The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-09-30

All the public monsys collected In the States Of
Maine, New Hampshire, Vermont Massachusetts, and
Rhode Island, to be concentrated in the Boston Office
ell IN the States Of Connecticut and New York. at New
York, &c.
Treasury notes to be issued in payment to The public
creditors iohen requested which should be received in
all payments 70 the government, and redeemed in specie
at any Of the Offices haUing funds, at certain Offices
specified in the notes the amount issued not TO en-
coed the estimated specie funds in the Treasury The
receiver to be the acting officer, and advised the exe
euon Of his Office by board Of directors Of financial
men.
Payments into the Offices to DO made in specie,
Treasury notes, notes Of such specie paying banks
In the place where ths Office is located as shall be APP
proved by the directors. The Offices TO exchange daily
with the banks, the banks do with each other diff
erences to 60 into account and balances to be paid in
SPECIE either at stated periods on demand as might
be agreed.
At all other places where public moneys are received
they could be deposited in the local banks with which
arrangements could be made remit to the receiver at
stated periods. The government to draw on the re-
ceivers for their disbursements which should be paid in
specie Treasury notes. bapk notes, at the option Of
the payee. The Treasury Department would be re-
heved from the trouble OF investigating the responsible
y Of the banks, which should be done at the Offices
The amount Of specie held by the government would
not be lost to the business Of the country, would DO
represented by the Treasury notes, which would furnish
great facilities in the transfer Of funds and their circu
laon would have tendency to lessen the rates Of do
nestle exchange and be very convenient for travellers.
1t probable the officers required at the various Of
fees would not be greater number than could be spared
at the Treasury Department and Custom Houses, ex-
cept the directors whose compensation might be per
diem allowance when attending meetings Of the board
and is probable the expences Of the system would
be greater than the losses sustained on the plan reported
by the Committee Of the Senate and if the rate Of
interest was paid by the banks balances the banks
pay each other, would than pay the whole cost
II probable that board Of local directors with the
same bank statements, would be much better judges Of
the safety Of the banks than the Secretary Of the Tea
suy.
1t has been well questioned whether the banks have
derived any advantage from the uery large deposites Of
the Treasury and the proposed PLAN the benefit, If
any, is generally difased among all the banks
where the Offices located, and being in smaller
amounts There would be less risk and difficulty get
ting the payments.
The Treasury could aid the banks, if necessary by
suffering balances to remain, and would have much
better check upon them, by calling in these balances
than if totally disconnected with banks" The plan
is liable to no constitutional and it is believed, to as
few political objections any which has been presented
and it is offered to the public with hope that il in
its main features il does not find favor some Of its sug-
gessions may be found useful,
.'. A BANKER.