Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1837-09-13

from CDDttlDutibS " hhO SbthNiho AH"b
calls them into life.
Since, therefore, experience has
shown, that, to lend money to the local
banks, is hazardous to the operations
Of the Government, at least Of doubtful
benefit to the institutions themselves /;
aud productive Of disastrous derange.
ment in the business and currency OF
the country, is it the part OF wisdom "a
gain to renew the connection
It is true that such an agency IS IN
many respects convenient to the Trea-
sury, but It is not indispensable. A IL
imitation Of the expenses the Govern
ment to its actual wants, and OF the re-
venue to those expenses, with convent.
cnt means for its prompt application to
the purposes for which it was raised,
are the objects which we should seek
to accomplish. The collection, safe
keeping, transfer and disbursement of
the public money, can, it is believed,
be well managed by the officers OF the
Government. It's collections, and, to
a great extent, its disbursements also,
have indeed been hitherto conducted
solely by them; neither National or
State banks when employed, being re-
CURED to DO more than keep it safely
while in their custody, and transfer and
pay il in such portions and at such times
as the Treasury shall direct.
Surely banks are not more able than
Il IN the
in their possession against accident, vi
olencc or fraud. The assertion that
they are so, must assume that vault
in Bank is stronger than q vault in a
Treasury and that directors, cashiers
and clerks, not selected by the Gov
eminent, nor under lis control, are
more worthy ofconfdence than officers
selected from the people and response
bic to the Government officers bound
By official oaths and bonds, and con-
stantly subject to the supervision Of
Congress.
The difficulties of transfer, and the
aid heretofore 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 lS34-a year
the results of which will it is believed
afford safe test for tue future-iell
short of five thousand, or an average
Of less than one daily for each State
in the city of New York they did not
average more than two a day, and at
the city of Washington only four.
The difficulties heretofore existing
are, moreover, daily lessoned by an in
crease in the cheapness and facility of
communication and 1t may be assert
ed with confidence, that the necessary
ansfcrs, as we'll as the safe keeping
and disbursements Of the public mo-
neys, can be with safety and conyeni-
once accomplished through the agency
officers. This opinion has
been, in some degree, confirmed by ac-
tual experience since the discontinue
ancc Of the banks as fiscal agents, in
May last ; a period which, from the
in commercial inter-
course, presented obstacles as great as
any that may be hereafter aPprehended.
The manner of keeping the public
money since that period, is fully stated
in the report of the Secretary of the
Treasury. That officer also suggests
the propriety Of assigning, by law,
certain additional duties to existing cs-
adjustments and officers, which, with
the notifications and safe. guards re-
lerred to by hun, will, he thinks, ena-
bic the Department to continue to per-
form this branch OF the public service,
without any material addition either TO
their number or to the present expense.
The extent of the business TO be tram
Sacted has already been stated; and IN
respect To tho amount Of money with
which the officers employed would be
entrusted at any one time, 1t appears
that assuming IA balance OF five mil
lions to be at all times kept in the trea.
sury, and the whole Of it left in the
hands of the collectors and receivers
the proportion of each would not eX.
coed an average Of thirty thousand dol
lars; but that, deducting one million
for the use of the mint, and assuming
the remaining four millions to be in the
hands of one half of Tho present mum
Der oil oficers--a suppostlon deemed
more likely to correspond with the fac
the sum in the hands OF each woul'
still be less than the amount Of most o
the bonds now taken from the receivers
Of public money. Every apprehension
however on the subject, either IN re
spect to the safety OF the money, or tho
faithful discharge Of these fiscal tran
sactions, may, it appears to me, be eff
lectuatly removed by adding to The
present means Of the Treasury the es
adjustment by law, at few Importan
4 Ooints Of Offices for the dpnOsite anC