The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-12-28
COMMUNICATIONS.
sup TREAsURY-SPECIAL DEPOSlTE
% sCuEuE-sTATE DEPOSITE BANKS
AND TREASURY NOTES.

-, last number adverted 10 the importunate
q which the Secretary of the Treasury, urged
~ Congress the adoption of "these measures"
I,hoss sci forth in his repor) whereby he might be
salieved from tie difficulty TeA as great respon-
.hlitv of conducting The concerns 81 the Treasury,
,,,,,orr THE ADOPTION or THESE MEASURES" The
measures recommended by the Secretary, Il must be
recoected, called on Congress to place /" Our rhote
snoueial system on new basis" lam unable to per-
ceive the necessity for such legislation, even for the
nurnose of generating, at this late day, public
afBeer, of one Of the Executive departments, from
the difficulty and great responsibility 81 conducting
he concerns which have appertaned TO Il from the
neriod of The formation of the Government under all
those who have been called TO the administration OF
lis affairs, down to the present day.
That there exists a necessity, and an urgent one,
al this time, for speedy legislation by Congress, in
relation to the keeping Of the public money, read-
~ admit This, however, does not call for legisla-
ian that shall place our whole financial system On
new basis" II calls for that species Of Legislation,
which shall hold the collectors and receivers Of the
public money, TO constant, strict and regular ac-
counabIty That is what existed, until the vision
ary scheme of making those officers, all and each
one of them United States Treasurers under the
Sub-Treasury plan.
Under the system now in operation, (Which the
Secretary wishes to perpetuate by legislation) it
NAV be well doubled, whether the public moneys are
in all cases altogether The object in requir
ing all of those officers, when receiving their APP
continents and entering on the duties of their Office
10 furnish satisfactory security by individual bonds
men, have always been led to suppose was for the
purpose Of supplying security which II was con-
ceved was not ample in that afforded by the ndi-
ydual alone, who received the appointment.
AT the time, nearly all, If not the whole of those
officers we're appointed their snreties entered into
bonds, and made themselves liable, certain duties
under the laws and regulations then existing, were
imposed on those officers Such, the sureties be-
came answerabe, that the officers appointed for
whom they were bound, should perform But when
the Government imposes on those officers duties,
risks and responsibilities which neither the law
custom exacted previously, it may; in my opinion,
with great propriety be doubted, whether, in case
of the robbery Of one Of those officers in case Of
one of them absconding with all the public money
he might have in his possession let the sum be great
or small; whether sureties under either of those cir
cumstances could be held liable to the Government
for the amount, do not believe that in either case
a court and jury can be found in the country that
would give verdict against the sureties. There
FORE do not hesitate to express the opinion in the
most unqualified manner, that early Legislation, is
most imperatvely demanded, to give increased Sc
CURLY to the public treasure in the manner of its
keeping over that now provided
Under the regulations which have been establish
ed for the government Of the public receivers, and
acted on for some years past, is well known, that
il was found mpractcable to hold them, as well as
other descriptions Of public officers, to that
rigid observance of the laws and regulations, and
y,hsc tod
; by both Under such circumstances, who will ven
ture TO come forward and assert, that the sureties,
could have been held liable in consequence Of these
neglecs unless they had been promptly notified of
each and every occurrence Of the kinda
An instance in which public receiver disregard
ed the rules and regulations in relation to deposit
ing in bank the public money received by him, is
10 be found in the report of the select committee Of
which Mr. Wise was chairman, at the last regular
session refer to the Receiver at Fort Wayne, In
diana. 1t appears that officer retained the public
moneys paid into his hands until the same had aug
mened to more than half million dollars! That
too in defiance of the frequent directions from the
Treasury Department to deposite the same Can
any undertake TO say that the suretes in this
case could have been held responsible in case Of final
dealcation 7 If / am not mistaken this very Off
Ger still retains his situation, and is one Of the very
persons, which it is contemplated under the pro-
posed Sub-treasury scheme to make permanent
keeper OF apart fhe public moneys. In THAT vol
umc, there is something in addition, to be found,
respecting this receiver and 1t is that by the
report Of the agent of the Treasury Department,
sent there to examine into the affairs at that office,
itappears, that part of this money, so long with
held from depoSite in bank, was employed by the
officer in his private specuations
1t is notorious throughout considerable portion
Of the States in which the large land sales have been
made, that the simple two thousand dollars year,
10 which the compensation of the receivers Is in all
cases limited, was not the consideration which led
those offices 10 be sought after with such avdy but
others of vast deal importance led 10 the eff
forts that have been witnessed. These explain
ed in the fact, that instances are known where indi-
viduas were unable TO stock small farm when
they were appointed to Office, who, in two or three
years, left the with their one or two hundred
thousand dollars in pocket!
Such facts the foregoing, it may justly be sup
posed, ought to stamp upon the proposed Subreasu-
ry scheme the seal Of utter condemnation forever
thereafter ".
The preceding, as we'll as other facts, not of
less dcrogatory character affecting the propriety of
establishing the Subtreasury scheme, am can
not be known to have existence by all who have
been its advocates.
Your correspondent Publius, whose essays have
read with interest, inquiries what would have done
with the revenue which is collected in specie, under
The existing state of things, during the absence Of
Legislation thereon. reply that it should be depo-
Sted in banks, at the credit of the Treasurer of the
United States as special deposite. There probably
is not one of the old depoSe banks, that would not
agree to receive and pay on, this identical uoney
free of all charge asa mere temporary affair. The
safety of the public money demands, in my opinion,