The Ripley transcript. (Ripley, Miss.) 1837-18??, 1837-10-05

W. ft' i't..i' 40 otVHNt ifft uifD w iltfUN-
tcd wa'ttImm Wien drawn for the purpose Of ds-
lmr@mcnt. II isthus seen, That even when banks
are employed. the public funds must twice pass
through tIc hands Of the Executive officers. BE-
sides TVS, tllc head of the Treasury Department,
who ahb holds bis Office NJ the pleasure of the Pre-
lHdCDt md some ot,ior officers Of the game dopart
ment, must necessarily be invested win more or
less power in the selection, continuance and Sill
lpervisnn, OF the banks that may be employed.
lhe guest is then narrowed to the single point
:, Whether, IN the intermediate stare between the
lcolledioh and disbursement Of the public money
the tsefcy OF the banks is necessary to avoid
dangrqs extension of the patronage and inhu-
lence q lhe Executive! But it is clear that the
connection ofthe Executive with powerful money!
Jed Institutions, capable of minsterng to tho IN
tercst Of men in points where they arc most acces-
sibe to corruption, is less liable to abuse, than his
constitutional agency in the appointment and con.
trout of the few public officers required by the pro-
posed plan. Will the public money, when in
their hands, be necessarily exposed to any impro.
per interference on the part of the Executiye1 Nav
RI not be hored that prudent fear of public lea
lousy and disapprobation, in matter SO peculiar
ly exposed to them will deter him from any such
interference, even ifprivate motives be found inn
peratve! May not Congress so regulate, by law,
the duty Of those officers, and subject it to such
supervision and publicity, as TO prevent the possi-
blty of any serious abuse on the part of the Exc
cutive! And is there equal room for such super
vision and publicity in q connection with banks
acting under the shield of corporate immunties,
and conducted by persons irresponsible to the Co.
vernment and the people! Ii is believed that
cansidefate and candid investigation ofthese ques-
tons will result in the conviction, that the propo-
sed plan is flg less liable to objection, on the score
of Executive patronage and control, than any
bank agency that has been, or can be devised.
With these views, leave to Congress the mea-
sures necessary to regulate, in the present emer-
nency the safe keeping and transfer of the public
monies In the performance Unconstitutional du-
lty. have stated to them without reserve, the re-
suit OF my own reflections. The subject is of great
importance; and one on which we can scarcely
expect to be united in sentiment as we are in in
terest! 1t deserves full and free discussion, and
cannot all to be benefited by compassionate
comparison of opinions. Well aware myselfofI
the duty of reciprocal concessions among the CO.
ordinate branches of the Government, can pro-
mise reasonable spirit of cooperation, so far as
it can be INDUCED in without the surrender OF con-
sttutional objections, which'I believe to be well
founded. ANY system that may be adopted should
be subjected to the fulestl egal provision so as to
leave nothing to the Executive but what is neces-
sary to the discharge of tho duties vsoa III him:
and whatever plum may be'ultimately e. tablished,
my own part shall be SO discharged as to give it a
fair trial, and the best prospect ofsuccess.
The character of the funds to be received and
disbursed in the transactions of the Government, /
likewise demands your careful consideration.
There can be no doubt that those who framed
and adopted the the Contribution having in imme.
date view the deprecated paper of the Confedera
which five hundred dollars in paper were at
times only equivalent to one dollar in co n-- in
tended to prevent the recurrence of similar evils
SO far at least as related to the transactions otthe
new Government. They gave Congress express
powers to coin money, and regulate the value
thereof, and of foreign coin they refused to give
i. power to establish corporatlons-the agents, '
then as now, chiefly employed to create a paper .
currency; they prohibited The States from making
any thing bur geld and silver a legal tender in t
payment of debss; and the first Congress directed
by positive law; that the revenue should be receiv
ed in nothing bat gold and silver. +
Public exigency at the outset ofthe Government i
without direct legislative authority led to the use
Of banks as the fiscal aids to the Treasurys In S
admitted deviation from the law, at the same peri Is
ID, and under the same exgency, the Secretary oft
he Treasury received their notes in payment Of II
lutes.-The sole ground on which the practice IN
thus commenced, was then, has since, been justid- ia
I'd, is the certain, convenient, and immediate ex-
change of such notes for specie. The Government Ii
did indeed receive the inconvertible notes of State IN
banks during the difficulties of the war; and the ii
submitted without q marmer, TO the IA
Unequal taxation and multiplied evils of which such Ia
. course was productive. With the war this in t
lulgence ceased, and the banks again obliged It
% redeem their notes in gold and silver. The III
Treasury, in accordance with previous practice II
,ontinuedto dispense with currency required by Ir
he act of Tho and took the notes Of banks in iul