Richmond Indiana palladium. [volume] (Richmond, Ind.) 1837-1839, 1837-11-11


last proposition in relation to tho me asure
before the Senate, which is, that the sab-trcasury
scheme IL less safe and less convenient and more
liable to abuse than the agency Of tho State
banks.-Upon this point have the authority of
the Secretary Ut the Treasury. a report of his
made during the session of 1856. and also the /
authority OF the Senator from South Carolina,
Mr.. Caihoun) who does not appear, in the year /
1884, to have been much enamourad OF the |
scheme Of individual fiscal agents and specie
payments Of the Government as he docs at pres
ent. In his speech, delivered hero on tho 2lst |
March, 1884, upon Mr. Wcbster's motion for !
leave to bring in bill to continue the char |
ter of the Bank of the United States he expresses
himself explicitly the point which he is urging
is the necessity of restoring the equilibrium be-
tween the specie and the paper which COMPOSED
the currency, and the question is as to the means
of doing After rejecting the taxing power
as od!ous and unconstitutional, and stating
that the mere coming power would have but
limited control over the currency, he suggested
that some other must be used. and then states
that the most immediate and obs ious Is. the excu
sion of every thing but specie in the receipts OF
the Gov crnment. Has then proceeds to express
himself follows:
! .'Bat there is. in my opinion, a strong, il
an nsuperabe objection against resorting to this
measure, resulting from the fact that an exclu-
svc receipt Of specie In the Treasury, would, to
give it efficacy, and to prevent extensive specu-
lation and fraud, require an entire discon2ection
system, in all its forms, and resort to the strong
box, as the means of preserving and guarding
its funds-a means, if practicable at all IN the
present state of things, liable to the objection OF
being far less safe, economical, and efficient than
the present"
Such, sir, were the opinions of that Senator
in the year 1884, when he seems TO have consid-
cred disconnection between the Coz ernment
and the banks an evil TO be dreaded, no; a nea-
to be approved and resort to the strong box
- A. IF k,.,, I.r Ines
safe, economical, and efficient than the present
[Mr. Calhoun here desired to know whether
the Senator from Delaware read that extract from
his speech for the purpose of convicting him o. IN
constituencies IN his opinions and course OF con-
duct on this subject; for he wished to observe
that he could not admit that his opinions were to
be gathered from extract from single speech
when he had delivered several others, which II
all taken together, would show that his opinions
were unchanged in relation to the propriety OF
, disconnccting the Government from the banks
q MIR. Bayard replied that it was no part OF hi:
purpose TO convict tho Senator from South Caro-
lima of Inconsistency In his opinions; that To d.
to tie 'i Psssie bang Which he
towards that Senator; that if there was any appa
s rent inconsistency, he regretted it; but that IL
cited him as authority upon the particular poin
y now under consideration, namely, the compare
tive safety of the public treasure in the mode
5 of keeping it.
!, Mr.. Bsyard then proceeded. The Prcsiden
of the United States, in treating this part Of tn
d subject, does not present the matter fairly; h.
r speaks OF the amount Of the public funds like
e ly to be on hand at any time, presenting
n an average of not more than thirty thousand do,
lars in the hands of any officer. But, sir, 1t
d not a question OF average. The receipts OF ma
e ny indiv idual officers will be ten, twenty times
e that sum. in very short space of time; and tn
r amount in their hands may accumulate, by de
: lays In payments or transfers. greatly beyon
y that sum, or twenty times that sum. The Presi
is dent further treats this question Of safety
d were one which depended on the relative strengi
t. of the vaults that were employed for the SAT
keeping of the public treasure; whereas the rea
question TO the confidence reposed in tho o
IL ficer and his official fdetv.-No one fears opc
y degradation on either But responsible ina
It will pretend say that there is any compariso
o. between the safety of funds entrusted singi
N individual, checked only by his sense of duty
Of and the penalty Of his official bond. and the safe
" ty Of the same funds deposited in the vaults Of
E. bank under the check Of daily supervision an
accountability the part of its officers, and 81
lie cured by its entire means. the greater part
9; which could not be the subject Of depreciation
v. fraudulent abstraction. But, sir, / am not di
so posed to be satisfied with any vague conjecture
in on the subject. or fmsey reasoning about Probs
r biiity. appeal to experience rs the only tru
sc guide; call in it, light, and ask what III
to lessons which we drive from it! Let me for
id moment draw the attention of the Senate TO tn
Y. case of the Receiver at Fort Wayne, IN Indian
Mt reported to the last session Of Congress. fu
it, nshing illustration of the manner in whic
Of money may accumulate in the hands Of pull
e. lie officer by slight neglect Of his instruction
e, the kind Of reasons which may be given f
not complying strictly with them
~ 1t appears, then, that this officer, instead Of
TO sum of $4,000 which the President supp
~ ses the average amount which wouldbe in Ii
" hands Of any officer at any one time. had accum
r. lated in his hand, between the 9TH of March NJ
n the LIST of June, the sum Of 1901 $50; and TIL
an he made no depositcs, in duty bound, from u
9TH Of March to the Is Of June.-That bo
he he and his relative had beea in the habit II q
n Office Of shaving money; in other words exchal
no cling money which could not be received for publ
en- lands, at a rate Of discount varying from 10
its per cent? and that he in the habit Of tskii
It in five dollar notes. contrary to his orders; fOg
ur- ing which he received premium. All this
ret clearly established by the documents to whicl
refer. Under these circumstances We find "a
nix Senator Of the United States writing 20 fhe Se
~ retary Of the Treasury in relation 70 fh's once
am in the following strain: That he !. reP"ssa 70
Iii an honest and honorable man, and me Sc0a'
nj; did not think he had inteenoeany oone wro0