The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-12-21

10 pre-Fve de obssss "a aI Na.inmai cAsfseseE ~
preventing Ne ryeus hssriai asFaurnsni a se ~
vernneal hus bsiax .Ank y ~ hseief . es.amsa
hark.er $3.50 I spweAuas Ne rrsvselita ~ili
naa uhsain increased iasus veala b. establishing
means u fraud and essrugstn uakay~u N this
country ThesKscm u ~ lmnhosai tfnnuarasns 10
which such syasm, q suhaiKrA ~ las, wuua
throw es~n ths dew, woals ~ a hanAFpd 80 An
poFtanee, - ssy a1sg ians vhieA eoaia ~ asstssd
lhTongh she lniesesa tAnt voad Asrrae - ~ serks
While held
TAs ssooad Prupa.lsisa q ~ s-sssssy y .As
following
aThai limited power h. grasasa = ssss Tsps.
ssyy aeses Coz mere issngosaFy puTIres 70 saes -
dehcicaees whsa 40 sneh snrpsasss <xis and - -
deem a excuses mas halFEn Beside tahef ehsteas
reasons In fsvOF q surh prosi,lsn d wUaid raehls
the Department 30 sdsniniasI The hnasexs stiA ~
lsaa irs ~ ngs nsHleae k@ il az 7imes.gy ~ a@s
one time than woald gheTu i.e ~ aecss.afy IA AK-
ing the system aarshr basis. fks Eeaaf ~ tefa
tlese pocfrs expsdirnf prov tSeni arrange
menl whatever ecasss may ~ any iusafe time "
pursued in regard 10 the Ica u inc present larEs
deposileS placed b. the Gsnsral ooser1msnl Snh
the States"
Few viii fail 10 perceive sppFehehd, that ibis
proposition conlemplaies, though under anosher
name, the paper part % TREASURY BANK.
This, ! hardly think r,alofuy 81 congrv@ viii
give their assent 10 a, present The considerable
Of conducting the finances 81 the Drparmeni, wiih
two or three millions less IN the Treasury, lima.
CINE will be found Of too tririai importance 70 In
duce Congress TO grant so incxpedicnl aud Danger
Gus an authority On the subject Of Treasury Noies
l shall treat more fully hereafter.
The third proposition Of the Secretary Is the fol.
lowing:
a. -
ries be imposed on all receivers and collectors Of
public money and on the Mint and ON iis branches,
as well as the Treasurer at the seat OF government,
under such regulations In respect 10 disbursements
and transfers as have before been indicated This
change might iudiciously include an authority toem-
poy separate repositories special or general indi-
vidual or corporate under the circumstances and
sponsibilities suggested AZ the late session, II tAe
amount IN posSssioatof any collecting eGcer should
generally erceed rAat Is ,ceA secured BY Official bonds
In this proposition is contained, all the elements
which are to constitute the Sub Treasury scheme,
The evils resulting from which, have fully de-
scribed in a former number. II will BE- perceived
that the originally proposed Sub-Treasnsy scheme
is TO form the prominent and permanent foundation
Of the plan The authority which is suggested, that
might be embraced 10 employ separate repositories
is altogether contingent, and is qualified with the,
little conjunction "I" As have before suggested
the imposing of additional duties receivers and
collectors of public money viii inevitably lead 10
persons Of responsibility and probiy Of charac
ter declining to hold the situations, with the imposed
additional duties on them and increased response
biliies also while no additional compensation Is
proposed. But few prudent men, imagine would
be found for any compensation to accept Of the stu
atoms with all the risk, responsibility and danger
which would attend them.
-. r.
appointed by the President and removable his will
to become the keepers Of the public money and thus
bringing it within his immediate control the little re-
to be placed on the bondsmen, in case Of defa
cation on the part of the principal; well as Of the
certainty and neglect which il is said have heretofore
been experienced from class OF those who il
proposed to make keepers Of the public money (the
Receivers) have heretofore remarked upon, Of
my former numbers deliberately to require additional
comment now.
The Secretary concludes these and two or three other
propositions. with the following:
In the consideration OF these propositions the pre-
sent condition OF the hnsnccs and Of the country
circumstance Of the first aud decisive importance
We without any national debt to absorb and Tegu
late SURPRISES, any adequate supply Of banking
situations which provide sound currency for general
purposes by paving specie on demand, which are IN
situation fully command confidence, for keeping dis
bursting and transferring the public funds in sasfacto-
ry manner. II rrM mot then, be a matter of surprise
thai The undersigned feeling daily and sensibiy
the di0ctics ircH great responsibility, of e0Rdc
Ting He concerns Of The Treasury mihoai The adoption
these measures, should press upon the earliest consul
erdtion of Congress, ci earnestness and perserer
anee that might otherwise not appear jnstifabie."
1t would appear for the admission is exclusive in the
foregoing, that all these new measures which are re-
Ill IL. e IL.
financial system, which has been acted for
ly half century, called for and pressed "upon the
earliest consideration Of Congress, Nth earnesness
and perseverance, that might Otherwise appear jusi-
fabie" to relieve the Secretary Of the Treasury from
:" THE DIFFICULTY AS WELL GREAT RESPONSIBLE
TY OF CONDUCTING THE CONCERNS OF THE TREAsU-
Ry WITHOUT THE ADOPTION OF THESE MEASURES"
Itmay be fairly inferred from the foregoing ex-
tract that Congress is left with of two alerna-
ves either TO adopt the measures suggested and SO
imporunely urged by the Sec. or without their adop-
ton, from the great responsibility in conducting the
concerns of the Treasury under the present. "un-
der any system" in their ABSENCE to lose his valuable
services That would be an unfortunate event.
can place no other construction on the language of
the Secretary, in case Congress shall decline to
adopt the measures which he has suggested
We have most certainly can adequate supply Of
banks" though they do not unouaifedly pay specie
on demand. Let the Government cease its hostile
attitude towards the blnks and extend towards them
one of good will and kind feeling and we should
speedily thereafter be furnished with an adequate
supply of banking institutions" TO prouidc sound
currency for general purposes By paying specie on de-
demand J" COMMAND CONFIDENCE, FOR KEEPING Dis
BuasTsc AND TRANSPORTING THE PUBLIC FUNDS IN
SATISFACTORY MANNER"
In place of Congress entertaining al all, any of the
propositions suggested by the Secretary for the pur
pose of relieving him from the responsibility attend
ing the management of the finances which he now