The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-10-12

against abuses Sir, however honestly the
President may entertain this opinion, | regard
il entirely illusory. Official parchment never
yet made a maa honest who was natural
dishonest; nor did ii ever yet protect against
the seductive influences OF temptation, where
without il they would have been yielded to.
Nothing, no nothing Sir, will resist tempta-
ton but the stern and inncxible principles Of
integrity which are implanted IN the heart OF
man by the God Of nature. Mr.. Chairman,
we are not without that most unerring Of all
guides, EXPERIENCE. upon this subject, and the
result Of that experience is decidedly fasora-
bic to the banks There has been, since the
formation of the Government. deposited with
and discussed by the banks about $3.50, 000,-
600, with but little or no loss, according TO
Mr.. Crawlord's estimate about the 45ih part
of one per cent, while Of the money which
has been kept by i.>liriduals, which is inf
nitely less, much greater loss has been sus-
tanned. Let the Treasury department open
to the inspection Of the American people, all
lis outstanding balances against collectors
and RECEIVERS. and | do not doubt that il will
exhibit such decided evidences in favor OF the
bank deposite system as to decide this ques-
ton now and forever. Here, Mr. Chairman,
cannot but rccur to the experience of my
own state npon this subject, although do il
with much regret. Sir, there was a man
many years ago at the head of the Treasury
department OF Virginia, who was connected
with family Of the highest standing and re-
spectabiIity of the state, in whose integrity
every man who knew him had the most entire
confdence-hc was proverbial for his homes
ty. This man, under the influence of thoscs
kind and benevolent feelings which some
times dignity and ennoble frail human nature,
but yet mislead it, was tempted to divert to
his individual use larger sums OF the public
money than he was afterwards able to restore,
and thus became recorded public dcfaulter,
Although he was dciaultcr, he honestly sur
rendered TO the government and his securities
his whole estate, but it was not sufficient to
mectthe whole defalcation. This man was John
Preston, whose fate affords melancholy proof
of the power Of temptation over the human
heart, for feel confident in the assertion, that
in life as in death, he was an honest man.
When this mans delalcation was discovered,
the man who became his successor was a
member Of the state legislature, and was one
of the most ardent denouncers Of the deial-
cation, and untiring investigators Of its cx-
tent--his constant cry was cruelty him, crnci-
fl him. This man too, who stood high in
public confidence, was also oyertaken by the
same irresistible temptation, and fell victim
to the same fate. | do not doubt that the fs-
cal history Of many Of the states affords some
melancholy examples of this kind. II we de-
sccnd from high state officers to the collectors
in the counties, we find MANY memorable and
melancholy instances Of defalcations in col
lectors and keepers of the revenue. With so
many examples, Mr. Chairman, before our
eyes, will Congress plunge into system
where the inducements will be greater, and
the temptations necessarily stronger on ac-
count of the immense sums OF money which
will be placed within the reach Of individual
dcposi,ors. trnst not, hope we shall be
warned BY the dangers Of the past and avoid
them for the future. The collateral security
which may be taken by the Government will
afford little or no relief from the effects Of de-
falcation, because if the collecting officer falls
the Government cannot reach the securities
except by tedious course of litigation, and
then it very often fails to recover the money,
for tits now generally regarded as sort Of
moral principle, for man to secure his estate
against liability for security debts, particular
" to Government and it very often happens
that before judgment is recovered the securi-
ties have, by convcyanccs and settlements OF
one description or other, placed their proper
ty beyond the reach of execution. Another
strong argument in favor of the State Bank
system is, that if the public money be plum
dered from the vaults of the banks, the loss
falls upon the banks if from individual de-
positors, the loss falls upon the Government
This fact increases the vigilance and watch
funess Of the banks, and relaxcs that Of the
individual agent. Although feel very great
respect for the opinions of the President, yet
| cannot agree with him, that this is ques
ton between the strength of a Treasury and a
bank vault; neither of these vaults Of them
selves would ever, however weak or however
strong plumber the public money. They are
incapable Of that but the question is between
those who hold the keys of the vaults, be-
tween the inducements and opportunities OF
the one or the other to plumber the public
treasure, between their liability TO be plunder
ed BY one or hundred hands.
This system, il adopted, will also exercise
a very demoralising influence upon society
Nothing is so well calculated to engender
. corruption in individuals or government, as
to place within their reach the means OF cor
ruption. Let every man inquire OF himself,
how strong the temptation to plumber, or to
speculate upon the immense masses public
money which the operation of the proposed
system will necessarily throw into the imme-
date possession and control OF individuals
If lesser sums have produced the melancholy
catasrophes to which have referred, how
many more may be expected when the in
ducements shall be so largely increased. Sir,
| do not know, YOU do not know, this House
does not know, who il is that has so much in
flexible integrity and firmncss Of character as