Western courier. [volume] (Ravenna, Ohio) 1837-1838, 1837-09-14
most subtle, founded on interests the mos,

=
benefit. Of the money deposited with them
has received the sanction Of the Govern,
ment from the commencement Of this
connexion. The money received from
the people. instead Of being kept till il is
needed for their use, is, in consequences Of
this authority. fund. on which discounts
are made for the profit Of those who hap.
pen to be owners of stock in the banks
selected as depositaries. The supposed
and often aggregated advantages Of such
a boon will'always cause it to be Sought
withagidiiy. I will not stop to con-
slider On whom the patronage fnrident to
itist ID be conferred, whether the selection
and control be entrusted to Congress or
to the Executive, either will be subjected
TO appeals made in every form which the
sagncity Of interest can sugges:. The
banks, under such a,systcm, are stimula-
ted to make the most Of their fortunate
acquisition; the deposites are treated as
increase of'capital; loans and circulations
are rashly augmented, and. when the pub
lie engineers require a return il is attend.
ed with embarrassments not provided for,
nor forseen. Thus banks that thought
themselves most fortunate WHEN the pub.
lic funds were received, find themselves
most embarrassed when the season of
payment suddenly arrives.
Unfortunately, too, the evils Of the sys-
tenn are not limited to The banks. II sim>
ulates q general. rasbness of enterprise,
and aggravates the huctua,ion of CON-
merce and the currency. This result
was s,rikingly illustrated during the ope-
rations Of the late deposite system, and
especially in the purchase ofpublic lands.
The order WEIGH ultimately directed the
payment Of gold and silver in such pur.
chases, greatly checked, but could not al
together prevent the evil. Specie was
indeed more difficult to be procured than
the notes which the banks coud them>
selves create a, pleasure; but .still being
obtained of them as loan, and returned
as dcposi'e, which they were again at
liberty 10 use. it only passed round the
circle with diminished speed. This ops
GRAFTON could not have been performed,
had the funds OF the Government gone
into the Treasury, to be regularly dis
bursed, and not into banks, TO be loaned
out for their own profit, while they were
permitted ro substitute for it credit in
account.
In expressing these sentiments, / de-
sire not 10 undervalue the benefits OF
salutary credit TO any branch Of enterprise.
The credit bestowed en- probity ard in
dustry is the just reward of merit. and an
honorable incentive to further acquisition.
None oppose it who love their country
and understand its welfare. But when it
is unduly encouraged---when it is made to
inAame the public mind with the tempta"
ton Of sudden and unsubstantial wealth.
when il turns industry into paths that lead
sooner or later 10 disappointment, and dis
tress--it becomes liable to censure, and
needs correction. Far from helping prob
ity and industry, the ruin 10 which it leads
falls most severely upon the great labor
ing classes. who are thrown suddenly out
Of employment, and by the failure of
magnificent schemes never intended to
enrich them, arc deprived in a moment
Of their only resource. Abuses Of credit,
and excesses in speculation will happen
in despite Of the most salutary laws; no
Government perhaps can altogether pre-
vent them; but surely every Govern
ment can refrain from contributing the
stimvlous that calls them into life.
Since, therefore, experience has shown
that to lend tho public money to local
banks Is hazardous to the operations Of
the government, at least Of doubtful benz
eft to the institutions themselves: and
productive Of disasterous arrangement in
the business and currency Of the country,
is il the part Of wisdom again to renew the
connectioni
II is true that such an agency Is, In
many rcTpecis, convenient to The Treasu.
ry, but il Is not indispensable. A linita-
tion u tie expenses of the Government
to Its actual wants, aud of the revenue to
those expenses, with convenient plans for
its proper application to the purposes for
which it was raised, are the objects which
we shcud seek 10 accompiph. The col
lection. safe keeping, transfer, and dis
bursement of the public money, can. it is
believed, be wei! managed by the officers
of the Government. lis collection. and.
to great extent, its disbursements also.
have indeed been hitherto conducted sole
ly by them; neither National nor State
Banks, when employed, icing reqairedto
do more than keep i. safe while in their
custody, and transfer and pay il in such
portions and at such times as the Treasu-
ty shall direct.
Surely banks are not more able than
the Government,o secure tho money In
their possession agains, accident, violence,
or fraud. The assertion that they are
so, must sssame that o vault In bank is
stronger than a vauli In the Treasury ;
and that directors. cashiers, and clerks,
NOT selected by the Government. nor un.
der its control, are more worthy of conf
Aencs than officers selected from the