The Columbia Democrat. [volume] (Bloomsburg, Pa.) 1837-1850, 1837-09-16


honorable incentive to further acquisition. None
oppose it who love their country and understand
its welfare. But when il is unduy encouraged
when it is made to iuname the public mind with the
temptation Of sudden and unsubstantial wealth
when it turns industry into the paths that lead,
sooner or later to disappointment and distress 1t
becomes liahe to censure, and needs correction
Far from helping probty and industry, the ruin to
which it leads falls most severely the great To-
boring classes who arc thrown suddenly out of cm-
ploymcnt and BY the failure ofmagnii, ent schemes
never intended TO enrich them, are deprived in
moment Of their only resource. Abuses of credit
and excess in speculation will happen i'll despite of
the most salutary laws; no Government perhaps
can altogether prevent them; but surely every Gov
ernmcnt can refrain from contributing the stimulus
that calls them into life.
Since, therefore, experience has shown, that to
lend the public money to the local banks, is haz-
ardous to the operations the Government at least
of doubtful benefit to the institutions themselves,
and productive of disastrous arrangement in the bu'
sncss and currency of the country is it the part of
wisdom again to renew the connection!
1t is true, that such an agency is in many re-
specs convenient TO the Trea jury, but it not in
dispensahe. limitation ofthe exl enses Of the
Government in its actual wants, and Of the reven-
NC to those expenses with convenient means for its
prompt application TO the purposes for which was
raised are the objects which should seek to ac-
complish. The collection, safc-keepng, transfer
and disbursement of the public money, can, 1t is
believed, he well msnagedby officers of the Govern
nent. Its collection and to great extent its dis
bursemen' al o. have indeed been hitherto conduct
ed solely by them; neither National nor State Banks
wlen employed heng required to do more than
keep it safely while in their custody, and transfer
and pay it in such portion and at such times the
Treasury shall direct.
Surely banks are not more able than the Govern
ment to secure the money in their possession against
accident, violence, or fraud. The assertion that
they are so, must assume that vault In the lreasu-
"; and that directors, cashiers, and clerks not
selected by the Government, nor under Its control,
more worthy of confidence than officers selected
| from the people and responsible to tie Govern
ment officers bound by official oaths and bonds for
faithful performance oftheir duties and constantly
subject to the supervision of Congress.
The difficulties Of transfer, and the aid
heretofore rendered by banks, have been
less than is usually supposed. The actual
accounts show that by far the larger portion
of payments is made Within short or con-
venicnt distances from the places of cOlec'
ton; and the whole number of warrants is.
sued at the Treasury in the wear lS34-a
wear, the results Of which will it is believed
afford a safe test for the fiture-fell shor
of five thousand. or an average OF less thar
one daily for each State; in city OF n.
they did not average more than two a day
and at the city of Washington only four.
The difficulties heretofore existing are
moreover, daily lesseneh by an increase ir
the theapness and facility of comm1nica
tions; and it NAV be asserted with conf
dencc, that the necessary transfers, as wei
as the safe-keepng and disbursement Of tht
public moneys, can with safety and con
venience he accomplished through the a
gencies of Treasury officers. This opinion
has been, in some degree, confirmed by ac
tual experience since the sc0ntinuance o
the banks as fiscal agents, in May last;
period which from the emharrassments il
commercial intercourse, presented obsta
cles as great as any that may be hereaGte
apprehended.
The manner of keeping the public none,
t since that period, is fully stated in the re
; port of the Secretary Of the Treasury
That officer also suggested the propriety 0
assigning by law, certain additional duties
; to existing establishments & officers, whi j
with the notifications and safeguards refer
red 10 by him, will, he thinks, enable tn
: Department to continue to perform thi
branch of the public service. without an,
material addition either to their number, o
to the present expense. The extent Ofth
business to he transacted has already bee
f stated; and in respect to the amount Of mc
, neV with which the officers employed woul
be entrusted at any one tine, it appear
that, assuming balance Of five millions, t
he at all times kept in the Treasury, an
. the whole Of it left in the hands of the co
4 lectors and receivers, the proportion Of eac
1 would not exceed an average of thirty thor
q sand dollars; hut that, deductng one milio
= for the use of the mint, and assuming the r.
naming four millions to be in the hands
. one half of the present number Of officers
. "A suppOsition deemed more likely TO CORE,
n pond with the fact--the sum in the hand
E Of each would still be less than the amour
: Of most ofthe bonds now taken from tn
receivers of public money. Every appr
. hension, however, on the subject, either
) respect to the safety Of the money, or tn
t faithful discharge of the fiscal transactions
s may, it appears TO me, he efiectualy remc
d we'd by adding to the present means of tn
Treasury, the establishment by law, a ia fe
e important poiats, of officers for the deposit
u and disbursement of such portions of III