The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1837-09-12

wehae 70 ;nflame the public mind with tho temp
tations of sudden and unsubstantial weaItn-when
il turns industry into paths that lead SQUIRT vi ia'er
10 disappointment and distross-it becomes iiuple 10
censure and needs correction. Far from heiPng
probity and industry, the ruin to when ieads luis
most severely the great laborng ciasses VINO are
thrown suddenly out of employment anu Iy ~" TO
failure of magnificent schemes never lntenoea TO
enrich Them are deprived in moment Oh !neil ohiy
resource Abuses of credit and excesses ia specu-
lation will happen in despite OF tue nus. "no
vent them: but surely every Government can refrain
from contributing the stimulus that calls them into
life. ., tho, -
lend the public monies to the local banks, IS hazard.
ous 10 the operations of the Government Ut ieas vi
doubtful benefit to the institutions themselves, uhu
productive of disastrous arrangement In tho business
and currency of the country, Is II the part VI WIS
dom again to renew the connection
IT is true that such agency is in many respects
convenient to the Treasury, but II is not indspeh-
sable. A Limitation OF the expenses VI .," ~ ,haao
ment to its actual wants, and OF the " tose
expenses with convenient means Tor It's PromPt "P-
pcation to the purposes for when IL was IaiHet'
are the objects which wo would seek 10 aGoIp,sn
The collection safe keeplng transfer, ana uisouiIe
ment of the public money can, II Is penese'' lie
we'll managed by officers of the Government us
collection, and, TO great extent, us oispol M
also have indeed been hitherto conducted sole'y W
them. neither National nor State banks when en-
ployed being required to do more than ke1P II
safely while in their custody ana transfer ".u pay
it in such portions and al such 'i'hes aS ' '
shall direct. , c
Surely banks are not more able than the Govern
ment 10 secure the money their possession against
accident violence, or fraud. The assertion al .oy
are So must that vault In BANK is s'iohsc'
than vault in Treasury; and that directors, casl-
iers and clerks not selected by the government
nor under its control, worthy OF confidence
than officers selected from the people anu 'eP s;n,
sble to the government; officers bound ny onicie'
oaths and bonds for faithful performance OF tneir
duties, and consequently subject to the supervision
of Congress. .,,.c
The difficulties of transfer, and the aid heretofore
rendered by banks have been less than usually sup
posed. The actual accounts show that by lar inc
larger portion OF payments Is MADE within SNORT
convenient distance from the places OF collection;
and the whole number of warrants issued from the
Treasury III the year 1874 year, the result OF
which will, it is believed afford safe test tor the
future-fell short of five thousand, average OF
less than one daily for each State; in the city of ~
York they did not average more than two day,
and at the city of Washington only four
The difficulties heretofore existing are, moreover,
daily essened by an increase in the cheapness and
facility of communication; and it may be asserted
with confidence, that the necessary transfers, ia
we'll the safe keeping and disbursements Of the
public moneys, can be with safety and convenience
accomplished through the agencies of Treasury Off
The opinion has been, in some degree, con-
frmed by actual experience since the dscontinuance
of the banks fiscal agents, in May last period
which, from enbarrassments in commercial inter-
course, presented obstacles great any that may
be hereafter apprelIended.
The manner of keepingAhe public money since
that period, is fully stated in the report of the Sec
rotary of the Treasury. That officer also suggests
the propriety of assigning by law, certain additional
duties existing establishments and officers which,
with the notifications and safeguards referred 10 by
him, will, he thinks, enable the department to con-
tnue perform this branch of the public service,
without any material addition either to their num-
Der or to the present expense.
The extent of the business to be transacted has
already been stated and in respect to the amount
of money with which tho officers employed would
be entrusted at any time, it appears that, as
Stunning n balance of five millions to be at all times
kept in the Treasury and the whole of it left in the
hands of the collectors and receivers the proportion
of each would not exceed an average of thirty thou
sand dollars; but that, deductng million for tho
use of the mint, and assuming the remaining four
millions be in the hands of one half of the present
number of ohcers--a supposition deemed more like
ly to correspond with the iactthe sum in the hands
OF each would still be less Than the amount of most
Of tho bonds taken from the receivers of public
money. Every apprehension, however, on the sub
ject, either in respect to the safety of tho money,
the faithful discharge of these fiscal transacona
may, ii appears to me, be etfectually removed, by
adding TO the present means of the Treasury the
establishment by law, at few important points, of
Offices for the deposite and disbursement of such
portions OF the public revenue cannot, with obs
vious safety and convenience be left in the possess
sion of the collecting officers until paid by
them TO the public creditors. Neither the amounts
retained in their hands, those deposited in tho
offices, would, in ordinary condition of the rev.
enue be larger, in most cases, than those often
der the control of dsbursing officers of the Army
and Navy, and might be made entirely, safe, by re-
quiring such securities and exercising such controll-
ing supervision, as Congress may by law prescribe.
The principal officers, whose appointments would
become necessary under this PLAN taking the largest
number suggested by The Secretary CT the Treasury
would not exceed ten; the additional expenses,
at the same estimate, sixty thousand dollars year.
There can be no doubt of the obligation of those
who are entrusted with the affairs of government
to conduct them wtrs little cost to the nation as
is consistent with the public interest; and it is for
Congress, and ultimately for the people, to decide
whether the benefits TO be derived from keeping
our fiscal concerns apart, and severing the connec,
ton which has hitherto existed between the gov
eminent and banks, offer sufficient advantages to
justify the necessary expenses II the object to be
accomplished is deemed important TO the future
welfare OF the country, l cannot allow myself to
believe that the addition to the public expenditure
of comparatively small an amount as will he
necessary to effect it, will be objected to by the