The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1837-12-06


frequent popular scrutiny. Thus, in Penn
sylyania, while we choose our GoyerLor for
three years, and invest him with the power
of appointing other officers without control
or check, many of them officers for life, we
elect our State Treasurer every year, aud
confde the choice to the immediate repre-
resntatiyes of the people. The transactions
of this officer nre moreover ;he subject of
constant and close supervision. Not a dol
lar can he touch, except in pursuance of
law. He can neither use the money him
self, nor lend it to his Deighbors; no, not
even 10 make it yield interest TO tho CON-
monweaith. Fast bind fast find is the
good rule OF our state we pay our taxes
into the public treasury, and we look to
6nd them there again, just when they nre
wanted for public use.
We should think it strange in an indiyid-
nal, if with n good strong box of his own at
home, he should prefer keeping his money
at his neighbor's; and we should hardly
think him in his senses, if while so careful
ns to refuse lending out his money on inter-.
est, he shonld yet hand il over to another,
neither richer nor wiser than himself, to be
lent out for that others profit. And such
appears to have been the opinion Of those
who FIRST administered our Government, of
Washington aud Jefferson, and Of the men
lwho we're in Congress during their admins
ltrations; for as we have seen, they kept the
peoples money 10 the public chest, and did
not trust it to the custody of Banks. But
am aware that our country hns changed
since those days. We have grown wealth.
ier, II not wiser, our commerce has become
more diifused and speculative; our frontier
more extended, our habits more luxurious.
We collect more revenue, aud expend II
more freely. II is not fair perhnps to ap-
DIV the rules Of individual thrift t. the ex-
panded transactions of our mighty nation.
Let us then examine the projects with ref
ercnce to the circumstances in which we
now stand.
They are in some particulars essentially
the same. The moneys needed for the
support Of Government must be collected in
the first instance by Government officers,
and must be exposed 10 whatever hazards
attend that mode of collection. This is an
inherent defect of every plan that has ever
lbeen suggested, and necessarily must he un-
ltil the business Of nations shall cease to be
transacted by human agency. The dis
hurscruent Of the public moneys must he
aud always has been entrusted in like man
ner to officers of the Government. What
ever project then is selected, every dollar on
It's way from the pockets Of the people to
its expenditure for public uses, must twice
he con6ded to the integrity and care Of
Government agents. The only question is
as to the guardianship over it, when it has
off In hefn chns al
+ disbursing officer.
And even as to this interval, the safe
keeping of the public money must in any
event be sough, by the employment Of simi-
lar means. The iron chest with its cum
, ming fnstenings, and the strongly vaulted
!, fire. proof can be procured as rendily by a
collector of the port ms by the cashier of n
bank and of this chest of fire. proof some
one human being must at last be the keep
er Of the key. Who shall appoint this
keeper, and who shall he responsible for his
good conduct Shall it he the President
and Senate of the United States, or a Board
!, of Bank Directors Shall banking cor
. poraiion be security for his fidelity, or shall
), we take bond from the officer, with good
ri individual snreties, rs many of them as we
t, Judge proper!
This after all is the only difference IN the
:, means to be employed for keeping the pub
" lie money safely, and every one sees tha
:, practically it amounts to nothing. Their,
. are as honest men to he found by tho Ex.
ecutive of the United States as by the stock
!, holders in the banks and even in these
- days Of oyertrading and bankruptcy, tn,
. sureiyship of half dozen or dozen goot
=. men and true would be considered as safi
as tho engagement of bank. At any rate
- 1.-THE recent experience of our Government,
with some ten millions of money in tn
=, banks, of which il canno, get back n silvc
- siypence, would hardly Justify the conclu
!, sion that banks are the only surciies TO b
=, relied on.
- Yet, | have very little objection again.
he the mere safe keeping of the public money
+, in n number of well selected banks, PROV
=, ded i, I've understood that they shall be keI
~ as they would he bv Government office
specially, and distinct from all other fund
i, | have confidence in the integrity of mo-
a. of our banking institutions, aud have n
hostility tn any Of them. Indeed, this moo
fcation, of Mr.. Van Buren's plan, for it
only n modification, has some argument
of considerable force in its favor. 1t woul
give the country the double security Of n
official bond of the person in immedlat
charge of,he money, and Of the bank,
-. whom he should be chosen |: it would sol
=! ject him to the double scrutiny of the Go,
ernnen,, and of the bank directors : and
!" would contribute in some degree to the cor
s- venicnce of those who have transaction
y with the Treasury, whether Of payment ,
:" receipt
a = Bu, it is no, right to consider tho que;
q u' ton as one Of safe-keepiug merely. Th
W. Ranks ,o pof so consider m. tho rou,,-