The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-09-06

1
public mind with the temptations Of sudden and unsub
stsnal wealth when IL turns industry into paths that
lead sooner or later TO disappointment and Distress
becomes liable TO censure, and needs correction. Far
from helping probl,y and industry tho ruin TO which
leads falls most severely the great labong classes
| who are thrown suddenly out OF employment and by
the failure OF magnificent schemes intended
rich them, deprived, moment Of their only re-
source Abuses Of credit and in speculation
will happen, IN despite Of the most sslutay laws
Government perhaps altogether prevent them but
surely every Government refrain from contributing
| the stimulus that calls them into life.
Since therefore, experience has shown that lend
the public money the local banks is hazardous the
operations Of the Government least Of doubtful bene
hi TO the institutions themselves and productive OF dis
arrangement in the business and currency OF
the country, is 1t the part Of wisdom again TO the
| connection
II is true that such an agency is, in many respects,
convenient to the Treasury but il is not indispensable
Limitation Of the expenses Of the Government to It's
actual wants, and Of the to those expenses,
with convenient. for its prompt application 10 tho
purposes for which raised the objects which
we should seek TO accomplish. The collection, safe
keeping transfer and disbursement Of the public money,
is believed, be well managed by officers Of the
Government. It's collection, and great extent, its
disbursement also have indeed been hitherto conducted
solely by them neither National nor State Banks,
when employed being required TO do more than keep II
safely while their custody, and transfer and pay in
such portions, and at such times the Treasury shall
direct.
Surely banks arc not more able than the Government
to the money their possession against accident
violence fraud The assertion that they 90, must
that vault in bank stronger than vault m
the Treasury and that directors, cashiers and clerks
selected by the Government nor under its control
are more worthy Of confidence than officers selected
from the people and responsible to the Government
officers bound by official oahs and bonds for faithful
performance Of their duties and constantly subject to
The supervision OF Congress.
The difficulties OF transfer, aud the aid heretofore
rendered by banks, have been less than is usually sup
posed The actual show that by far the larger
portion Of payments is made within short convenient
distances from the places Of collection and the whole
number Of issued at the Treasury in the year
ls3-a year. the result Of which will, it is believed, a
ford safe test for the future-ell short OF five thou
sand, average Of less than one daily for each
State; the city Of New York, they did not average
more than two day; and at the city Of Washington
only four
The difficulties heretofore existing are daily
lessened by increase in the cheapness and facility OF
communication; and it may be asserted, with conf
dence that the necessary transfers. well as the safe
keeping and disbursements Of the public moneys, can
be with safety and convenience accomplished through
the agencies of Treasury officers This opinion has
been in some degree confirmed by actual experience
the dscontinuance Of the banks fiscal agents.
in May last period which, from the endorsements
in commercial intercourse presented obstacles as great
as any that may be hereafter apprehended.
The manner Of keeping the public money, since that
PERIOD is fully stated in the report Of the Secretary OF
the Treasury That officer also suggests the proprety
Of assigning by law certain additional duties to existing
establishments and officers, which, with the modihca
tons and safeguards referred by him. will he thinks
enable the Department TO continue to perform this
branch of the public service, without any material add
ton either to their number or to the present expense
The Of the business to be transacted has already
been stated and. in respect the amount Of money
with which the officers employed would be inrusted at
time, appears that assuming balance OF i've
millions be at all times kept in the Treasury and the
whole of it left in the hands Of the collectors and re-
ceivers the proportion of each would not exceed
rage Of thirty thousand dollars but that deductng one
million for the Of the Mint, and assuming the
naming four millions to be in the hands OF one-haf of
the present number Of oficers-a supposition deemed
more likely to correspond with the factthe in the
hands OF each would Still be less than the OF most
of the bonds taken from the receivers Of public
money. Every apprehension however, on the subject
either respect to the safety Of the money, the faith
ful discharge of these fiscal transactions, may sp-
pears to me- be efectually removed by adding TO the
present means Of the Treasury the establishment by
law, few important points, Of Offices for the depo
site and disbursement OF such portions OF the public
revenue cannot with obvious safety and convenience,
be left in the possession Of the collecting officers until
paid over by them to the public creditors Neither tho
amounts retained in their hands, those deposited in
the Offices would, ordinary condition OF the reve
nue., be larger most cases. than those often under
the control Of disbursng officers Of the army and navy,
and might be made entirely safe, by requiring such
curities and exercising such controlling supervision
Congress may by law prescribe The principal officers,
whose appointments would become necessary under this
PLAN taking the largest number suggested by the Secre
ary Of the Treasury, would not exceed ten nor the ad
ditiona expenses at tho same estimate sixty thousand
dollars year.
There can be doubt Of the obigatol Of those who
ntrused with the affairs Of the Government
duct them with little cost to the nation as is conss-
tent with tho public interest; and it is for Congress,
and ultimately for the people, to decide whether the
benefits to be derived from keeping fiscal concerns
apart, and severing the connection which has hitherto
existed between the Government and banks, offer sufi-
Gent advantages to justify the necessary expenses If
the object to be accomplished is deemed important to
the future welfare Of the country, cannot allow myself
believe that the addition the public expenditure, of
comparatively small will be necessary
to effect II, will be objected 10 by the people.
1t will be seen by the report OF the Postmaster &C.
neral, herewith communicated that the fiscal affairs OF
that Department have been successfully conducted since
May last upon the principle Of dealing only in the legal
currency Of the United States and that it needs le
gislaon to maintain its credit and facilitate the manage
ment Of the conccrns the existing laws being, in the
opinion of that officer, ample for those objects.
Difficulties will doubtless be encountered for
son, AMI increased services required from the public
functionaries such usually incident 10 the commence
OF every system, but they will be greatly lessened
in the progress Of its operations.
The power and influence supposed to be connected
with the custody and disbursement Of the public money,
topics on which the public mind is naturally, and
with great propriey, peculiarly sensitive. Much has
been said them in reference to the proposed separa
ton Of the Government from the banking institutions
and surely no object to any appeals or ami
madversons the subject, which consistent with
facts, and cvnce proper respect for the intelligence Of
the people II Chief Magistrate may be allowed to
speak for himself such point, can truly say that
to nothing would be more acceptable than the with
drawa from the Executive, to the greatest practicable
extent, Of all concern in tho custody and disbursement
Of the public revenue /; not that would shrink from