Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1837-09-08

This operation could not have been per-
formed, bad the funds Of the Government
gone into the treasury, TO be regularly dis
burscd, aud not into banks, to be loaned
out for their own profit, while they were
permitted to substitute for it credit in
account.
in expressing these sentiments I desire
not to undervaluc the benefits of saluary
credit to any branch Of enterprise. The
credit bestowed on problty and industry Is
the just reward Of merit, and an honorable
incentive to further acquisition. None
oppose it who love their country and under
stand its welfare. But when i, is unduly
encouraged-when 1t is made to inilame
the public mind with the temptations Of
sudden and unsUbstantial wealth-when it
turns industry into paths that lead sooner
or later to disappointment and DISTRESS II
becomes liable TO censurc, and needs cor>
rcctlon Far from helping probltv and
| industry, the ruin to which it leads falls
most severely on the great laborDg ClBsses
who are thrown suddenly out Of employ
ment, aud, by the failure Of magnificent
schemes never intended to enrich them,
are deprived in a moment Of their only
resource. Abuses of credit and excuses
IN speculation will happen in despite Of the
most salutary laws; TO Government per-
haps can altogether prevent them; but
surely every Government can refrain from
contributing the stimulus that calls them
| into HE.
Since therefore, experience has shown,
that To lend the public money to the ioca !
banks Is hazardous to the operations of the
Government. at least Of doubtful benefit
to the institutions themselves, and produc
tive Of disastrous arrangement in The bust
ness and currency of the country, is it the
part of wisdom again to renew the con-
nectlon,
1T is true that such an agency is in many
respects convenient to the Treasury, but
it is not ndls pensabIe. A limitation Of the
expenses Of the Government to lis actual
wants, and OF the revenue to those cxpen-
ses with convenient means for its prompt
application to the purposes for which 1t
was raised, are the objects which should
seek to accomplish. The collection, safe
Keeping, transfer, and disbursement of the
pubic money, can, it is believed be vel
, managed by officers Of the G1vernment.-
Its collection. and, to 4 great extent, IT.
Disbursement also, have indeed been hlther
to conducted solely by them; neither Ma
, tonaI nor State banks, when employed
being required to do more tLan keep i,
t safely while in their custody, and transfer
, and pay 1t in such portions and at suct
) times as the treasury shall direct.
Surely banks are not more able thar
the Government to secure the money II
t their possession against accident, VIC
, lence, or fraud. The assertion that the,
:. are so. must assume that a vault in
: bank is stronger than vault IN treasury
and that directors, cashiers, and clerks
c not selected by the Government, nor un
G der lis control are more worthy Of conf
dence than officers selected from the PEG
pie and responsible to the Government
officers bound by official oaths and bound
for faithful performance OF their duties
and constantly subje TO the supervision
e of Congress.
r The difficulties Of transfer, and the al
t heretofore rendered by banks lave bee
i less than Is usually supposed. The actua
u accounts show that by far the larger por
- ton of payments is made within short q
y. convenient distances from the places c
collection; anG the whole number of war
=, rants issued at the Treasury in the yea
: l834--a year, the results of which it
|, believed ati"rd safe test for the future
). fell short of five thousand, or an averar
5 of less than one daily for each State; i
a the city of New York they did not averag
! more Than two day, and at the city Z
n Washington only four.
:. The difficulties heretofore existing are
;, moreover, daily les>ened by an increase i
h he cheapnesS and facility of commnnlca
G ton; aud 1t may be asserted with conf
;, dence, that the necessary transfers, "a
o well as the safe Keeping and dIs bursemeu'
1t OF the public moneys, can be with safet
e and convenience accomplished through tn
J agency Of Treasury officers. TINS opnio
Il has been, in some degree confirmed by &C
! tual experience since the dIsconrnuanc
!, of the banks as fiscal agents, in May Ias
a period which, from the embarrassment
n IN commercial intercourse, presented ol
, -tacl's as or at as any that may be here
!, after apprehended,
D. The manner of keeping the public moi
lie ey since that period is folly stated 10 ia
/. report ofthe Treasurer. That officer a |.
Is suggests the proprlety of assigning, by la
re certain additional duties to existing estat
O Ilshments and officers, winch, with I'll
as notifications and safeguards referred
N by him, will, he thinks, enable the d.
N partmcnt to continue to perform this branc
III of the public service. without any materl
IN addition either to the number or to tt
to present expense. The extent Of the bus
I'd ness TO be transacted has already bee
x stated; and in respect to the amount
Is money with which the officers empIoyt
of would be entrusted at any one time.
hat hala Of q,