The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1837-09-12

Of the public revenue; not that would shrink from
onv responsibility cast upon me by the duties of my
oH;ce but because il is my firm belief that its capa-
civ for usefulness is in no degree promoted by the
possession of any patronage not actually necessary
70 the performance of those duhes. But under our
present form of government, the Intervention of the
Executive officers in the CUSTODIAN disbursement
of the public money seems to be unavoidable; and
before il can be admitted that the influence and
power of the Executive would be increased by dis
pensng with the agency of banks, the mature o!
that intervention in such an agency must be carefully
regarded, and comparison must be instituted be.
tween its extent in the two cases.
The revenue only be collected by officers APP
pointed by the President, with the advice and con-
sent of the Senate. The public monies, in the first
instance, must therefore, in all cases. pass through
hands selected by the Executive. Other officers
appointed in the same way, or, as in cases, by
the President alone, must also be entrusted with
them when drawn for the purpose of disbursement
IL is thus seen, even when banks are employed, the
public funds must twice pass throug The hands OF
Executive officers. Besides this, the head OF the
Treasury Depar tment, who holds his office at the
pleasure of the President, and some other officers of
the same department. must necessarily be invested
with more or less power in the selection, continu-
ance, and supervision, of the banks that may be
employed. The question is then narrowed to the
single point, whether IN the intermediate stage he
tween the collection and disbursement of the public
money, the agency of banks is necessary to avoid
dangerous extension of the patronage and influence
of the Executive? But is il clear that the connec-
ton Of the Executive with powerful monicd institu-
tons capable OF mlnlSerng to the interests OF men
in points where they most accessible to corrup-
ton, is less liable TO abuse, than his constitutional
agency in the appointment and control of the few
public officers required by the proposed plan? Will
the public money, when in their hands, be necessa-
rily exposed TO any improper interference on the
part of the Executive? May it not be hoped that u
prudent fear of public jealousy and disapprobaton,
in matter peculiarly exposed to them, will deter
him from any such interference, even if the higher
motives be found imperative? May not Congress
so regulate by law the duty of those officers, and
subject it to such supervision and publicity, to
prevent the possibility of any serious abuse on the
part of the Executive? and is there equal room for
such supervision and publicity in connection with
banks, acting under the shield of corporate lmmu-
mites; and conducted by persons irresponsible to the
government and the people 1t is believed that
considerate and candid investigation of these ques
tons will result the conviction that the proposed
plan is far less liable TO objection the score of
Executive patronage and control, than any bank
agency that has been, or can be, devised,
With these views, leave TO Congress the meas
necessary to regulate in the present emergency,
the safe keeping and transfer of the public monies.
In the performance Of constitutional duty, have
stated to them, without reserve the result Of my own
reflections. The subject of great Importance, and
in which we can scarcely expect to be as united
in sentiment as we are in interest. 1t deserves
full and free dscusslon and cannot fail to be bene-
fitted by dispassonate comparison of opinions -
Well aware myself of the duty of reciprocal conces-
sion among the coordinate branches of the Govern
ment, can promise reasonable spirit OF co-opera-
ton, far it be udu ged IN without the sur
render of constitutional objections which believe
TO he well founded Any system that may be adopt
ed should be sub ected to the fullest legal provision,
as TO leave nothing to the Executive but what Is
necessary t, the discharge of the duties imposed on
him; and, whatever plan may be ultimately cstab-
lishcd, my own part shall be so discharged us 10
give TO it fair trial, and the best prospect Of success
The character of the funds to DO received and
dlsbursed IN the transactions of the Government,
likewise demands your most careful consideration.
There can be no doubt that those who framed and
I'D +I,nG
the deprecated paper of the confederacy-of which
nve hundred dollars in paper were, at times only
equal to dollar in Communicated to prevent the
occurrence of similar events far at least as rela
ted to The transactions Of the Government
They intended TO give Congress express powers TO
coin money, and to rogula-e the value thereof and
OF foreign coin; they refused to give it power to
tabtis colporationsihe agents, then now, chef.
" employed to create paper currency they pro.
hlbed the States from making any thing but gold
and silver legal tender in pay ment of debts; and
The first Congress directed, by positive law, that the
revenue should be received in nothing but gold and
silver.
Public oxigency at the outset Of our Government,
without direct legislative authority, led TO the use of
banks fiscal agents of the Treasury. In admitted
deviation from the law, at the same period, and TN
der the same exigency the Secretary of the Treas
ury received their notes in payment of duties. The
solo ground on which the practice thus commenced,
was then or has since been justified Is the certain,
immediate, and convenient exchange of such notes
for specie. The government did indeed receive the
inconverbio notes of State banks during the diff
culties of war; and the community submitted with
out a murmur the unequal taxation and multiplied
evils of which such course was productive. With
the war this indulgence ceased and the banks were
obliged again to redeem their notes in gold and Sit
Yer. The Treasury, in accordance with previous
practice, continued to dispense with the currency
required by the act of 1889, and took the notes Of
banks in full confidence of their being paid in specie
on demand; and Congress, to guard against the
slightest violation of this principle, have declared
by law, that if notes are paid in the transactions of
the government, il must be under such crcum stan
cos as to enable the holder to convert them into
specie without depreciation or delay
OF my own duties under the existing laws, when
the banks suspended specie payments, could
not doubt.-Drections were immediately given to
prevent the reception into the Treasury of any thing
but gold or silver its equivaleng and every prac-
tlcabe arrangement was made TO preserve the publ
faith, by similar or equivalent payments to the pub
llc creditors. Tho revenue from lands had been
for some time substantially collected, under The
order issued by the objection of my predecessor.
Hha off, h,I hoa,, a,,t,r o,,l