; and surely object TO any
appeals animadvcrsions the subject, which are
consistent with facts, and evnce proper respect for
Of the people II Chief Magistrate
may be allowed TO speak for himself, such point,
l can truly say, that TO nothing would be more
acceptable than the withdrawal from the Executive
10 the greatest practicable extent of oil concern in
the custody and disbursement Of the public revenue.
not that would shrink from any responsibility cast
upon by tho duties of my Offices but because il is
my firm belief that its capacity for usefulness is in no
degree promoted by the possession Of any patronage
not actually necessary to the performance Of those
futles. But under present form Of Government
he nt,rventisn OF the Executive officers in the Gus
ody and disbursement Of the public money seems 10
,e unavoidable; and before II can be admitted that
he influence and power Of the Executive would be
increased by dispensing with the agency of banks,
he nature OF that intervention in such an agency
must he carefully regarded, aud comparison must
,e instituted between its extent in the two cases.
The revenue can only be collected by officers APP
pointed by the President, with the advice and con-
tent Of the Senate. The public moneys, IN the first
Instance, must therefore in all cases, pass through
1ands selected by the executive. Other officers APP
ssntcd in the same way as IN some cases, by the
PR sdent alone must also he entrusted with rhemp