Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1837-05-12
VOL. X--No. SIG

| y.
arrangements were made, and the pubic
moneys were deposited in their vaults'
IIenceforward these selected banks w'rc
10 operate on the revenue and credit OF Tho
Government, and thus The original scheme
promulgated in the annual messag" of De
ccmber 1899 was substantially carried into
effect Here were banks chosen by the
treasury. all arrangements made with
them, made by the ,rcasury; set OF duties
prescribed to be performed by them 10 the
treasury, and these banks were to bold the
whole proceeds of the public revenue.
| In all this, congress had neither part
nor lot. No law had caused the removal
Of the deposites no law bad author lsed
the selection of dcpositc state banks no
law had prescribed the terms on which the
revenues should BE- placed in such banks.-
From the beginning Of lie -hupter co the
end it was all executive edct. And
now gentlemen, ask if it be not remarka'
| bic. that in n country protesting 10 DO
under government Of laws, such great
and important changes in one OF It's most
essential and vital interests should be
brought about without any change OF
law. without any enactment OF the eg's.
lature whatever Is such power trusted
to the executive of any government IN
which the executive is separated by clear
and we'll defined lines from the legislative
department The currency Of the coun.:
try. Both are intimately connected o'd
both are subjects Of legal, not of Execu-
tive regulation.
Its worthy ofnoice, that the writers Of
the Fcderalsi, in discussing the powers
which the constitution conferred on the
president made it matter of commentator
that it wi,hdraws this subject altogether
from his grasp. He can prescribe no
rules say they, "concctning commerce or
the currency Of he country '-And so wG
have been all taught to think. under all
former administrations. But we have now
seen that the president, and the president
alone does prescribe the rule concerning
the currency. He makes II, and he alters
it. He makes one rule for one branch Of
the revenue, and another rule for another
He makes one rule for the citizen of one
f state, and another fnr the citizen OF another
! slate This, i, is certain, is one part of
the Treasury order of July last.
! But n, last congress inlerfered, and un-
f dertook to regulate the dcposl'cs Of the
public moneys. 1t passed the law OF July,
1886, placing the subject under legal con.
troll restraining the power ofthe executive,
subjec,ing the thanks to liabilities and du.
ties on one band and securing them against
executive. favorltsm on the other. But
this law contained another important pro.
vision; which was. that all the Money in
the treasury, beyond what was necossa Y
for the current expenditures Of the COVERT
mcnt. should be deposit ed with the Staten.
This measure passed both houses by yer.
unusual maiori,es, yet it hardly escape
a veto. 1t OBJ aimed only cold assent,
a slow, reluctant and hesl.a'ng approval"
and an early moment was seized TO array
against it long list Of objections. Butt
the law passed. The money in the treas
urv beyond the sum Of five millions, was
to 90 to the states; it has so gone, and The
treasury for the present is relieved from
the burden of surplus.
! But now observe other coincideaces.-
In the annual message Of December 1885.
the Presidcn, quoted the fact of the rapid
" increasing sale Of the public Iandsa proof
of high national prosperity. He alluded
to that subject, certainly with much satis.
faction, and apparently in something Of
the tone of cXultatlon. There was nothing
said about monopoly, not word about
issues Of paper, TO pay for the lands.
An was prosperous, and all was full at
evidence of a wise administration of gov
eminent, all was JOY and triumph.
Blu, the idea of depOse or distribution
Of the surplus money with the people, sud.
denly dampcd this eiiervescng happiness.
The color Of The rose, was gone, and every
thing now looked gloomy aud black. Now
no more felicitaIon or congratn'atlon, on
account of the rapid sales CT the public
lands: no more of this most decisive proof
Of national prosperity and happiness. The
executive must takes up melancholy
strain. He sings of monopoies, of specu-
lation, Of worthless paper, OF loss both Of
land and money, of the multiple ,tion Of
Banks, and the danger Of paper issues; md
he end Of the canto, the catastrophe, l..
that lands shall no longer be sold but for
gold and silver alone. The object Of all
this is clear enough. II was to diminish
the income from he public lands. But no
desire for such dlminution had been mani
tested. so long as the money was likely to
be suffered TO remain in the treasury. But
a growing conviction that some other dis
position must be made Of the surplus ava
kencd attention TO the means OF preventing
that surplus.
Toward The end Of the last session, gen.
tlemen, proposition was brought forward
in Congress for such an alteration Of the
law, as should admit payment for public
lands to be made in nothing but gold and
sil?er. The mover voted for his own prop
osi,ion but | do not recolect that any
other member concurrcd in the vote. The
proposition was rejected at once; but, as
in other cases, that which Congress rcfus,
ed to do. the executive power did. Ten
days after Congress adjourned, having had
!