Iowa news. [volume] (Dubuque, Upper Mississippi Lead Mines, Wisconsin Territory) 1837-1841, 1837-09-30


take care to place lie banks o. such footing 10
serasa t.,cic parsc. and theif aioqerty hom insa-
Sos ana depreciation by iheir suspension, heseaf- .
ieT Naen this is aoie, il will be @ooh enough Eof3
The Genetal Gogrm;neht so consider whether il
VIII resume lis eolsnes tioa wi, ten1 10 any sfape.
JEFFERSON.
Report o1 the Post .Iasser General.
Posr 0sr5cE DEr4ETarST.}
SeP.erlseTI. 1851.
S,R: Immediately aft9- the Suspension Of spe-3
Gle Pay.scnl3 b. tire banks IN New Yotk. IN May
i.sl, aci5cu.ar was sent o!t directing all posinas
legs who had 5ren instructed - iepoaits the pro
ccessus Their oflces in the bank, 10 rs,ain t1ca
il Sgec.c. 10 ulcat the dElRz oil ihe department.
10 those wao rad been instructed TO pay direeliy
70 cost aeto-s another Circular was ss.it, remind
i,z lhem Of thsT duties and Liabilities in reference
10 t5ie rssohers Fsesiycd ad paid o. them uisr
is.iag lass.
Instructions have fecertly been prepared, disect-
i!lg f,Ie fnaneEi IL gt;;ci retuns OF cash haod
are .ese..ieratc be made 10 line department, and
!orbi@aiag HE loan:Gg or use OF tbs bahlic ~oneys
baloag;gg 10 the public osany purpose nhaposger.
Gopiss 81 sasse papess arc annexed, NAKED a. B.
aid e.
IL relat.oa - upwards Of ten thousand OF ,he
posi- offices, these regulations make no change
The Only change effected By them is, that about
eiayna haaafed pos! masters who formerly deposit
ed ihei. income il banks, weekly. monthly. pr
quarterly. ascc.siing TO ts amount, nos retain TIE
money their own hands til dawn 10. by the de-
patrpcnt. To about niAe-ieltas OF lhese, the new
system is ncre conyeneat than the old, il saves
.Sem the tcibls of going or sending 10 the banks
anti procuring ifcatas Of deposite it is equally
saGs, as their enti.e balances win be drawn for as
Eotzn as Trey are depositca and is moe efficient,
because some post masters who might neglect to
/ Opposite VIA rot venture to di5ho1or draft
/ The post masters IS no viii not close their ac-
I. counts quarterly, Will Do., probably, exceed one
hundred; and the baancegin their hands, fsom
quarter TO quarter, are not likely, under proper
! administration OF the deparment, 10 exceed, in
ordinary times enc OF t.ao hundred thousand dol
lars. AS they are required u have their balances
always ready in gold and silver, the department
viii always have The Of meeting It's engage
inent.; and If 2 daia ait ia an individual case
1 shoa!d occa sionally happen. nothing like gener-
al refusal to pay, as IN the case of the late deposia
banks, is ever 10 be spprahsndsd
Ii wiil c9er be tha true policy of the department
not TO have large syrplus, and consequently, there
viii bs iJs!e to eNrus, TO the custody of post mag
trs or Others Moteoger, the number Of pos, Off
ces nov instructed to retain their funds, viii be
largely reduced upon an adjustment of the coec-
ton systemic the mail service, as arranged within,
d the last twelve months
Though il so5ae places convenient. banks al not
Unnecessary 10 the collection anddisbmgment of the
funds of this department. In reference to more
Than ten thousand post Offices, the collections and
Disbursements are efectad more expeditiously and
more conveniently without the ntarposition o.
banks, than they can do with it. The contractors
who are creditors OF the department, are lis col
leciors from post masters, and the collection and
Disbursement are but one operation. Ii is general
: ly effected in few days after the close Of cacl
quarter. Interpretations the same where She pos
4 masters pay 70 contractors upon the drafts OF ths
. department, though it is more tardy. The few of
Il fees, preference 10 which banks are conyen
i ehce, are those whose receipts large, and arr
not keiy 70 be absorbed from quarter quarter by
I, me drafts OF the department. They have general
IF y non chests or safes where the specie kept;
IS win Strict supervision and careful attention Il
u tirc1r bonds, they VIII seldom is ever be found il
If default.
1t The necessary transfers Of funds are effected b.
II the department without inconyen loss. o.
the interior mail routes, the expenditure is genes
j. ally greater than the Income; 50 that, after tn
IS contractors have received the entire revenue c
e INC oalces supplied by them, balances still due
II These balances arc as rapidly paid off by draft
9, on the post masters in the cities where the surplI
d arises as they could be BY checks on banks in tn
{. same places. The process is rendered the NOR
If easy from the fact that tine heaviest surplus
particularly at New York, so that the drafts of tn
i department to pay balances in the most dista.
y parts Of the Union are generally better than cast
bei,,s ,ayailable for mercantile remittancos. Ihu
the Necessary transfers OF the department are roae
!, iiy effected; and as the state of things is not like
i ~ 10 change, it would seldom if ever, become ne
cessary for The department 10 transport specie iro
! one point to another, If tiiero was not bank
, existence
Upon the suspension OF the banks, efforts WEI
VI made in some quarters to compel tho depari3ieI
! to receive rrcdcoiDable and deprecated paper Il
/, hostages. Law, justice, and public policy, requ
III red an infayible resistance OF these efforts. Col
. and silver are tho only Constitutional and Leg
Il currency of the United States, and nothing b.
III that cnfrency or its equivalent, be legally
e Tered 10 the pubc creditors in payment. Alta:
Is es and potagas nse Imposed in this currency, an
ot all contracts are made,upon its basis Inc pub
8 faith could be kept, and the public business su
IL cessiuiy carried on, only by strict adherence
,s the plain letter, well as Obvious spirit, OF u
s. law.
OIL The undersigned is happy to state that al a
OF tempts TO force tho department TO receive deprec
o. ated paper were soon abandoned: that little din
ey Guilty has been experienced III collecting postag
or ihspec, and none where the circulation of chant
tickets has been successfully resisted, and that Il
% credit OF The department has been preserved unr
oE paired Nor isany approhended, so oi
eI as hostages ara collected i'll tho constitutional
roncy OF the United States. But. should the d
laW partment be compslled 10 receive, aud offer to
oN creditors the deprecated notes Issued by hundrc
d, Of embarrassed, tathess. Or bankrupt corporation
d. or individuals, nogure calculation car be made
id fothe future and there Is reason toapprehand GO
i! eral discomfort, extensive failures, and deplogub
N, Reorganization throughout the mail service.
no Hi,iswiaat face could the department insist o
'c,a and eoapc)a atrict performances ofacontract %