Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1837-09-11

10 ,osnIt vas strikinoly exhibited during the |
,raticns or the late depos,e system, and
,eciolIv in The purchase of public lands. The
or which ultimately directed the payment Of
d &, silver in such purchases greatly check
hut could not altogether prevent, Il O evil.
eoe was indeed more difficult TO be procur-
than the notes which the banks could them
yes create at pleasure; but still, being OBJ
nod from thon as lonn. and returned 10
m as n deposite, which they were again at
ertv 10 nso' il only passed round the circle
hin diminished enced. This operation could
h have boen performed. had the funds Of the
3nvernment cone into tho Treasury to be reg
,rlv dishursed. and not into banks, 10 be
med out for their own profit, while they were
rm.,tod TO substitute for il a credit in &C.
n,
IT, oxnrcssinn these sentiments. I desire no;
u,dorValuc the benefits of a salutary credit
onv branch Of ENTERPRISE. The credit be-
owod on probity and industry il the lust &C.
ard Of merit. and nm honorable incentive TO
rtIier acquisition. None oppose it who love
cir country and understand its welfare. But
Ihcn il is u1duly encoura ged- when it is made
j inAame The pjbc mind with the temptations
a sudden and unsubstantial weolth-when il
,rns ;ndnsirv into mathis that lead sooner or
Mar to Jisonpointment and distress-il be.
l,n,os I;oLln 10 consure. and needs correction.
49, Con, holning probItv and Industry. the m
!, % ,rhiob II lcsds fall most sovcrelv on tho
rcot lahnr;nc classes. who nrc thrown Sudden
b nu, or cmn1ovmont and. nv IN, failure Of
% e., scIonos ncvcr ;n;cnJcd ,o enrich
hon orc Jcnriycd in moment Of IN If ool,
|cso,,,ce Abuscs Of credit and cxcosses in
|noculotion will bnppen in DESPITE of tbc most
|alutnrv laws: no Government perhaps can
IIiogotbcr nrcvent thom. but surclv every Go.
Icrnmcnt can refrain from contributing tbe
tiuuIus Thai colle ,bcn into liz,
since ,hcrcCnre exncricnco has shown that
Io,,d ,hn nnhI;c ,uonov m tho Local honLs is
bo1arJous r. ito oncro,,ons Of thc Tovornmcnt
|, Ioas, Of Jonh,inI honoGt n Tho 7ins,itnlions
n, ,,,sol,,os onJ nrodnctive of disastrous do.
n ngoment in the business and currency of The
.on5try ia il the mart of wisdom AGAIN 10 re-
now he connection?
# is ,rnc hat sucb m oconcv IL in MANY rc.
,nocts convon;ont n tho Troasyrv hn, !, ;s mi
,d;snonsa,Jo I;n,;,o,;on n ~ ovnonsos IF
,ho r "osn,,,o, =, H. oo,OaI ,',, nJ 81 ,,1o
,a,,ou,,o 49, ,I,nso nS,'nos ',;,t n',o ",
r,oons cor he nro,nnt pnnl;c1,;o, f. ,bn orrno.
sos e., ,,'h;oh r. ,nas .oisoJ oro ,Lo pL;ac,.
I'LL, ,o sho,IJ snoL 70 ~" oOi i. rLo
coilcct;on saCr.kccnino. tronsfcr' and dishurse.
,nont " ,bo prhl;c Money con 4, ;s h,l;svoJ Lo
Ill ,,,o,,,dJ hv oG;cors oc Tho ctoyornr,ont
IT,, No.? - 49, . =, a.,, ;, H.
,'s 10 ~ So 49, t.' ,' We
puIsciheht aIso, nave ihueeu oee" hl'ieIio Coh'
Quoted solely by them neither national nor
sta te banks, when employed, being required 10
do more than keep il safely while in their Gus.
,o1y. and transfer and nav il in such horizons
nnI y, sncl ,;nos n, ,ha ,rroos,,,, sh,Il J;roo,
w w.. 1'''' W V
S"iO'J o"'N' "'e 'i'' '''plc au'e Una" '"c go
Fcrnthcnl 10 secure TIE money IN lhclt possess
violence
assertion that they are so, must assume that a
vault in bank is stroncc than q vault in the
Treasury: and that directors. cashiers and
clerkz n,i seI.ctoJ cron, Tho noonIo aaJ ~.
49, -, ~ - ~ ii wy fSr0P' anu '''
ponsio,e 70 me ToVGrnmen', SAFER man oihcers
pounu oy oihcial oaths and bonds Tor faithful
performance oil their dutics, g. constantly sub
ject to the supervision of Congress.
The difficulty of transfer. and the aid hore-
tofore renderod bv hank hare hoo, Ice h.
- us,,oiIr a,,nnosoJ T,ho ao,,'ni o.oo,, "a,
= ~ - - - -. 70 ..
:"o" ,'ot 'u' VIC '"' S'' fo'"o" vi Pay ''e"'s
- ihauc "ithn slole Ui CONVENIENT uis'anccS
ire Inc place OF collecuon ana Inc Whole
number OF warrants issued Of the Treasury in
The year 1874 year, the results OF which will
tits believed afford a safe test for the future
(elI short of five tbous,nd ar nm ovor,ro orIoss
,hor ono do;lv for each s,n,o. !, no 81, ocN
~ - IA o' -, .''.s'.s ~ '', ~ sH' ~
L DIN ',,ey uiu 'iot "NeIuSe ,ioie t'ah '"o
day. ana at the CITY oil w ashineton only iour
lne difhculties heretofore existing are, moreo'
ver daily lessened by an IN increase In the cheap
ness and faicity OF communication and 1t may be
asserted with confidence, that the necessary
transfer as well as the safe keeping and dlsburse-
ments oil the pubic moneys, can bewlth safety ant
convenience accomplished through the agencies o
Treasury Offices. This opinion has been, in SOM
degree, confirmed by actual experience since tn
discont'nuance Of the banks as fiscal agents, in Ma
last a period which from the embarrassments IL
great as any that may be hereafter apprehended.
The manner ofkeeping the public money since
that period, is fully stated IN the report Of The Sec
of tho Treasury. The officer also suggests The
proprley of assigning by law, certain additional du
ties TO existing establishments and oihcers, which
with the notifications and safeguards referred TO b.
him, wall, he thinks, enable the Department to con
tinue TO preform this branch OF the public service