Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1837-09-14

Suggest. lhe banks, under such a system
are stimulated 10 make the most OF their for j
.uha'e acquisition; the teposites are treated I
as an increase OF capital; loans and circuia-
ZION are raShly augmented and, when the
public exigencies require return, il il at.
tended with endorsements not provided
for, nor forescen. Thus banks that thou.ht
themselves most fortunate when the NH
lie funds were received, find themselves
most embarrassed when the season of nav.
ment suddenly arrives.
onior'unaieiy, too, the evils Of the system |
are mol limited 10 the banks. IL stimulates
general rashness of enterprise and aqyroyates
'he fluctuations of commerce and the c,,rr.n- |
Cy' Inns result was strikingly exhibited
uorinS the operations of the late ,,.pos;,e
system, and especially in the purchases al
public lands. The order which ultimately
ullectea the raymen, of gold and silver in
such purchases greatly checked, bu, Gould
no. altogether prevent, tho evil. Specie WINS
indeed more difficult 10 be procured thar A.
notes which the banks could themselye cre
ave al pleasure; but still being obtained from
mem as loan, and returned as dspos;,e
mn.oh .ney were again at liberty to use, il
"n'y passed round the circle with diminished
speed This operation could not have been
performed, had the funds of The Government
gone INTO The Treasury, to he regularly dis
u'seu. ana not INTO hunks. 10 be loaned out
l.
TED 10 substitute for il a credit in account
La expressing these sentiments. desire
moi 10 underyaiue the benefits of u sa,utnry
cfeut 10 any branch al enterprise. The
ctedit bestowed on probity and industry i
inc just reward OF merit, and an honorable
incentive TO further acquisition. None op-
Pose II VINO love thei: country and understand
raged-when il rs made 10 in6sme The nnh.
Tic NINA with the temptations OF sudden and
uhsuostahtiai wealib-when it turns industry
INTO paths that lead suonar or later 60 djsan
Poln'ment and dislress--it becomes liable to
censure, and needs correction. Far from
heiping probity and industry, the ruin TO
wnicn u leads falls most severe on the great
'aooring classes, who are thrown suddenly
oui Oh employment, md, BY the failure of
muSnlhcent schemes never intended IN en-
'iCh them, are deprived in a moment of tbyir
only resource Abuses of credit and excess
es IN speculation will happen in despile OF
me most sa!utary laws no Government per-
maps can altogether prevent them but sare>
s'eiy government can refrain from con
life. '''i' "''o
since, therefore, experience has shown.
,hat 10 lend The public money to the local
oahks Is hazardous TO the operations of the
Government, at leas, OF doubtful benefit te
me institutions themselves, and productive
VI disastrous arrangement in the business and
currency OF The country, is ii the part of wis
uoTn again 10 renew the connection
4. IS true that such an agency is in MANY
respects convenient TO the Treasury hut :,
Is noi Indispensable. 4 Limitation of the
expenses OF the Government to it's actual
wants. ana oil The revenue To those expenses
WIN convenient means for lis prompt apuii.
cation 10 The purposes for which il was rails
GU are me ohJscts which we should seek 10
ooilPhsh. he collection. safe keeping,
Hransier, aid disbursement ofthe public mo-,
heY can, 1t is believed, be well managed by
ohlcers OF The Government Its collection
auu, 10 great extent, lis disbursement also.
nave indeed been hitherto conducted solely
oy 'hem neither National nor State banks.
when employed, being required TO do mare
man Keep II safely while in their custody
a,'H transfer anu pay II in such portions and
al SUCH times as the Treasury shall direct
Surely banks are no, more able Than the
Government TO. secure the money in their
possession against accident, viotence or
hrauo. he'assertion that they are so, must
assume That n, vault in a. bank is stronger
thah a'vauit In the Treasury ); and that direc-
tors, Cashiers, and clerks, not selected by the
government, nor under lis control, are more
worthy oil confidence than officers selected
from Inc people aod responsible 10 the Gov
eminent officers bound by ofIicia! oalbs &
ponds Tor faithful performance other Gu.
tieS, and constantly subject To- the superyis.
ion of Congress.
The dlfhculties Of transfer, and the aid
heretofore rendered by banks. have been less
Than IS usually supposed. The actual ac.
commissioner that by far the larger portion of
Payments IS made within short or convenient
distances from the places of collection and
1ne whole number OF warrants issued AT the
teasury IN the year lS34-a year, the re.
suits OF which will il is believed afford safe
testtor The fulure-fell short OF five thousand
OF an average OF less than one daily for each
stale; IN the city Of New York thew did moi
average more than two day, and al the CITY
OF Washing ton only four.
Inc difficulties heretofore existing. are
moreover, daily lessaned by an increase in
'ne cheapness and facility of communication;
ana u may be asserted wi lh confidence, that
700 necessary transfers, as we'll as the safe
hesPing ana Disbursements oiihe public mo-
heys, Can be with safety and convenience
accomplished through the agencies of Trea
sury officers. This opinion has been. in
some degree, confirmed by actuafexperiencc
since inc disconiinuaRce of the banks as fiscal
agents, In May last period which from
.ue ehoarrassments in commercial inter.
course, presented obstacles as great as any
'hat may be hereafter unprecedented.
rs manner OF keeping the public money
stoIe maj period, is fully stated in he report |
CT me secretary Of the Treasury. That of |
nee hDer also suggests the prOPrieiy of assigning,
~ taw, Certain additional dates To- existing
establishments and officers With I'll, az
,louincatIoHS and safeguards referred 10 bv
mn wiz, he thinks. enable the Department
w continue TO perform this branch oGthe
PnpIic service, without any material addition
e'heT 10 their number or 10 The present ex
pense. Ihe extent Of The business 10 be